U.S. risks crisis without fiscal action: Hoenig

Market Watch ^ | February 16, 2010 | Robert Schroeder

[Cheap_Hessian]

WASHINGTON (MarketWatch) -- U.S. fiscal policy is on an "unsustainable course" and the government must adjust its spending and tax programs or risk a crisis, Kansas City Federal Reserve Bank President Thomas Hoenig said Tuesday.

[Psycho_Bunny]

It’s too late to avoid a crisis.

[FromLori]

ping not my post but some additional information related thought you should see

Move Over China: Beijing Sells Whopping $34.2 Billion Treasuries In December As Japan Becomes Largest Official Holder Of US Debt

http://www.zerohedge.com/article/move-over-china-beijing-sells-whopping-342-billion-treasuries-december-japan-becomes-largest

Quick Associated Press Math Lesson: + Is Not The Same As -

An AP article which has been syndicated throughout the web, making such reputable outlets as CNBC, reports this interesting tidbit:

Japan also reduced its holdings of U.S. Treasuries, cutting them by $11.5 billion to $768.8 billion in December, but that amount was still more than China’s December total of $755.4 billion.
That’s interesting, since the AP must know something that the US Treasury does not. Because you see “reducing” and “cutting” seems to imply the official November number of $757.3 billion was higher than the December number of $768.8 billion. Yes the difference was $11.5 billion... But in the wrong direction. We share the sentiment though - what’s a couple dozen billion between market manipulating central banks.

We surely hope the AP will note this minor $23 billion delta...And the difference between a + and a - sign.

Class dismissed.

http://www.zerohedge.com/article/quick-associated-press-math-lesson-not-same

[April Lexington]

Sounds like a career ending speech to me! Truth can destroy!

[Cheap_Hessian]

Naw, the KC Fed has always been hawkish.

[Recovering_Democrat]

This guy Hoenig: is he any relation to Jonathan Hoenig of capitalistpig.com?

[Cheap_Hessian]

I don’t see anything but they were from the same general area. Thomas was from Iowa while Jonathan was from Illinois.

[mulligan]

It will always be too late for politicians. They put us in this position in the first place. And they do not have the courage, the decency, the intelligence, the competence, the honesty, the virtue or the integrity to accept their responsibility for this mess. Election and/or re-election is all that matters, to hell with the nation.