MaryB wrote:


Where is the money going to come from?

If you write yourself a $1 million dollar check, are you a millionaire?

They can try to issue bonds elsewhere to cover what they stole from the social security fund, pull the troops back inside our borders and use that saved money to pay back what they took. This money is OUR money and not general tax revenue. It was supposed to provide a safety net and cushion and not fund congresses stupid spending habits.

MaryB wrote:


It's been stolen since 1965 when Congress enacted the law. Excess funds were to be allocated into the general fund. I'm not saying its right and agree they are a bunch of crooks, but that is government in action. I can't think of anyone eligible for Social Security for any reason that doesn't receive it, so calling it a "safety net" is a bit of a stretch.

Bonds are an IOU. Who is going to buy bonds (IOU) to pay for the bonds (IOU) already issued? The Federal Reserve? Oh wait, that's already happening.

The government could completely eliminate the entire defense budget and it is less than half of the current deficit.

I guess it is difficult convincing some just how screwed the country really is.

I know we are screwed and it is just a matter of time. If congress acts now and starts cutting the things we can really do without like several wars, subsidies for everything, we may just pull out of it in 20-30 years.

Yes Mary we are all screwed. This is what I posted a while back. "First let me say that SS is broke. There is no actual cash in the fund. Yes there are IOU's to the Treasury Department but that is in the form of bonds. Bonds that need to be serviced and sold as payments are made. That being said remember this all goes back to the LBJ and Democratic Congress of 60's when they put SS into the General Fund and not kept in a safe lock box. (Really to pay for Medicare-LBJ Program). Now it is harder to refinance the SS Bonds. Also not enough Tax money coming into the SS Program. In the final analysis our Congressmen are disingenuous in saying SS is solvent. (Technically Only--Wish they would say that). Definition of a Ponzi scheme is pay out with income from the last in the program. Does this sound like SS? Also don't look around but Mediare is in same boat.

Big Banks Put Capitalism at Risk

www.thestreet.com/story/11166825/1/hoeni...italism-at-risk.html

Occam wrote:


Dodd-Frank was a 2300 page marriage license for Big Government and Big Banks. It created more jobs for bureaucrats and lawyers than all of the Porkulus spending.

Those two clowns touching anything to do with finance is like giving Bernie Madoff another chance at handling your investment portfolio.

Peter Schiff was right after being laughed at and cut off by CNN.



Isn't Youtube great?

Peter Schiff Congressional Testimony 9/13

wow.

wow.

Wow!!!!

Good stuff, and exactly what I expected from Schiff. The people trying to debate with him can hardly speak english, let alone understand the workings of a free market economy. No wonder we are on the current death spiral. The people like representative Cummins are left scratching their heads they are so confused, and we expect them to do the right thing??

Maybe I'm too critical. I thought before they didn't do the right thing because they were just lining their own pockets and voting to get re-elected. Now I think they don't do the right thing because they have not a clue what right thing is!!

Greek default is just a matter of time

Despite the posts by some here who believe that these government debts are no problem and we should just keep spending, spending, spending our way out of the problem, here is a real-world happening-as-we-speak example of what happens when you continuously spend too much and create debt you cannot possibly repay:

money.cnn.com/2011/10/05/news/internatio.../index.htm?iid=HP_LN