Our nearly bankrupt country is on a collision course with fiscal disaster.

Discussion in 'Economy' started by Neubarth, May 22, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Our nearly bankrupt country is on a collision course with fiscal disaster.

    We're borrowing money like crazy from anybody who will buy our bonds. Unfortunately the fools that were buying have started to decline the auctions, and our make believe bank (the FED) is buying essentially worthless bonds with make believe money.

    We're spending trillions we don't have. Our budget deficit is exploding in phenominal fashion, with red ink Flowing and Spilling as far as the eye can see! Longer-term threats to government programs like Medicare and Social Security are getting graver by the day and the insolvency of the programs is being projected to be coming sooner and sooner almost everyday.

    Meanwhile, the Federal Reserve is adding more and more worthless paper garbage to its balance sheet every week. It's trying to reinflate the last bubble by pumping massive amounts of money into the economy and slashing interest rates to the bone. And it's expanding its tentacles into every corner of the credit markets.

    If we recreate the bubble as is obviously happening, the house of cards will collapse again. Funny how history repeats itself.
     
  2. alice123
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    alice123 Rookie

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    or not in this case...
     
  3. editec
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    editec Mr. Forgot-it-All

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    Nearly bankrupt?
     
  4. wimpy77
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    wimpy77 Member

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    another post from our bi polar forumite neubarth
     
  5. sealybobo
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    sealybobo Diamond Member

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    So you understand the problem here is the Federal Reserve/Bankers?

    And don't worry about all the money they printed to fund the Iraq war. They solved that problem. How's your 401K doing? And how much is your home worth now?

    So all that money is gone!!!

    And if there are always winners and losers, who won?

    The bankers won!!! Not only did they win but they got a $750 billion going away present.

    Corporations won too. CEO's won. And it was all make believe profits. They knew the bubble was going to burst but still kept giving people they knew could not pay loans for whatever they wanted. Who cares? They would just sell off the junk to another bank and then the final bank would bundle them together as toxic assets.

    But remember, 95% of us are still paying our mortgages WITH INTEREST!!!

    And the banks still own the homes that foreclosed.

    AND they got $750 billion and say they need more?

    So again, who won? If we lost, who won?
     
  6. sealybobo
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    sealybobo Diamond Member

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    Maybe Obama will give all the money he is spending to Americans so it will help the economy.

    Bush gave it all to the top 1% and hoped it would trickle down.

    And the GOP still say this is their plan. I hope so for 2010 and 2012. We need 8 years to undo the GOP mess that Tom Delay and Bush created. And all the GOP went along, so they are all guilty.

    And if a dem in the minority went along, what do you expect? They probably offered him some pork for back home.

    But pay attention to the Dems plan. It isn't like the GOP plan where we burn the country down and start over in a global market.
     
  7. neurosport
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    neurosport BANNED

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    we are at a point where paying back all our debt would be really stupid.

    we SHOULD be printing money and destroying our currency. that way we destroy China, not ourselves.

    when Obama came to power that was the end of the Dollar.

    the sooner we go through bankruptcy the sooner we can move on. the more money we print the sooner it will happen.

    no need to prolong the agony - full speed ahead !
     
  8. wimpy77
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    wimpy77 Member

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    ive read and heard that bernanke and geithner want to devalue the dollar, but i have a hard time believing china will let that happen.
     
  9. neurosport
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    neurosport BANNED

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    what can China do ?
     
  10. Neubarth
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    Neubarth At the Ballpark July 30th

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    Thank you Wimpy. I did, indeed, post the lead article. As always, the object is to invite comment. I am learning a lot about economics from some of the posters on this board.

    Granted, I suppose I could go get a text book and study it, but I find it more fun to see people argue an issue on this forum. To date, I still have not figured out who is right, but I am leaning to the understanding that the present administration is misleading thepublic with all the news releases about the improving economy coming from Washington. I feel that way because I can not see the improvement. Everything is still down and continuing in that direction.
     

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