Ticking Time Bomb Explodes, Public Is Shocked

The Independent Institute ^ | Sep 10, 2008 | staff

[kjo]

I’m not high on McCain either....and originally planned to vote third party this time....but the fact is....Obama is such an empty suit he’s dangerous.

We have no choice.

[Chaguito]

That’s why I said, “We’ll see...”, my overly-agitated friend.

[ChinaThreat]

The root problem is, that this setup was doomed from the beginning. The federal government had an implied relationship with Fannie and Freddie, that if they failed they would be covered. By the taxpayer. As usual, its a hell of a lot funner to gamble with someone else’s money. This has been coming for a long time.

There are a few fat cats laughing all the way to the banks...the ones that are still open.

[Leisler]

Hitler had to start his war two to three years before his Generals said they would be ready because the German State could now borrow any more money and was within a few months of using up all reserves.

There was a depression on, trade was slow and how do people think the Nazi state paid for all those weapons, highways, productive men just marching around, day care, health care, ect?

[E. Cartman]

That’s why I said, “We’ll see...”, my overly-agitated friend.

$20 says, "No!".

[Leisler]

I hope for the best, but I'm not betting against the forces in Washington and the public skool edjamaked millions.

[Chaguito]

I’m with you. But ya gotta hope.

[Leisler]

I'm looking at Cressbeckler For President.

[tcostell]

I'll grant you that the system was flawed and I think it's safe to say that it contributed to the problem of the excesses. But that's not what is creating the "crisis".

There aren't any fat cats who are enjoying this.

[TrevorSnowsrap]

No more corporate (or quasi-corporate) welfare. If organizations can’t make rational economic decisions they should be allowed to fail and die.

[Chaguito]

Wow! Where has this guy Cressbeckler been all my life. I especially like his plan for dealing with congress. It may be the only solution until the current mess is cleaned up.

As a practical matter, however, I'll stick with McCain/Palin and a few remaining scintillae of hope.

[fella]

The beautiful thing about this mess in the eyes of our politicians is that they can claim deniability because they personally didn't vote for it and so can play the blame game while making an even bigger mess to "FIX" it. Medicare has been around so long that there are just a small handful of congress critter left who put it into law and Social Security, those that foisted that upon us are nothing more than myths now.

I believe that it was Madison that pointed out that the Constitution does not give the Federal Government the power to give other people's money to someone that it feels sorry for. Now it's the very underpinning of political power.

[LoneRangerMassachusetts]

In the future, we will see a similar breakdown of the U.S. government’s Social Security system, with its ill-fated pension system and its even more inauspicious Medicare system of financing health care for the elderly. These government schemes are fighting a losing battle against demographic realities, the laws of economics, and the rules of arithmetic. The question is not whether they will fail, but when—...

I hope I'm young enough when that happens. I'd like to have the strength to be part of the mob that chops the heads off of politicians that refused to privatize pension programs.

[bamahead]

Our political economy is rife with such catastrophes in waiting, yet the public always seems startled, and outraged, when the day of reckoning can no longer be deferred...



Libertarian ping! Click here to get added or here to be removed or just reply to this post!

[CarryingOn]

I wouldn't think that elitist and arrogant would be two words Barack would want to use. I think that some of his handlers are Republican saboteurs.

[An Old Man]

"There’s another fiscal time bomb ticking away that often goes unmentioned. It’s the underfunded pension plans for state and local government employees. These will soon begin to eat budgets, yet almost no one is talking about this. "

There are many people who are talking about the unfunded pension plans. Look here for some of them.

[Dick Bachert]

Some of us have been ATTEMPTING to curtail this MADNESS for many years.

Unfortunately, not many others felt it was – or would become – a serious problem. I can’t count how many LAUGHED at us during that period. Most of them have STOPPED LAUGHING!

Trust me, it is NOW A SERIOUS PROBLEM, one the feds may not be able to print their way out of.

This is what happens when man – or SOME MEN – play god with the immutable laws of nature and economics. History teaches that they do so at great peril – and they ALWAYS fail. Insanity is doing the same things over and over while expecting a different result.

What saddens me most is that Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. WE’RE ALL GUILTY!!

In this 2 minute clip, he seems to be trying to tell us that he took a shot at it:

http://www.youtube.com/watch?v=lIo8FJJMps8

[RobinOfKingston]

Politicians are not to blame for this, too many of the American people are.

Oh, yes, my friend, "politicians" are to blame, but, no more so than the other side of the equation, "the American people." The current mess could not have teetered so long, in relative equilibrium, without like amounts of responsibility (or blame, if you prefer) being heaped on each side of the scale.

[tcostell]

That’s not actually what’s going on here. No one is out there demanding a subsidy after decades of mismanagement like the car companies did or like the airlines do every few years. This is a market phenomenon that just needs to work itself through.

[djsherin]

They don’t even need to privatize them. Just get rid of the programs and leave it up to people whether or not they want to save. I guess it amounts to a similar result. Privatizing just sounds like the government is being proactive in achieving some goal whereas just getting rid of the programs doesn’t really require the government to do much.

Anyway I’ll be standing right next to you when the day comes to rid the world of these political scum.