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2008-09-20 -Lurid Crime Tales-

SO, JUST WHAT ARE THEY GOING TO DO WITH THAT TRILLION?

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Posted by 3dc 2008-09-20 12:49|| || Front Page|| [4 views ] Top

#1 I wonder who will sneak what pork in at the 11th hour when they think nobody is looking.

Posted by gorb 2008-09-20 14:41|| 2008-09-20 14:41|| Front Page Top

#2 The bridge to nowhere times thousands. Sarah Palin is the political equivalent of science's Occuum's Razor. We need the Palin Razor NOW!

Posted by Richard of Oregon 2008-09-20 15:05|| 2008-09-20 15:05|| Front Page Top

#3 Why reward the guilty and punish the innocent of course. Congress will make sure of that.

What did you expect?

Posted by CrazyFool 2008-09-20 15:52|| 2008-09-20 15:52|| Front Page Top

#4 A better questions is where are they going to get that $1T?

They have already spent this year's tax revenues, and are in deep deficit. Their typical source for enlarging the national debt, sort term T-bills, are in the basement. Nobody wants to buy them.

In 1895 was the last time the US Treasury about went bankrupt. And if nobody will lend the US government money, technically it is bankrupt right now. That is, literally no money in the bank to pay for *anything* else.

Literal bankruptcy. And there is absolutely nothing, zero, the US government can do about it. Their checks will no longer clear.

Posted by Anonymoose 2008-09-20 18:18|| 2008-09-20 18:18|| Front Page Top

#5 The debt will slip into the national debt numbers and soon be mostly forgotten like the Savings In Loan crisis a decade or so past.

Posted by rjschwarz 2008-09-20 18:37|| 2008-09-20 18:37|| Front Page Top

#6 Needless to say with the pyramid scheme we've got going Generation X and Y are screwed when the Babyboomers retire and leave them with the check.

Posted by rjschwarz 2008-09-20 18:38|| 2008-09-20 18:38|| Front Page Top

#7 Interesting times. Looks like the congresscritters, the executive branch, and the permanent bureaucracy have plundered us, the tax-payers, FBO themselves and the undeserving. BTW, we apparently will continue to pay bonuses and pensions to the people who drove Fannie and Freddie into the ground. It's time for a tax revolt: No taxation without representation.

Posted by SR-71">SR-71 2008-09-20 18:42|| 2008-09-20 18:42|| Front Page Top

#8 rjschwarz: But that's the point. Money just doesn't "go into the national debt." Every penny that goes in is owed to *somebody*, importantly somebody who credited the US for that debt.

If nobody is willing to be a creditor any more, then the national debt can't increase. Because there is no more money to spend.

The national debt is best described as like a casin* losing streak. The gambler has lost, so he bets double or nothing. But that only works as long as the casin* will cover his debt. Eventually, he is so deep in the hole that he wants to double the bet to the entire value of the casin*.

And for once, the casin* says "no".

"Pay up." At that point, the gambler is in very deep trouble. He can no longer bet, even though he wants to.

And if nobody will credit the US, it cannot spend money it doesn't have, either.

Posted by Anonymoose 2008-09-20 19:49|| 2008-09-20 19:49|| Front Page Top

23:57 3dc
23:54 3dc
23:45 proud porkistani
23:38 Sherry
23:13 OldSpook
23:13 Frank G
23:12 Eohippus Uleter1840
23:09 General_Comment
23:07 Elminesh the Grim3043
23:06 General_Comment
23:03 Barbara Skolaut
22:54 FOTSGreg
22:53 badanov
22:49 Frank G
22:47 General_Comment
22:46 General_Comment
22:44 bigjim-ky
22:41 Oztralian
22:36 General_Comment
22:28 General_Comment
22:28 Barbara Skolaut
22:02 remoteman
21:41 bigjim-ky
21:27 Frank G