OT: So the debt grows…

[Rich Toscano]

They will never get serious about it until our creditors take away the credit card.

[permabear]

+1 Rich

[permabear]

+1 Rich

[permabear]

+1 Rich

[permabear]

+1 Rich

[permabear]

+1 Rich

[UCGal]

Rich nailed it.

I don’t understand adding in NEW tax cuts (which is another way of saying SPENDING)… This payroll tax cut for 2011… Why are they doing this? The folks who need help the most, the unemployed, don’t have jobs to get tax cut.

It really is obscene that both sides of the aisle want to give candy to the masses, but will be putting it on the tab of our grandchildren.

[UCGal]

Rich nailed it.

I don’t understand adding in NEW tax cuts (which is another way of saying SPENDING)… This payroll tax cut for 2011… Why are they doing this? The folks who need help the most, the unemployed, don’t have jobs to get tax cut.

It really is obscene that both sides of the aisle want to give candy to the masses, but will be putting it on the tab of our grandchildren.

[UCGal]

Rich nailed it.

I don’t understand adding in NEW tax cuts (which is another way of saying SPENDING)… This payroll tax cut for 2011… Why are they doing this? The folks who need help the most, the unemployed, don’t have jobs to get tax cut.

It really is obscene that both sides of the aisle want to give candy to the masses, but will be putting it on the tab of our grandchildren.

[UCGal]

Rich nailed it.

I don’t understand adding in NEW tax cuts (which is another way of saying SPENDING)… This payroll tax cut for 2011… Why are they doing this? The folks who need help the most, the unemployed, don’t have jobs to get tax cut.

It really is obscene that both sides of the aisle want to give candy to the masses, but will be putting it on the tab of our grandchildren.

[UCGal]

Rich nailed it.

I don’t understand adding in NEW tax cuts (which is another way of saying SPENDING)… This payroll tax cut for 2011… Why are they doing this? The folks who need help the most, the unemployed, don’t have jobs to get tax cut.

It really is obscene that both sides of the aisle want to give candy to the masses, but will be putting it on the tab of our grandchildren.

[GH]

It seems to me that while our federal debt is a really big deal. $13 trillion it is the personal, corporate and municipal debt ($50 trillion) that is causing all of our current problems. How do we increase tax and not cause MORE personal and business defaults and then have to pay yet more trillions to bail them out, and worse have a higher percentage of zero in tax to collect? Are you aware that while your home loan may be around 5% the loan you took out so you could have a city worker and a policeman and a fireman and a teacher with a nice plump pension is at 8% (more if the fund lost money). Yes 8% is the amount we are legally on the hook for, since the numbers are based on an 8% rate of return. Seems like a lot more interest than one would usually agree to in this economy eh?

Face it, it really does not matter how the debt is distributed, if to individuals or companies or the federal govt. Current bailouts simply redistributed existing debt rather than increasing it. What matters is that very little of it will ever be repaid unless the FED prints money day and night. If you are a retiree or have ANY kind of pension then a considerable amount of this money lost will be yours

The other big issue is this business of leverage, where a single $1 debt default seems to cascade into tens of dollars in losses. Clearly in this world we need to see the first dollar not default rather than a whole cascading chain of credit swaps and derivatives going bad.

[GH]

It seems to me that while our federal debt is a really big deal. $13 trillion it is the personal, corporate and municipal debt ($50 trillion) that is causing all of our current problems. How do we increase tax and not cause MORE personal and business defaults and then have to pay yet more trillions to bail them out, and worse have a higher percentage of zero in tax to collect? Are you aware that while your home loan may be around 5% the loan you took out so you could have a city worker and a policeman and a fireman and a teacher with a nice plump pension is at 8% (more if the fund lost money). Yes 8% is the amount we are legally on the hook for, since the numbers are based on an 8% rate of return. Seems like a lot more interest than one would usually agree to in this economy eh?

Face it, it really does not matter how the debt is distributed, if to individuals or companies or the federal govt. Current bailouts simply redistributed existing debt rather than increasing it. What matters is that very little of it will ever be repaid unless the FED prints money day and night. If you are a retiree or have ANY kind of pension then a considerable amount of this money lost will be yours

The other big issue is this business of leverage, where a single $1 debt default seems to cascade into tens of dollars in losses. Clearly in this world we need to see the first dollar not default rather than a whole cascading chain of credit swaps and derivatives going bad.

[GH]

It seems to me that while our federal debt is a really big deal. $13 trillion it is the personal, corporate and municipal debt ($50 trillion) that is causing all of our current problems. How do we increase tax and not cause MORE personal and business defaults and then have to pay yet more trillions to bail them out, and worse have a higher percentage of zero in tax to collect? Are you aware that while your home loan may be around 5% the loan you took out so you could have a city worker and a policeman and a fireman and a teacher with a nice plump pension is at 8% (more if the fund lost money). Yes 8% is the amount we are legally on the hook for, since the numbers are based on an 8% rate of return. Seems like a lot more interest than one would usually agree to in this economy eh?

Face it, it really does not matter how the debt is distributed, if to individuals or companies or the federal govt. Current bailouts simply redistributed existing debt rather than increasing it. What matters is that very little of it will ever be repaid unless the FED prints money day and night. If you are a retiree or have ANY kind of pension then a considerable amount of this money lost will be yours

The other big issue is this business of leverage, where a single $1 debt default seems to cascade into tens of dollars in losses. Clearly in this world we need to see the first dollar not default rather than a whole cascading chain of credit swaps and derivatives going bad.

[GH]

It seems to me that while our federal debt is a really big deal. $13 trillion it is the personal, corporate and municipal debt ($50 trillion) that is causing all of our current problems. How do we increase tax and not cause MORE personal and business defaults and then have to pay yet more trillions to bail them out, and worse have a higher percentage of zero in tax to collect? Are you aware that while your home loan may be around 5% the loan you took out so you could have a city worker and a policeman and a fireman and a teacher with a nice plump pension is at 8% (more if the fund lost money). Yes 8% is the amount we are legally on the hook for, since the numbers are based on an 8% rate of return. Seems like a lot more interest than one would usually agree to in this economy eh?

Face it, it really does not matter how the debt is distributed, if to individuals or companies or the federal govt. Current bailouts simply redistributed existing debt rather than increasing it. What matters is that very little of it will ever be repaid unless the FED prints money day and night. If you are a retiree or have ANY kind of pension then a considerable amount of this money lost will be yours

The other big issue is this business of leverage, where a single $1 debt default seems to cascade into tens of dollars in losses. Clearly in this world we need to see the first dollar not default rather than a whole cascading chain of credit swaps and derivatives going bad.

[Author]

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