[TheBreeze]

I didn’t read all (any) of the original post because I’m lazy, but if interest rates go to 13%, that means the government will be paying $1.43 trillion every year in interest on the $11 trillion in debt. That’s about half the federal budget.

So yeah, I could see the U.S. defaulting on its debt. It depends on the rates the government can borrow at.

[TheBreeze]

I didn’t read all (any) of the original post because I’m lazy, but if interest rates go to 13%, that means the government will be paying $1.43 trillion every year in interest on the $11 trillion in debt. That’s about half the federal budget.

So yeah, I could see the U.S. defaulting on its debt. It depends on the rates the government can borrow at.

[TheBreeze]

I didn’t read all (any) of the original post because I’m lazy, but if interest rates go to 13%, that means the government will be paying $1.43 trillion every year in interest on the $11 trillion in debt. That’s about half the federal budget.

So yeah, I could see the U.S. defaulting on its debt. It depends on the rates the government can borrow at.

[TheBreeze]

I didn’t read all (any) of the original post because I’m lazy, but if interest rates go to 13%, that means the government will be paying $1.43 trillion every year in interest on the $11 trillion in debt. That’s about half the federal budget.

So yeah, I could see the U.S. defaulting on its debt. It depends on the rates the government can borrow at.

[TheBreeze]

I didn’t read all (any) of the original post because I’m lazy, but if interest rates go to 13%, that means the government will be paying $1.43 trillion every year in interest on the $11 trillion in debt. That’s about half the federal budget.

So yeah, I could see the U.S. defaulting on its debt. It depends on the rates the government can borrow at.

[TheBreeze]

[quote=asianautica]TheBreeze, please stop with the false information of $10T. Unless you consider people on welfare, students, veterans, people who got helped because of the hurricanes, etc. are the richest folks.

BTW, you can thank the Democrats congress for passing the $850B bailouts recently. They’re the majority who voted for the bailouts.[/quote]

Fannie and Freddie ~ $5 trillion
reflation injection into 9 biggest banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion
reflation injection into regional banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion

That gets us to $10 trillion right there and was done unilaterally by the Bush administration.

Then you have
-$30 billion Bear Stearns bailout
-$125 billion AIG bailout replete with 1/2 million dollar weekend boondoggle
-Rolling $850 billion No Banker Left Behind Act

You’re right. It looks like we are closer to an $11 trillion bailout for the super-rich. My bad.

Thank God none of that bailout money went to reduced price lunches for poor children. Could you imagine the uproar from you and other faux conservatives if any of the bailout money had went directly to poor folks? I shudder to think of the backlash.

[TheBreeze]

[quote=asianautica]TheBreeze, please stop with the false information of $10T. Unless you consider people on welfare, students, veterans, people who got helped because of the hurricanes, etc. are the richest folks.

BTW, you can thank the Democrats congress for passing the $850B bailouts recently. They’re the majority who voted for the bailouts.[/quote]

Fannie and Freddie ~ $5 trillion
reflation injection into 9 biggest banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion
reflation injection into regional banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion

That gets us to $10 trillion right there and was done unilaterally by the Bush administration.

Then you have
-$30 billion Bear Stearns bailout
-$125 billion AIG bailout replete with 1/2 million dollar weekend boondoggle
-Rolling $850 billion No Banker Left Behind Act

You’re right. It looks like we are closer to an $11 trillion bailout for the super-rich. My bad.

Thank God none of that bailout money went to reduced price lunches for poor children. Could you imagine the uproar from you and other faux conservatives if any of the bailout money had went directly to poor folks? I shudder to think of the backlash.

[TheBreeze]

[quote=asianautica]TheBreeze, please stop with the false information of $10T. Unless you consider people on welfare, students, veterans, people who got helped because of the hurricanes, etc. are the richest folks.

BTW, you can thank the Democrats congress for passing the $850B bailouts recently. They’re the majority who voted for the bailouts.[/quote]

Fannie and Freddie ~ $5 trillion
reflation injection into 9 biggest banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion
reflation injection into regional banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion

That gets us to $10 trillion right there and was done unilaterally by the Bush administration.

Then you have
-$30 billion Bear Stearns bailout
-$125 billion AIG bailout replete with 1/2 million dollar weekend boondoggle
-Rolling $850 billion No Banker Left Behind Act

You’re right. It looks like we are closer to an $11 trillion bailout for the super-rich. My bad.

Thank God none of that bailout money went to reduced price lunches for poor children. Could you imagine the uproar from you and other faux conservatives if any of the bailout money had went directly to poor folks? I shudder to think of the backlash.

[TheBreeze]

[quote=asianautica]TheBreeze, please stop with the false information of $10T. Unless you consider people on welfare, students, veterans, people who got helped because of the hurricanes, etc. are the richest folks.

