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8961
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2/3/2010
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Lehi, UT
US
Edited Date/Time
1/25/2012 9:20am
In America, when we can no longer even cover the interest on the national debt (it's already our third largest expense...and if we keep adding to it, it makes sense that it will eventually become our largest...then we'll have to borrower money just to cover the interest on our debt). And when other countries refuse to lend us any money?
Anyway, what happens then????
The governent going to have to eliminate social programs, and other non-essential budget items?
Lay off half (or more) of it's employees?
Try and strong arm our creditors (tell them, if you think you're stronger than us, come and take it)?
Go and steal money to survive from other countries?
Stop funding the military?
What is going to happen when that day comes?
I honestly have no idea....but what is happening in Greece is kind of scary....look what it's doing to the world ecoomy and they are a TINY country!!!! What would happen when MIGHTY America can't meet it's debt obligations???
Seriosly...anyone have any ideas?
Anyway, what happens then????
The governent going to have to eliminate social programs, and other non-essential budget items?
Lay off half (or more) of it's employees?
Try and strong arm our creditors (tell them, if you think you're stronger than us, come and take it)?
Go and steal money to survive from other countries?
Stop funding the military?
What is going to happen when that day comes?
I honestly have no idea....but what is happening in Greece is kind of scary....look what it's doing to the world ecoomy and they are a TINY country!!!! What would happen when MIGHTY America can't meet it's debt obligations???
Seriosly...anyone have any ideas?
Eventually......
Ask a kiwi what it was like when the IMF or world bank cut off their lending to them over an unmanageable debt load.
(Seems to me like we keep seeing more social programs, more spending....more spending, more taxes, more spending, more social programs....but maybe I'm wrong)
The Shop
Doesn't look like it's ever going to happen....
In the mean time, I'm going to prepare for higher taxes, prepare for riots (one social programs are eliminated those that rely on them are going to be pissed and will try and steal everyone elses stuff) and do my best to set myself-and my family-up so I will never have to use the government as a back stop (unemployment, food stamps, welfare check, Social Security, etc)....because once it happens (and unless something drastically changes, it's eventually GOING TO HAPPEN), the government is going to be forced to raise taxes and eliminate social programs (among other things).
It sucks that the name of "protecting" a few from failing today, the government is putting the country in a position where ALL will have to suffer tomorrow. What's that called???? "Putting the cart before the horse"...."Cant see the forest for the trees"..."cut off your nose to spite your face"...."just plain dumb"...what?
(And I'm perplexed by the lack of Obama sympathizers in this thread?)
It's irrelvant at this point....time to make it stop....
BTW: Greece's economical problems were helped along by some very big hedge funds. Devaluing the Euro is easier than bringing up the dollar.
It's really no surprise that we are in the shape we in the shape we are in today.
http://online.wsj.com/article/SB100014240527487039611045752264318965423…
Also, any settlement has to be structured in a way that allows the SEC to show that it punished Goldman. Goldman likely wants a deal in which it neither admits or denies wrongdoing. That legal wiggle room could help shield the company from shareholder and customer lawsuits.
The point of the program would be to drastically lower the interest rate that the government has to pay on debt - since people would already be making roughly 25% by tax avoidance, the bonds themselves could be low interest paying instruments.
And the other good thing is we'd get a lot of our debt brought back home instead of foreign governments holding it.
If you don't like that, maybe we could invest some of our Social Security money in that kind of deal. If you get right down to it, the federal government already owes Social Security so much they'll never pay it back, it'd be one way to level that out some.
You're a smart man. Why do you and others not care about what's going on between our elected officials and wall street firms like goldman?
Honestly, I want to know why your blood isn't boiling over things like this?
But no, he just kept right on with the exact same garbage he was supposed to "change"...
Republican = Democrat = Trash
I wonder why there is a huge case of "logicitis" in DC?
One other thing - I'm not sure how much politicians are influenced by graft and corruption from Wall Street and how much they're influenced by the knowledge that their business is so critical to our overall economic health. I have no love for Wall Street, but that doesn't mean I want to shut the whole thing down. That's cutting off your nose to spite your face. On the other hand, I don't think it's a good thing for so many Americans to have so much of their personal financial future (ie 401K) in stocks and mutual funds - that's why I'd like to see average Americas given a good incentive to invest in Treasury bonds (not to mention the positive effect that it would have on our deficit).
But I'm no economist. I could be wrong about the whole thing. But if I had a vision for America, it would be that it would return to the days when we used our own raw materials and made the finest finished products in the world again. We'll never get there if we wreck our economy through an angry, mutually destructive fit of rage against Wall Street.
Why are you a BO supporter if you don't want change?
Pit Row
Obama is spending money on all things you hated when bush was spending money on them (war in Iraq, bailouts), plus some....you complained non-stop about Bush (and still do), but say nothing about Obama....what's your deal?
That's not what is going down today, and you, I and everyone else should be furious that the existing powerful financial industry is still calling the shots. We should all be furious and vote any and all of those elected officials out of office.
Sometimes you have to do the right thing and let the chips fall where ever they fall.
Greece is prologue to what will begin to happen to our states. Greece is part of the EU so they cant print money like the Feds can. Reality hits. Same thing will happen to Cali and a few others. The Fed is tapped out. They cant do anymore. The only other thing is left is debt. Look at interest rates in Greece. No government can sustain that. Again, reality hits.
Interesting times are here.
I am totally pissed about the relationship between our "Elected" politicians and Wall Street. Sleezy as it gets.
Preferably people that don't have an alliance to either party.
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