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Well then man-up and stop spending money you don't have. If you'd put away your credit cards and start putting at least 35% down when you buy houses and at least 20% when you buy cars, then the banks wouldn't need to borrow money created by the central bank.
Well then man-up and stop spending money you don't have. If you'd put away your credit cards and start putting at least 35% down when you buy houses and at least 20% when you buy cars, then the banks wouldn't need to borrow money created by the central bank.
'Man-up'? What planet are you from? Who said that I spend money I don't have? Do you do my books? You might be pleased to know that I am debt-free except for a 15-yr mortgage that I easily manage, am a college graduate, am gainfully employed as a professional, and own a small business. That doesn't mean that I should like the FED anymore than the people down the street getting foreclosed on.
Right now federal spending is approximately 43% of GDP. GDP is projected to fall another 3% alone just from the probably January 1 tax raise. Another $Trillion + in "stimulus" is being tossed about by the FED, not Congress, THE FED. Where will that push the percentage of GDP that is federal spending, up another 8% taking it over 50%?
Can you give me the numbers YOU have for federal spending for FY 2009 and the United States GDP for 2009 and where did you get them?
My eyes are wide open. The federal government takes in 2.1 trillion dollars a year in tax revenues. Compared to the tax revenue federal deficit it is manageable and there are many countries with higher deficit to GDP ratios than the United States. Yes the deficit in a problem but getting the economy going is a bigger and more immediate problem. I'm all for deficit reductions but let's get the economy going in the right direction FIRST. The Clinton Administration proved that deficits can be significantly reduced and even eliminated with ECONOMIC GROWTH. I'm all for more efficient and reduced government spending but not at the risk of deepening this economic downturn.
My eyes are wide open. The federal government takes in 2.1 trillion dollars a year in tax revenues. Compared to the tax revenue federal deficit it is manageable and there are many countries with higher deficit to GDP ratios than the United States. Yes the deficit in a problem but getting the economy going is a bigger and more immediate problem. I'm all for deficit reductions but let's get the economy going in the right direction FIRST. The Clinton Administration proved that deficits can be significantly reduced and even eliminated with ECONOMIC GROWTH. I'm all for more efficient and reduced government spending but not at the risk of deepening this economic downturn.
The enomous scale of the outsourcing that occurred during the Bush regime was masked by the real estate bubble, which created millions of jobs which promptly disappeared when the bubble burst. The FED in effect burst the bubble by jacking up rates, which stopped the flow of the funny money. I'm sure that they knew what would occur when the bubble burst - debt-trap, bankrupcies, foreclosures, etc. They also knew that the outsourced American jobs would not allow for a middle class recovery. Even now, the Repubs (think wealthy and corporate interests) do not want to stop further outsourcing of jobs.
So who wants a country comprised of the rich and poor? Sadaam had an easier time controlling Iraq when the US imposed severe economic sanctions. that allowed him to control the money supply and it was easier to enforce martial law.
The FED is a private company - they own the magic US dollar machine. They can print trillions the cost of the paper and ink, and then lend it to the Federal government, so that they can buy up all the foreclosure debt (thnk Freddie and Fannie), as well as the bank debt (think FDIC), and dump it on future generations of taxpayers.
Who makes money on the debt regardless of where the government lends it (like to China)? The FED.
Thanks for the links - I'm going to check them out.
J. P. Morgan was an agent of the Rothschild family...
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