Speaking Truth to Power? "Keepin' it Real"? This is how it's done.
Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is
"Look, they don't want anyone except for the Washington, D.C. bigwigs to know how bad shit really is," said Bernanke, slurring his words as he spoke. "Mounting debt exacerbated—and not relieved—by unchecked consumption, spiraling interest rates, and the grim realities of an inevitable worldwide energy crisis are projected to leave our entire economy in the shitter for, like, a generation, man, I'm telling you."
It gets better.
Recovery? What recovery?!
ReplyDeleteWe never regained the levels of the previous expansion.
The unprecedented dip was Bush - true 'dat.
But the unprecedented fizzle is all Obama.
(HT: Instapundit)
What does maxing the credit card out look like on a national scale? Like this.
ReplyDeleteI've been reading op-eds and whatnot regarding the debt ceiling deal in the Financial Times and The Economist - reliable mouthpieces for TPTB... boy, are they pissed. Seriously pissed.
ReplyDeleteI think we won.
Debt ceiling cat is watching you print money.
I read a portion of the FT article about the budget deal, wherein they actually admitted that 650 billion in stimulus did nothing.
ReplyDeleteI can support a balanced budget amendment IF is is set up on a "revolving fund" basis with with a "window" of +/- 3 years ... e.g., in "fat" years you can accumulate credits and in lean years, debits, or when preparing for future expenses (as yet unknown, as to extent, with certainty ... Murphy's law doesn't operate in an orderly fashion). You know immediately when going in to debt that the consequences are also relatively immediate ... e.g., not a can that be kicked down the road as we've just done, in a purely political battle that bears no relationship to financial or economic soundness than a prairie dog does to a tyrannosaurus rex.
ReplyDeleteI have directly worked under such a system and it works. You balance on average: +/- 3 years = 6 years and the average for the six years is zero... i.e., balanced.
What you're watching is utterly farcical, just risible. $2.5T in cuts over 10 years?? Commencing in 2012? Gimmeafuckinbreak.
ReplyDeleteThe US national deficit will hit ~$1.5T in 2011; national debt currently at $15T+, expected to hit 130% of GDP by 2020. An industrial/manufacturing base gutted out; male unemployment at, what, 20+%? Unfunded federal and state state pension obligations. A current account in crisis. A public education system in crisis. National infrastructure crumbling (6GA copper wiring still supporting the VT grid in 2011???? WTF!???).
And Congress and the WH have no coherent plan to tackle any of this- what we witnessed was just more kick-the-ball-down-the-field politicing.
"Faux Ben" ain't half-close with his "projected to leave our entire economy in the shitter for, like, a generation, man, I'm telling you." And, as a Canadian, that scares the shit out of me.
Yeah, yeah- I'm a Cassandra. My Bullshitometer pegs easily...
The Onion piece is too close to reality; I laughed and gulped at the same time!
ReplyDeleteLewy, the charts in your links are scary. And as of this morning, our debt is now officially 100% of GDP, and climbing. I don't know what that will mean for us (downgrading? a massive stock sell-off?), but the writing is on the wall in big block letters.
I'm thoroughly disgusted with the way Washington has handled, or NOT handled, this entire mess. It's a fiasco.
I re-read my post, and apologize to our hosts for the uncharacteristically intemperate language. But the issue is that important to me and my businesses. America will take a generation to "shape up"- but only if there is the political will to effect such change. And there's nil certainty in that assumption.
ReplyDeleteNo need to apologize Earl. Your comment is spot on. We're in the middle of a three-ring circus, and the tent is collapsing.
ReplyDeleteEverything we all have is on the line; our homes, our businesses, everything. I'm mad as hell too. x(
Jeebus, the Dow just opened 140 points in the red. I gotta quit looking at this stuff; it's making me crazy. 8-}
ReplyDelete#6 Earl, right on the money. I think we're all feeling the same way.
ReplyDeleteThat sounds like a good system for a balanced budget amendment, Aridog. I think with some of the new breed of politicians (Ryan, Rubio, Christie, West) it might just fall within the realm of possibility.
ReplyDeleteI just now read the Onion piece, lewy, LMAO!!!
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