BTW, you can thank the Democrats congress for passing the $850B bailouts recently. They’re the majority who voted for the bailouts.[/quote]

Fannie and Freddie ~ $5 trillion
reflation injection into 9 biggest banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion
reflation injection into regional banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion

That gets us to $10 trillion right there and was done unilaterally by the Bush administration.

Then you have
-$30 billion Bear Stearns bailout
-$125 billion AIG bailout replete with 1/2 million dollar weekend boondoggle
-Rolling $850 billion No Banker Left Behind Act

You’re right. It looks like we are closer to an $11 trillion bailout for the super-rich. My bad.

Thank God none of that bailout money went to reduced price lunches for poor children. Could you imagine the uproar from you and other faux conservatives if any of the bailout money had went directly to poor folks? I shudder to think of the backlash.

[TheBreeze]

[quote=asianautica]TheBreeze, please stop with the false information of $10T. Unless you consider people on welfare, students, veterans, people who got helped because of the hurricanes, etc. are the richest folks.

BTW, you can thank the Democrats congress for passing the $850B bailouts recently. They’re the majority who voted for the bailouts.[/quote]

Fannie and Freddie ~ $5 trillion
reflation injection into 9 biggest banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion
reflation injection into regional banks ~ $250 billion which after 10:1 leverage allowed by the Fed = $2.5 trillion

That gets us to $10 trillion right there and was done unilaterally by the Bush administration.

Then you have
-$30 billion Bear Stearns bailout
-$125 billion AIG bailout replete with 1/2 million dollar weekend boondoggle
-Rolling $850 billion No Banker Left Behind Act

You’re right. It looks like we are closer to an $11 trillion bailout for the super-rich. My bad.

Thank God none of that bailout money went to reduced price lunches for poor children. Could you imagine the uproar from you and other faux conservatives if any of the bailout money had went directly to poor folks? I shudder to think of the backlash.

[TheBreeze]

[quote=felix]Banks aren’t being bailed out for banks sake but for the sake of the account holders and the sake of our financial system’s stability and rightfully so.[/quote]

So for the $10,000 billion bailout, you have no problem with the government redistributing wealth? And you are sure that government can redistribute this wealth in a way that will help “our financial system’s stability”? You have much more confidence in the government than I.

[quote=felix]
I’m glad the government intends to not let the financial system collapse on these folks and destroy their lives. Lives which were lived by the rules and which have nothing to do with the greed of buying a home you could not afford or financing a home for someone bound to default.
[/quote]

Thank God for socialism. Where would you be without it? Probably unemployed and eating out of a dumpster.

[quote=felix]
CEO pay is chump change compared to the sums doled out by the government and the cost of the bureaucracies that do so.
[/quote]

Yes, $10 trillion in socialism for the richest folks in the world is an awe-inspiring amount of money. Do you realize that the entire federal budget for 2007 is only $2.7 trillion?

http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

Bush has just gifted the super-rich around four years worth of national budgets and you don’t blink an eye because you are confident that this money can be properly redistributed by the government. Your faith in socialism is amazing. Karl Marx would be proud of you.

[quote=felix]
Human nature is what makes wealth redistribution not work. Too many folks will take something for nothing if it’s offered and let the saps who continue to work like, Joe the Plumber, pay their way.
[/quote]

Joe will actually pay less under Obama’s tax plan than under McCain’s. Don’t let the facts get in the way of your well-thought out argument though.

[TheBreeze]

[quote=felix]Banks aren’t being bailed out for banks sake but for the sake of the account holders and the sake of our financial system’s stability and rightfully so.[/quote]

So for the $10,000 billion bailout, you have no problem with the government redistributing wealth? And you are sure that government can redistribute this wealth in a way that will help “our financial system’s stability”? You have much more confidence in the government than I.

[quote=felix]
I’m glad the government intends to not let the financial system collapse on these folks and destroy their lives. Lives which were lived by the rules and which have nothing to do with the greed of buying a home you could not afford or financing a home for someone bound to default.
[/quote]

Thank God for socialism. Where would you be without it? Probably unemployed and eating out of a dumpster.

[quote=felix]
CEO pay is chump change compared to the sums doled out by the government and the cost of the bureaucracies that do so.
[/quote]

Yes, $10 trillion in socialism for the richest folks in the world is an awe-inspiring amount of money. Do you realize that the entire federal budget for 2007 is only $2.7 trillion?

http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

Bush has just gifted the super-rich around four years worth of national budgets and you don’t blink an eye because you are confident that this money can be properly redistributed by the government. Your faith in socialism is amazing. Karl Marx would be proud of you.

[quote=felix]
Human nature is what makes wealth redistribution not work. Too many folks will take something for nothing if it’s offered and let the saps who continue to work like, Joe the Plumber, pay their way.
[/quote]

Joe will actually pay less under Obama’s tax plan than under McCain’s. Don’t let the facts get in the way of your well-thought out argument though.

