Monday, May 16, 2011

U.S. hits debt ceiling

Hey... I know that I'm no expert on these things, I only have a superficial grasp of economics. And, Anonymous will advise me to take a walk in the sunshine and things will be better. (I'm not picking on you Anon, you had some valid points, and I appreciate your input) But, we just spent all of our "Economic Recovery" money. Now we are faced with borrowing more... I noticed that the stock market is already falling. The fat-Rats are "profit taking" and running.

Treasury Secretary, Timothy Geithner, "went on to urge Congress once again to raise the country's legal borrowing limit soon "to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens."

"Congress, meanwhile, is not showing any signs of budging. Many Republicans and some Democrats say they won't raise it unless Congress and President Obama agree to significant spending cuts and other ways to curb debt."

"How high is the debt limit right now? "The ceiling is currently set at $14.294 trillion. Based on Treasury's announcement, it hit that mark on Monday morning.

Well heck... why don't we just borrow more money? Well, we already borrowed more than our children can pay back, nor our grandchildren... But, hey, our great grandchildren don't owe a thing yet. Should they be allowed to get off Scott Free??? I don't think soooo... Let's saddle them with more borrowed money debt.

Obama is cetainly building himself legacy. Future generations are certain to remember him. I know, I know, The damn republicans were all to blame. Especially that damn Bush. The really good thing is we are going to finally "get over it". "Hell to pay" is getting closer.

here's a link to CNN. I was going to link to Fox News, but the everything-is-fine folks won't believe Fox news



Ernie Branscomb said...

Geithner says: [we need to]" avoid catastrophic economic consequences for citizens"

To quote a line from an old Kris Kristofferson song, "Bobby Magee". "Freedom's just another word for nothing left to lose"

It's only the wealthy who will suffer loss, most of us are already pretty close to the bottom of the food chain. I watched a program about poverty in Detroit the other night. Women are selling their bodies to make ends meet. Do you think that they care about the stock market investors that moved their husbands jobs offshore?

spyrock said...

May 15 (Bloomberg) — Dominique Strauss-Kahn, the head of the International Monetary Fund and a potential candidate for the French presidency next year, was charged with attempted rape and a criminal sex act on a maid in a New York hotel, the police said today.

The incident allegedly occurred yesterday against a 32- year-old female at a Sofitel hotel in midtown Manhattan, the New York Police Department said in an e-mailed statement early today. Strauss-Kahn was arrested on an Air France flight at John F. Kennedy airport. He also was charged with unlawful imprisonment.

funny that you missed this one. they finally caught one of those bankers who has been screwing the american public the last ten years.
the real doom and gloom you are talking about is all the republican candidates bailing out of the 2012 presidential election like the donald and the huckleberry, because they think the war hero obama already has it won for four more years. blaming the economy on obama is the only straw the republicans have left. but when he starts pulling the troops out of afganistan and iraq this summer, the economy should improve because of the trillions we are no longer spending on the military.

spyrock said...

rumor has it that the moose lady is thinking about competing on dancing with the stars rather than making another failed attempt at the presidency. which leaves the gop ticket wide open for meg send our jobs to china whitman.

charlie two crows said...

Earlier today some members of congress suggested that the US could sell off some of our gold reserves, to keep from raising the debt limit. This would cause instability in an already week dollar. The gov. Plans to stop retirement contributions to federal workers. This will give congress till Aug. 6 to make a decision. If we can't make a decision by Aug 6 our credit sovereignty will be in check. The gov. Will issue IOU for SS checks. Have a sunny day!

Anonymous said...

"In a speech to the Department of Defense, Defense Secretary Rumsfeld announces that the Department of Defense “cannot track $2.3 trillion in transactions.” CBS later calculates that 25 percent of the yearly defense budget is unaccounted for, and quotes a long-time defense budget analyst: “[Their] numbers are pie in the sky. The books are cooked routinely year after year.” Coverage of this rather shocking story is nearly nonexistent given the events of the next day. [US Department of Defense, 9/10/2001]

Front page Washington Post- 9/10/01

Ernie Branscomb said...

From Wikipedia:
"The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located adjacent to Fort Knox, Kentucky, used to store a large portion of United States official gold reserves and occasionally other precious items belonging or entrusted to the federal government.

The United States Bullion Depository holds 4,578 metric tons (5046 tons) of gold bullion (147.2 million oz. troy). This is roughly 2.5% of all the gold ever refined throughout human history. Even so, the depository is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 7,000 metric tons (7716 tons) of gold bullion (160.8 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations."

Eel River Ernie said...


Here is a clip you might watch in your spare time regarding the U.S debt and repayment: it really brings home the point - ERE

Ernie Branscomb said...

I made Eel River Ernie's comment into a link National debt

spyrock said...

While americans worry about the disastrous state of the economy.....

This story hasn' gone completely unreported. In a Jan. 29 article titled "The War on Waste," CBS News quoted Secretary of Defense Donald Rumsfeld as saying, "according to some estimates we cannot track $2.3 trillion in transactions." The article went on to quote retired Vice Admiral Jack Shanahan, former commander of the Navy's 2nd Fleet, as saying that while President George W. Bush's 2003 budget proposal calls for $48 billion in new Pentagon spending, "with good financial oversight we could find $48 billion in loose change in that building, without having to hit the taxpayers."

its time to tax the ceo's, oil companies, bankers, and elected officials that have been robbing us blind the last 10 years. don't bother trying to arrest them. just tax the crap out of them.
as far as detroit goes, i was back there in the early 70's after the riots. it looked like a war zone between the suburbs and the city with a buffer of empty houses. sounds like things haven't changed.

Ernie Branscomb said...

Charlie Two crows sent me a link explaining what happened to the U.S. gold.