What's Wrong With This Picture?

[mini me]

http://cnsnews.com/news/article/obam...et-responsibly

[BlueStreak]

He's committed to teaching young people how to run up debt, then pay it down. Now all we need is a Republican to come along and teach them how to run up debt, refuse to pay it off, then blame the next guy.

Regards,
Dave

[ebacon]

Deficits don't matter. -- Dick Cheney

[piece-itpete]

Current debt 16.7 tril current budget deficit 1.05 tril

http://www.usdebtclock.org/index.html

Debt in 08 9.6 tril deficit in 08 235 bil.

http://www.usdebtclock.org/2008.html

Pete

[BlueStreak]

Originally Posted by piece-itpete

Current debt 16.7 tril current budget deficit 1.05 tril

http://www.usdebtclock.org/index.html

Debt in 08 9.6 tril deficit in 08 235 bil.

http://www.usdebtclock.org/2008.html

Pete

Because Republicans refuse to help pay the debt they helped run up.

Dave

[MikeG22]

Time for the blame game

[BlueStreak]

Originally Posted by MikeG22

Time for the blame game

Dave

[finnbow]

Originally Posted by mini me

http://cnsnews.com/news/article/obam...et-responsibly

I'd prefer David Stockman to teach the kids the inherent evils of Reaganomics.

[CarlV]

I love this.

Carl

[mini me]

Originally Posted by finnbow

I'd prefer David Stockman to teach the kids the inherent evils of Reaganomics.

Apparently, Stockman's anger is no longer limited to Reaganomics.

"By manipulating the price of money through sustained and historically low interest rates, Greenspan and Bernanke created an era of asset mis-pricing that inevitably would need to correct. And when market forces attempted to do so in 2008, Paulson et al hoodwinked the world into believing the repercussions would be so calamitous for all that the institutions responsible for the bad actions that instigated the problem needed to be rescued -- in full -- at all costs."

"Essentially there was a cleansing run on the wholesale funding market in the canyons of Wall Street going on. It would have worked its will, just like JP Morgan allowed it to happen in 1907 when we did not have the Fed getting in the way. Because they stopped it in its tracks after the AIG bailout and then all the alphabet soup of different lines that the Fed threw out, and then the enactment of TARP, the last two investment banks standing were rescued, Goldman and Morgan [Stanley], and they should not have been. As a result of being rescued and having the cleansing liquidation of rotten balance sheets stopped, within a few weeks and certainly months they were back to the same old games, such that Goldman Sachs got $10 billion dollars for the fiscal year that started three months later after that check went out, which was October 2008. For the fiscal 2009 year, Goldman Sachs generated what I call a $29 billion surplus – $13 billion of net income after tax, and on top of that $16 billion of salaries and bonuses, 95% of it which was bonuses."

"Well, once you basically unplug the pricing mechanism of a capital market and make it entirely an administered rate by the Fed, you are going to cause all kinds of deformations as I call them, or mal-investments as some of the Austrians used to call them, that basically pollutes and corrupts the system. Look at the deposit rate right now, it is 50 basis points, maybe 40, for six months. As a result of that, probably $400-500 billion a year is being transferred as a fiscal maneuver by the Fed from savers to the banks. They are collecting the spread, they've then booked the profits, they've rebuilt their book net worth, and they paid back the TARP basically out of what was thieved from the savers of America."

http://www.businessinsider.com/david...lied-to-2013-3

Frankly, I don't see much difference between what this the Fed and this administration is doing, and what's happening in Cyprus.