Thanks Steelers6.
and $.79? That’s an outrage!
This is a number I can’t even fathom. Does the Libertarian ping list have any reccomendations?
Correction, Obama will go over $3 Trillion Halloween Week, that’s in 21 months.
And at the 14.2 trillion mark they will vote to raise it again. That is the current debt ceiling. And none of this takes into account unfunded liabilities. That is much more.
But now it stops, right?
‘Cause this years budget wasn’t passed and signed so it stops, right?
/sarc
Thanks Steelers6.
Tip of the iceberg. When you add in the unfunded entitlements, state, local liabilities, Fannie and Freddie etc our total debt is on the order of 140 trillion dollars. There is NO WAY that can be paid. It’s not a question of if, it’s a question of when the US defaults....
What would it take to pay it off?
There is no link to the Front-Page article.
what about 0ctober 2008?
Well Obviously that is Bush’s fault... I wonder when Bush will finally stop all the spending... Jeeeezzz...
I recently asked a woman if she was getting ready for the depression. She replied, “I’m a teacher!” [Elementary ed. type.] Then she said, “I think the economy is improving,” and proceeded to lecture another young woman toward “socializing” more.
Political correctness is and has been the problem. When heavy manufacturing is happening as it was before active globalism (over 30 years ago), we’ll begin to see a recovery. Until then we’ll see proper punishment.
And yes, the default will come. Our most respectable “taxpayers” of today, dependent on big government to various extents, will do everything that they can to delay the default, as our government continues to have enormous amounts of financial instruments (”money”) devised (”printed”) with no basis on material objects (assets of any value). They default will happen, after the riots scare them into submission (see Argentina).
The default will happen, even (re. error, “they”).
Excerpt:
In the distant past * * * In times of trouble, clearinghouses also allow hobbled firms to unwind and quickly reassign their positions to other, healthier players. * * *But clearinghouses sometimes collapse, as Craig Pirrong, professor of finance at the University of Houston, points out.
“Clearinghouses are intimately connected with the financial system and overall banking system, so the idea that clearinghouses reduce the interconnectedness of the financial system is incorrect,” he said. “They are big, interconnected and they can fail when we have big market shocks.”
In the Gold Panic of 1869, which caused New York markets to seize up, the clearinghouse for the gold exchange failed. And in the 1987 stock market crash, members of the Chicago Mercantile Exchange, the Chicago Board of Trade and the Options Clearing Corporation received emergency infusions, Mr. Pirrong said.
“It’s a dilemma,” he added. * * *
Yup. It sure is a dilemma, with Helicopter Ben at the helm. LOL, LOL !
A hat tip to M. Espinola for the news source above.
