Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Republicans started America's Quantitative Easing (QE).
Not the $2 trillion used to bail out Fannie/Freddie.
It's no coincidence that Cuomo (Clinton Admin) announced the requirement that Fannie/Freddie buy $2.4 trillion in high-risk mortgages made to low-income and credit-compromised borrowers to expand homeownership, and the Federal Reserve subsequently had to create $2 trillion in QE to bail Fannie/Freddie out of that mess.
Barney Frank even admitted that was a mistake and a major cause of the financial crisis. ...After he retired from Congress, of course.
It could only be written by someone uneducated and math-challenged....that an economy which is driving the nation (and world) and a basic state budget which is sound....will somehow go bankrupt while states that are falling FAR behind (OK, etc.) due to "conservative" policies are not mentioned.
And yet the very educated and very good math people don't agree with you.
Illinois could be 1st state with 'junk' credit due to budget
CHICAGO (AP) — Illinois is on track to become the first U.S. state to have its credit rating downgraded to "junk" status, which would deepen its multibillion-dollar deficit and cost taxpayers more for years to come.
S&P Global Ratings has warned the agency will likely lower Illinois' creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year, increasing the amount the state will have to pay to borrow money for things such as building roads or refinancing existing debt.
The outlook for a deal wasn't good Saturday, as lawmakers meeting in Springfield for a special legislative session remained deadlocked with the July 1 start of the new fiscal year approaching.
That should alarm everyone, not just those at the Capitol, said Brian Battle, director at Performance Trust Capital Partners, a Chicago-based investment firm.
"It isn't a political show," he said. "Everyone in Illinois has a stake in what's happening here. One day everybody will wake up and say 'What happened? Why are my taxes going up so much?'"
California has the 6th largest economy IN THE WORLD! I'm sure they will figure it out. Maybe they will secede from the union so they won't be dragged down by the Pubs.
Illinois was hurting but went further downhill after a guy who made millions scamming health care was elected governor. He's been doing the same strip mining of the state economy we have been seeing at the federal level for the past 7 years. Not a lot of hope there.
" I'm sure they will figure it out."
What makes you tink that.
It is in their situation due to total lib control of the politics in the state.
Do you REALLY think those that CAUSED the problem are going to all of a sudden change their positions and views?
Ah, Breitbart!
Thanks for the quotes. Pensions nationally are underfunded for some very obvious reasons - in a nutshell, it's due to the GW Bush Recession which set the country about 20 years behind and caused investments and interest rates to tank....based on any reasonable forecast.
So what.
The problem with "sky is falling" types is that it already fell - and Republicans were 80% of the reason why. So now we all survive as we can and adjust.
Another big problem with lines of "debate" such as the OP's is that they suggest everything comes to a head within one hour on one particular day.
That 93K you are talking about per household. Let's take it to 20K per person for discussion sake. The same household is due 40K per year just for health care (10K per person). If 2 kids are in school, they are due about 12K each, or 24K more. That household also pays approx. 10K per year just for the Security State (paranoia, largely).
These expenses are NOW. A pension is doled out in very small amounts yearly and the smallest of adjustments can put it closer to balance. A good example is social security. They tell us the sky is falling because in 20+ years there will only be 3/4 of the money they promised each month.
Firstly, cuts in SS of reasonable size won't make the sky fall. Second, they have absolutely no idea of what we are going to invent next (could you predict the internet?) and what type of economic engine it will be. Thirdly, some adjustments - usually a bipartisan issue - will be made if needed. For example, I personally don't think people worth over "X" million should get their full SS. Don't tell me "they earned it". The reason for "insurance" is a loss. Some people lose their financial footing in life and SS was designed to fill that need. You could easily balance the book just by having diminished returns based on either net worth (say - over 5 million it would start to decrease...or over 150K per year income in retirement...same)...
Also, if interest rates move higher - as they should - then SS as well as pensions are in better shape.
an
My world view is based on fact - not on paranoia. You wouldn't believe how many times folks like you told me that SS would not be around when I became "of age", yet the money is being deposited in my account each month NOW.
No matter how many times you are proven incorrect, it seems you don't learn. That's why Trump loves the uneducated. They read Breitbart and white supremacy emails and Russian Propaganda and believe the BS expressed.
Did you ever stop to wonder why Andrew Breitbart and Steve Bannon chose to live in-----Hollywood, CA.?
In CA it is. Medical for some time now and recreational passed last year. But between the Feds and locals cops who get boatloads of money for drug interdiction and don't want to hop off the gravy train of tanks and rocket launchers, the will of the voters may be delayed.
Location: Just transplanted to FL from the N GA mountains
3,997 posts, read 4,142,400 times
Reputation: 2677
Quote:
Originally Posted by CCbaxter
What happens when CA goes belly up? We're all gonna move to red states and start voting blue and turn them liberal.
LOL. We have an infectious mental illness, remember?. We will turn you all blue. Run now while you can.
This is exactly what I'm afraid of...... Like the plague or a hoard of locusts.....
This is exactly what I'm afraid of...... Like the plague or a hoard of locusts.....
Already happened in VA, NC, FL and other places - and moving quickly. If it wasn't for gerrymandering and cheating, these places would be quite blue.
Make no mistake about it - these so-called "Red" states have INVITED both foreign (European "socialists) companies as well as American liberals (educated people) in. Without the $$ and input of these civilized and educated people, they would still be at work for $1 an hour tapping pine trees for turpentine.
So let's not talk about civilized and educated influence as a bad thing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
