To Army Air Corp:
Read these:
http://www.politicsdaily.com/2010/04/29/debt-secrecy-poisoning-greek-and-u-s-economies-panel-says/
The main reason Greece’s debt ballooned out of control was because of its use of off-balance sheets, which allowed the country to conceal its actual debt.
“Greece could have solved the problem by bringing everything on-balance sheet and making it transparent,” said Sanders.
Congress must enforce the use of balance sheets to avoid growing debt problems in America, according to Sanders.
“Off-balance sheets are devastating. We have got to end that. We have got to bring it on the balance sheet. We should have all this stuff visible.”
“We know that one of the causes of the financial crisis was essentially these off-balance sheet vehicles, and yet essentially, we have Uncle Sam engaged in worse,” said Rep. Jeb Hensarling, R-Texas.
When discussing calls for Greece to sell territory to pay down its debt, he said, “I hope and pray that the United States is not on the path to becoming Greece without the Parthenon. There are lessons to be learned here for us.”
Sanders and Hensarling better check their cars before they start them.
In his written testimony (and mentioned it in his oral testimony, Anthony Sanders from George Mason University said:
“As of 2009, households earning $250,000 or more accounted for approximately 2% of all households. If we multiply the number of households (115,000,000) by 2%, we find that 2,300,000 households will bear the brunt of the $108 trillion of underfunded liabilities. This means that households earning $250,000 or more are EACH responsible for $47 million to pay for these unfunded liabilities.”
Obama and the Democrats are pure evil, if not just insane.
Rotten German capitalists who loaned Greece the Drachmas for their 13th and 14th month bonuses rather than the Socialist government they elected to borrow it.
yitbos