The Ponzi Congress
Posted: Fri Mar 13, 2009 11:34 am
The Prime Minister of China is a bit worried about the US debt he holds, cause for concern¦do ya think?
We are up to our eyeballs in debt and still our politicians rationalize earmarks to death. Who can argue that Podunk Nebraska does not need a new town pool to keep the kid off the street at night? We are like the shopper at a big sale who convinces herself (or himself on occasion) that buying $200 of unneeded new clothes was necessary because they were 50% off. Give me a break; we have gone from spending what is necessary to truly stimulate the economy to spending what is necessary to appease every constituent regardless of the cost. :-5
Despite rumors to the contrary the government is not all that different from average folks who get themselves in trouble living beyond their means and taking on too much debt except perhaps that the government can simply print money. :-3
If China stops buying our debt or the credibility of the US debt gets lower we are in big time trouble and don’t let any member of congress or the White House or even a New York Times Editorial tell you any differently. Don’t agree with me, then take all your savings and go buy US Savings Bonds, we need your help.
Bernard Madoff is in jail for his Ponzi scheme (1) and yet, the federal government is pulling off the biggest Ponzi of all time using the future of our children to pay for the largess being doled out today.
Hey, we need to spend money to help get us out of this recession or whatever it is, but we need to spend it with a focused purpose, not like we are passing out candy. And, we need to avoid tagging those who disagree with the approach being taken as spoilers or obstructionists. What have we gotten to, the point where a different opinion is unpatriotic?
If those of us who think what is happening is just wrong, short sighted and dangerous are in fact wrong, so what?
But, if we are right, watch out or better still watch interest rates and inflation and hold on to your seat.
By the way I would not buy a bank CD with a term longer than 18 months. :rolleyes:
(1) A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.
We are up to our eyeballs in debt and still our politicians rationalize earmarks to death. Who can argue that Podunk Nebraska does not need a new town pool to keep the kid off the street at night? We are like the shopper at a big sale who convinces herself (or himself on occasion) that buying $200 of unneeded new clothes was necessary because they were 50% off. Give me a break; we have gone from spending what is necessary to truly stimulate the economy to spending what is necessary to appease every constituent regardless of the cost. :-5
Despite rumors to the contrary the government is not all that different from average folks who get themselves in trouble living beyond their means and taking on too much debt except perhaps that the government can simply print money. :-3
If China stops buying our debt or the credibility of the US debt gets lower we are in big time trouble and don’t let any member of congress or the White House or even a New York Times Editorial tell you any differently. Don’t agree with me, then take all your savings and go buy US Savings Bonds, we need your help.
Bernard Madoff is in jail for his Ponzi scheme (1) and yet, the federal government is pulling off the biggest Ponzi of all time using the future of our children to pay for the largess being doled out today.
Hey, we need to spend money to help get us out of this recession or whatever it is, but we need to spend it with a focused purpose, not like we are passing out candy. And, we need to avoid tagging those who disagree with the approach being taken as spoilers or obstructionists. What have we gotten to, the point where a different opinion is unpatriotic?
If those of us who think what is happening is just wrong, short sighted and dangerous are in fact wrong, so what? But, if we are right, watch out or better still watch interest rates and inflation and hold on to your seat.
By the way I would not buy a bank CD with a term longer than 18 months. :rolleyes:
(1) A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.