Global Economy Bursting?

[Randolph Kinney]

I don't think anyone would claim there are no problems and $1,000,000,000,000.00 is a lot of money by any measure. However, multoplying it by 16 to get a shock value comparison with GDP is not done to create an informative news article. 2008 was a particularly bad year and it was most assuredly caused by poor banking practices from which the fallout has not yet settled. That does not mean there is anything particularly newsworthy in the GAO report.

I don't see any problem with the way the FED handled the situation.

The following chart does not support the notion that $1 trillion was the real maximun outstanding loans from the FED and the duration of the multi-trillion loan amounts are more than a few days or weeks.

The FED took colateral they knew did not meet eligible collateral requirements.

One really has to read the entire GAO report before they make assertions about the shock value. $16 trillion is really misleading and understating what really happened.

 

[Couch Potato]

The following chart does not support the notion that $1 trillion was the real maximun outstanding loans from the FED and the duration of the multi-trillion loan amounts are more than a few days or weeks.



The FED took colateral they knew did not meet eligible collateral requirements.

One really has to read the entire GAO report before they make assertions about the shock value. $16 trillion is really misleading and understating what really happened.

It most certainly does support the notion. Unless one is "graphically challenged."

 

[Lakefront boater]

And you think the figures are correct in the first place?

 

[Randolph Kinney]

Default Now, or Suffer a More Expensive Crisis Later: Ron Paul

http://www.bloomberg.com/news/2011-...r-a-more-expensive-crisis-later-ron-paul.html

No longer constrained by any sort of commodity backing, the federal government was now free to engage in almost unlimited fiscal profligacy, the only check on its spending being the market’s appetite for Treasury debt. Despite the defaults in 1934, 1968 and 1971, world markets have been only too willing to purchase Treasury debt and thereby fund the government’s deficit spending. If these major defaults didn’t result in decreased investor appetite for U.S. obligations, I see no reason why defaulting on a small amount of debt this August would cause any major changes. The national debt now stands at just over $14 trillion, while net total liabilities are estimated at over $200 trillion. The government is insolvent, as there is no way that this massive sum of liabilities can ever be paid off.

 

[Terrel L. Shields]

However, the fact so many of us stand with our hand in the cookie jar means we are like the citizens of Greece. You take the money from someone else...not me. I want MY check.

The fact is that government spending is so out of control that people don't realize that it is even taxpayer money being spent. I had supper last night at a friend's house and he said he didn't watch TV news because it upsets him. His wife subscribed to the weekend newspaper and he said, "I hate it. Grants...everywhere grants for this and grants for that..it's OUR money not "the governments."

He's right. An example my friend gave. There was several hundred thousand dollars being spent on walking trails to connect the local cities so people could hike from one end of the county to the other end....Has not being able to find a place to walk been a real problem? How much does it cost nation wide for signs saying "Your tax dollars at work.." like we were blind. Did we expect it to read "Russian tax dollars at work"? Our local airport spent $250,000 in homeland security money for an 8' tall fence with wire on top along the east side of the airport. The problem? At the end, the fence terminates about 200' short of the cowpasture on the next property. What keeps a terrorist from driving around the end of that fence? Nothing...or coming in by the road from the west? nothing. The security at the chicken hatchery next door is better than our "airport" security. The fence is an utter waste.

My county has 2 huge sidearm brush cutters on 90 hp tractors meant to chop limbs from the ROW on rural roads. Yet frequently they are using the cutters to mow the paved ROW grass..something that could be accomplished faster with a 45 hp tractor and 6' brushcutter or flail mower for a fraction the maintenance cost.

Yes, "it's only a few hundred thou...meaningless in the big scheme of things." But like Dierkson said years ago, "a million here a million there and pretty soon we're talking real money."

I am confident that the government could (if they HAD to) operate on 80% of their current budgets. Fraudsters in medicaid or SS? Easy. Death penalty and fast track court cases. Execute a few of them and see if fraud doesn't stop. Mandatory blacklist of companies and doctors that overbill. The budget could be slashed further. Take the Dept. of Energy, created by Carter. annually spending billions upon billions. How did this nation survive prior to the creation of DOE? well...not bad as I recall. Don't you think we could do without it? The Dept. of education? whom has it educated? Nobody. Let the states do what they used to do without them...

The list is endless. Bad weapons systems the military doesn't want. If the military said they don't want it, then it ought be impossible for some senator to overrule them. ... I see what my friend meant. Just thinking about this makes me sick.

 

[Couch Potato]

The saddest part of your post Terrel is every two years people making the decisions to do this are re-elected. The waste won't stop until re-election of the theives stops. Any time you vote for any incumbant you are saying you want things to stay the same. Even if that person was trying to do the right thing and failed, voting for them again is voting for someone who failed.

We will get change the year we get 100% turnover in the house.

 

[coolhandluke]

The saddest part of your post Terrel is every two years people making the decisions to do this are re-elected. The waste won't stop until re-election of the theives stops. Any time you vote for any incumbant you are saying you want things to stay the same. Even if that person was trying to do the right thing and failed, voting for them again is voting for someone who failed.

We will get change the year we get 100% turnover in the house.

CP-by 100% turnover I take it you mean 100% tea partyin republicans

Remember Newt's contract with America? Whatever happened to that term limits promise?

I'll tell you what happened; the ones who pledged to it scrapped it because that would mean they couldn't get to be congressman for life with all the benefits that go with that title.

 

[Couch Potato]

CP-by 100% turnover I take it you mean 100% tea partyin republicans

Remember Newt's contract with America? Whatever happened to that term limits promise?

I'll tell you what happened; the ones who pledged to it scrapped it because that would mean they couldn't get to be congressman for life with all the benefits that go with that title.

No, I don't.

Neither am I a believer in term limits imposed by law. I think they ought to be imposed by voters. After all it is the voters who reap the benefit of term limits and they are readily available simply by voting for anyone other than an incumbent. Republican and Democrat are meaningless labels. They are all professional politicians.

Politicians are not the ones to blame for the mess our country is in, rather it is the voters who keep sending them to Washington.

 

[JSmith43]

Politicians are not the ones to blame for the mess our country is in, rather it is the voters who keep sending them to Washington.

And, for the young folks, the teachers that misled them. Somewhere around 30 or so, you have to stop blaming the teachers, though, for your own shortcomings

 

[Couch Potato]

And, for the young folks, the teachers that misled them. Somewhere around 30 or so, you have to stop blaming the teachers, though, for your own shortcomings

There is no excuse for individual ignorance in the United States. Knowledge and information are readily available to those who seek it. Nobody can rightly blame others for their predicament, and no mature adult would attempt to do so.