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Old 10-19-2008, 01:37 PM
 
12,870 posts, read 13,108,199 times
Reputation: 4453

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do you think that we are done bailing wall street out? not by a longshot! here are some numbers that will make you cry!

There has much discussion of our enormous, unfunded liabilities including mandatory Social Security and Medicare payments, government and military pensions, interest on the national debt and other hidden-but-very-real government debt. these debts total an incredible $60 trillion to $65 trillion, or about $500,000 for every american family!

That is scary enough and raises lots of reason for concern, as more baby boomers retire and this debt comes due. However, the above unfunded mandates are dwarfed by little-understood but truly colossal derivatives debt which now totals over $345 trillion, or about nine times the Gross Domestic Product (GDP) of the entire world.

wall street had a gambling problem and lost, and now we have a problem!
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Old 10-19-2008, 02:09 PM
 
7,099 posts, read 24,438,116 times
Reputation: 7301
Scary, isn't it!!!! And no one has a clue as to a nice, neat, painless solution.
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Old 10-19-2008, 04:22 PM
 
Location: Victoria TX
42,663 posts, read 74,013,974 times
Reputation: 36073
It's the stupid economy.

Who will be the first human being in a necktie to stand up before the people of the USA and say "I was wrong."
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Old 10-19-2008, 07:06 PM
 
Location: LEAVING CD
22,952 posts, read 22,452,692 times
Reputation: 15488
Certainly not Franks or Dodd! Where did all the honesty go?
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Old 10-19-2008, 07:37 PM
 
Location: Dallas
4,625 posts, read 8,825,762 times
Reputation: 3838
Quote:
Originally Posted by Padgett2 View Post
Scary, isn't it!!!! And no one has a clue as to a nice, neat, painless solution.
Sure there is. Just nuke Switzerland and all our troubles will be over!
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Old 10-19-2008, 09:45 PM
 
Location: toronto, Canada
772 posts, read 1,088,872 times
Reputation: 283
Floridasandy, I'm glad you have brought up the derivative market as the fed and its irresponsible greenspan with his artificially low interest rates, Highly leveraged futures contracts and the fractional banking system have created a time bomb. Consider that over $285 to a possible $345 trillion dollars is currently tied into speculating on the move of interest rates and the effects these moves will have on prices. I'm not a tin foil hat type of guy but if we start getting into a set of cascading cross defaults expect a fire sale liquidation that would be worse than even the great depression
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Old 10-20-2008, 08:42 AM
 
4,608 posts, read 7,273,253 times
Reputation: 1243
You think the economy is a problem today? Just wait til Obama Pelosi Reid take over government with no opposition. Hide your valuables 'cause 'spreading the wealth' means more than taxing the rich.
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Old 10-20-2008, 10:18 AM
 
Location: Victoria TX
42,663 posts, read 74,013,974 times
Reputation: 36073
Quote:
Originally Posted by jimj View Post
Certainly not Franks or Dodd! Where did all the honesty go?


Did your own credit purchases or investment strategy contribute in anyway whatsoever to the current problems, for yourself or to some tiny degree in general? I asked for people to say they were wrong. We alrady have plenty of people like you who can only point the finger at somebody else.
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Old 10-20-2008, 11:44 AM
 
Location: Orlando, Florida
43,858 posts, read 44,517,317 times
Reputation: 58619
Quote:
Originally Posted by floridasandy View Post
or about $500,000 for every american family!


I sure hope they have a lot of other families lined up because they won't be getting this from my income.
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Old 10-20-2008, 12:04 PM
 
Location: The Great State of Texas, Finally!
5,348 posts, read 10,819,834 times
Reputation: 2438
And we have NO clue as to what was in the Bailout Bill or the riders attached. I have a feeling we'd be pretty pissed if we did.
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