[TheBreeze]

[quote=felix]Banks aren’t being bailed out for banks sake but for the sake of the account holders and the sake of our financial system’s stability and rightfully so.[/quote]

So for the $10,000 billion bailout, you have no problem with the government redistributing wealth? And you are sure that government can redistribute this wealth in a way that will help “our financial system’s stability”? You have much more confidence in the government than I.

[quote=felix]
I’m glad the government intends to not let the financial system collapse on these folks and destroy their lives. Lives which were lived by the rules and which have nothing to do with the greed of buying a home you could not afford or financing a home for someone bound to default.
[/quote]

Thank God for socialism. Where would you be without it? Probably unemployed and eating out of a dumpster.

[quote=felix]
CEO pay is chump change compared to the sums doled out by the government and the cost of the bureaucracies that do so.
[/quote]

Yes, $10 trillion in socialism for the richest folks in the world is an awe-inspiring amount of money. Do you realize that the entire federal budget for 2007 is only $2.7 trillion?

http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

Bush has just gifted the super-rich around four years worth of national budgets and you don’t blink an eye because you are confident that this money can be properly redistributed by the government. Your faith in socialism is amazing. Karl Marx would be proud of you.

[quote=felix]
Human nature is what makes wealth redistribution not work. Too many folks will take something for nothing if it’s offered and let the saps who continue to work like, Joe the Plumber, pay their way.
[/quote]

Joe will actually pay less under Obama’s tax plan than under McCain’s. Don’t let the facts get in the way of your well-thought out argument though.

[TheBreeze]

[quote=felix]Banks aren’t being bailed out for banks sake but for the sake of the account holders and the sake of our financial system’s stability and rightfully so.[/quote]

So for the $10,000 billion bailout, you have no problem with the government redistributing wealth? And you are sure that government can redistribute this wealth in a way that will help “our financial system’s stability”? You have much more confidence in the government than I.

[quote=felix]
I’m glad the government intends to not let the financial system collapse on these folks and destroy their lives. Lives which were lived by the rules and which have nothing to do with the greed of buying a home you could not afford or financing a home for someone bound to default.
[/quote]

Thank God for socialism. Where would you be without it? Probably unemployed and eating out of a dumpster.

[quote=felix]
CEO pay is chump change compared to the sums doled out by the government and the cost of the bureaucracies that do so.
[/quote]

Yes, $10 trillion in socialism for the richest folks in the world is an awe-inspiring amount of money. Do you realize that the entire federal budget for 2007 is only $2.7 trillion?

http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

Bush has just gifted the super-rich around four years worth of national budgets and you don’t blink an eye because you are confident that this money can be properly redistributed by the government. Your faith in socialism is amazing. Karl Marx would be proud of you.

[quote=felix]
Human nature is what makes wealth redistribution not work. Too many folks will take something for nothing if it’s offered and let the saps who continue to work like, Joe the Plumber, pay their way.
[/quote]

Joe will actually pay less under Obama’s tax plan than under McCain’s. Don’t let the facts get in the way of your well-thought out argument though.

[TheBreeze]

[quote=felix]Banks aren’t being bailed out for banks sake but for the sake of the account holders and the sake of our financial system’s stability and rightfully so.[/quote]

So for the $10,000 billion bailout, you have no problem with the government redistributing wealth? And you are sure that government can redistribute this wealth in a way that will help “our financial system’s stability”? You have much more confidence in the government than I.

[quote=felix]
I’m glad the government intends to not let the financial system collapse on these folks and destroy their lives. Lives which were lived by the rules and which have nothing to do with the greed of buying a home you could not afford or financing a home for someone bound to default.
[/quote]

Thank God for socialism. Where would you be without it? Probably unemployed and eating out of a dumpster.

[quote=felix]
CEO pay is chump change compared to the sums doled out by the government and the cost of the bureaucracies that do so.
[/quote]

Yes, $10 trillion in socialism for the richest folks in the world is an awe-inspiring amount of money. Do you realize that the entire federal budget for 2007 is only $2.7 trillion?

http://www.whitehouse.gov/omb/budget/fy2009/summarytables.html

Bush has just gifted the super-rich around four years worth of national budgets and you don’t blink an eye because you are confident that this money can be properly redistributed by the government. Your faith in socialism is amazing. Karl Marx would be proud of you.

[quote=felix]
Human nature is what makes wealth redistribution not work. Too many folks will take something for nothing if it’s offered and let the saps who continue to work like, Joe the Plumber, pay their way.
[/quote]

Joe will actually pay less under Obama’s tax plan than under McCain’s. Don’t let the facts get in the way of your well-thought out argument though.

[Author]

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