$23 Tillion !!!!!!

[Mega]

http://www.politico.com/news/stories/0709/25164.html

Bloody Hell!
Mike

[GRG55]

Re: $23 Tillion !!!!!!

http://www.politico.com/news/stories/0709/25164.html

Bloody Hell!
Mike

LOL...

"...Congressional Democrats say they will call for Treasury to meet transparency requirements suggested by the inspector general, said a spokeswoman for the Oversight committee. “The American people need to know what’s going on with their money,” said committee spokeswoman Jenny Rosenberg..."

"Their money"? :rolleyes:

[DRumsfeld2000]

Re: $23 Tillion !!!!!!

Sprott Asset Management have calculated that if you include all current and future liabilties the full figure is over $118trl! Now you can say WOW!!!!!!!!!!!!!!!

[Master Shake]

Re: $23 Tillion !!!!!!

$23 Tillion? That's $23,000 Brillion!

[audrey_girl]

Re: $23 Tillion !!!!!!

What is everyone so worried about???

Read this article - don't you see we are going to create a new Task Force to look into this problem:

http://www.usatoday.com/news/washing...-30-debt_N.htm


"Task force proposed

"This is a defining moment for this chamber, for this Congress, for this administration," said Sen. Kent Conrad, D-N.D., who came to Washington in 1986 when the deficit and debt were one-sixth their current size. "It is imperative that we find a way to deal with this debt threat...

Thirty-four senators so far favor creating a task force whose recommendations Congress would have to approve or reject."


we are in sooooo much trouble

[jheis]

Re: $23 Tillion !!!!!!

Updating a quote from Senator Everett Dirksen: "A trillion here, a trillion there, and pretty soon you're talking about real money."

If this does not cause Federal Reserve Notes to rapidly drop in value, nothing will.

[GRG55]

Re: $23 Tillion !!!!!!

What is everyone so worried about???

Read this article - don't you see we are going to create a new Task Force to look into this problem:

http://www.usatoday.com/news/washing...-30-debt_N.htm


"Task force proposed

"This is a defining moment for this chamber, for this Congress, for this administration," said Sen. Kent Conrad, D-N.D., who came to Washington in 1986 when the deficit and debt were one-sixth their current size. "It is imperative that we find a way to deal with this debt threat."

Thirty-four senators so far favor creating a task force whose recommendations Congress would have to approve or reject.


we are in sooooo much trouble"

Let me see if I have this right...Senator Kent Conrad, D-N.D., has been an elected official in Washington for nearly a quarter of a century, and now he's finally worried about the "debt threat"?

Isn't this exactly the same as appointing Summers and Geithner to solve "the problem with the financial system"? :rolleyes:

[sunskyfan]

Re: $23 Tillion !!!!!!

Okay, the thing will cost us 23 Trillion dollars when all is said and done. This is a GOVERNMENT audited number! Not doomer BS. Not a zero sum fix rationalization. Two years of the ENTIRE American economy. No heads have rolled. Nothing has changed. And, by-the-way, the economy is not even close to out-of-danger. That is nearly $77,000 for every man, woman, and child in this country and we are not done. That is twice the average per capita income (2008) of a US citizen. How can this possibly make sense?

[Diarmuid]

Re: $23 Tillion !!!!!!

No heads have rolled. Nothing has changed. And, by-the-way, the economy is not even close to out-of-danger. That is nearly $77,000 for every man, woman, and child in this country and we are not done. That is twice the average per capita income (2008) of a :place w:st="on">US:place> citizen. How can this possibly make sense?

It does not make sense if one assumes the goal is to save the economy and the middle class I suppose - however I can think of other end goals where such action makes perfect sense and is fully rational - as someone here once said, a great general fallacy of popularly held opinion is that the government is stupid and incompetent, when vested insiders keeps winning and accumulating, they appear to be serving their real constituency most admirably and with great competence.

[doom&gloom]

Re: $23 Tillion !!!!!!

banana republic, here we come!

[Jay]

Re: $23 Tillion !!!!!!

It does not make sense if one assumes the goal is to save the economy and the middle class I suppose - however I can think of other end goals where such action makes perfect sense and is fully rational - as someone here once said, a great general fallacy of popularly held opinion is that the government is stupid and incompetent, when vested insiders keeps winning and accumulating, they appear to be serving their real constituency most admirably and with great competence.

Exactly .

[sunskyfan]

Re: $23 Tillion !!!!!!

What evidence is there that it has "saved" the economy and the people it has saved have lost their souls. A decade of regret is ahead of us.

[Diarmuid]

Re: $23 Tillion !!!!!!

What evidence is there that it has "saved" the economy and the people it has saved have lost their souls. A decade of regret is ahead of us.

I never said it "saved" the economy, just that this is the assumption of what the measures were intended to do.

It may may well have completed the destruction of large parts of the productive / industrial economy although much of the destruction was done prior to the bailout as per Lord Goldsmith imo.

Moreover it may well have saved some of the non productive parts and entrenched further, vested interests. The decade of regret may well apply only to some of the population, albeit the majority, for others however, it may well be a decade of further wealth consolidation and growth.

[goldisliberty]

Re: $23 Tillion !!!!!!

Alas, as posted on a prominent banner across today's
http://www.silverbearcafe.com :

"In America we have a two-party system. There is the stupid party. And there is the evil party. I am proud to be a member of the stupid party. Periodically, the two parties get together and do something that is both stupid and evil. This is called - bipartisanship." - Republican congressional staffer is supposed to have told this to a visiting group of Russian legislators some years ago.

"Happy," New Year? or New Decade?

Hardly. MEGA's alarm is not misplaced. Dollar-denominated (and all other fiat-currency-denominated) promises are mere claims on future poverty.

I don't drink alcohol, smoke or use drugs...so I am doomed as an
"over-drinker" of strong coffee to be fully awake and wide-eyed (wild-eyed?) to watch the conclusion of the "bust-out" of the middle classes. By the by(e), I usually drink it unsweetened and black, yes, dark and bitter like our lives.

2010 will witness further trillion-dollar level bailouts: state budgets, commercial real estate, etc.

A recent blood test of our Representatives revealed a utter absence of shame.

"Wow," indeed.

[hayekvindicated]

Re: $23 Tillion !!!!!!

I feel vindicated keeping nearly 40 percent of my wealth in gold. May be that is too conservative.

Happy New Year iTulipers!