As of Sep. 30, federal financial statements showed approximately $56.4
trillion in debts, liabilities, and unfunded promises for Medicare and
Social Security, the Peter G. Peterson Foundation www.pgpf.org
reported. The Federal Reserve estimated total household net worth at
that time at $56.5 trillion.

Since then the stock market has crashed, tens of billions of dollars
of personal wealth have evaporated, and the government has committed
$700 million to bail out financial institutions.

A government which long has been morally and intellectually bankrupt
is now financially bankrupt too.

http://www.tothepointnews.com

wrote:
As of Sep. 30, federal financial statements showed approximately $56.4
trillion in debts, liabilities, and unfunded promises for Medicare and
Social Security, the Peter G. Peterson Foundation www.pgpf.org
reported. The Federal Reserve estimated total household net worth at
that time at $56.5 trillion.

Since then the stock market has crashed, tens of billions of dollars
of personal wealth have evaporated, and the government has committed
$700 million to bail out financial institutions.

A government which long has been morally and intellectually bankrupt
is now financially bankrupt too.

http://www.tothepointnews.com

It is all very, very sad.

At the time of my early childhood, ~80% of Americans owned their own
homes. Today, less than 20% of Americans own their own homes; the rest
are either purchasing them from a bank or renting (or, even homeless.)

We have generated debt and written IOUs which we can never pay off, in
our lifetimes. These debts will be passed off to our children and their
children; soon we will begin writing IOUs which our great grandchildren
will be left with. At this date, I have not seen one of my public
servants take a reduction in pay and/or benefits and perks. They are
beginning to appear as a ruling class over a peasant class, to me.

The "bailout" money is all going to the greedy/crooked
individuals/institutions/groups which got us into this mess in the first
place. Those in power keep chanting the manta of how we will have to
learn to suffer and get by with less, that somehow, we don't deserve
what we have obtained with the work of our own two hands and minds, that
taxes, fees, licenses must be raised and levied against the poor--they
appear to be suffering little. We are printing money which can only be
given worth by the sweat and labors of future generations.

There was a very popular term and used frequently during the depression,
"Rome burned while Nero fiddled." And, in hindsight, pointed out all
the mistakes made by the Romans which destroyed and let their
way-of-life fall into ruins--a civilization which had once conquered all
the known world--at that time. I see similar here ... at this time.
Indeed, this "bailout" money is being used to maintain high values in
property and goods; it is working against the very people who are being
left with this MAGNIFICENT BILL and i.e., we are cutting our own throats
to maintain the rich and powerful lifestyles of our public servants,
corporate heads, etc.

It is time to "kickbutt", throw out the greedy-crooks, take out the
garbage and clean up the mess ... dare we fiddle about now?

I have lost faith that we will, in time. Indeed, we empower the very
criminals which got us here, to save us--somehow, I question if this
will be successful, or not ... end-of-story.

Regards,
JS

wrote:
As of Sep. 30, federal financial statements showed approximately $56.4
trillion in debts, liabilities, and unfunded promises for Medicare and
Social Security...

Don't tell us. Send a complaint to your pal George W.

Oh, wait. I know what you can do.

You can blame it on Obama (even though he won't be seated for another 25
days).

In article ,
Billy Burpelson wrote:

wrote:
As of Sep. 30, federal financial statements showed approximately $56.4
trillion in debts, liabilities, and unfunded promises for Medicare and
Social Security...

Don't tell us. Send a complaint to your pal George W.

Oh, wait. I know what you can do.

You can blame it on Obama (even though he won't be seated for another 25
days).

OK, I blame Mr. Zero

--
Telamon
Ventura, California

On Dec 24, 4:43*pm, Dave wrote:
RHF wrote:
- - -wrt- The World-Wide {American} Financial Crisis of 2008 :
- - Just Two Words "George Soros"

- Indeed...

Here is a picture of "The Force" {Puppet-Master}
behind Barack Obama . . .

RHF wrote:

...
- You can blame it on Obama
- (even though he won't be seated
- for another 25 days).

Twenty-Five [25] Days and Counting . . .

WE LOVE* OUR PRESIDENT-ELECT OBAMA ~ RHF
* All American Republi-Can-DoDos For Obama
* * All American Christian-True-Believers In Obama
* * * BHO Will Be A Great and Wonderful US President
.
this is 'rhf' and i disapprove of this off-topic message ~ RHF
{ equal dis-opportunity net-nannys-r-us }
.
.

If you even doubt him, a little; Rush is already attempting to make it
sound like Obama is responsible! A guy who has not even held office for
a day!

However, Nixon began the criminal ear, IMHO, Regan gave it real
momentum, and Bush has given it a hearty shove! Again, IMHO ... Clinton
was just an ignorant jerk who "couldn't keep it in his pants ..." :-(




Regards,
JS

Dave wrote:
RHF wrote:

-wrt- The World-Wide {American} Financial Crisis of 2008 :
Just Two Words "George Soros"

Indeed...

Actually, George Soros attempts to bring us to our senses. The bailout
is more money than even he is worth!

Again, we kill the messenger of bad news?

Regards,
JS

RHF wrote:

...
Here is a picture of "The Force" {Puppet-Master}
behind Barack Obama . . .

My gawd man, do you realize we only escaped the rule of "brain dead
McCain" by the skin on our teeth?

There is hope ... as he would have even been worse than an "Alzheimers'
Regan" having his strings pulled by "the man behind the curtain."

Regards,
JS

On Dec 24, 9:54*pm, John Smith wrote:
RHF wrote:

* ...

Here is a picture of "The Force" {Puppet-Master}
behind Barack Obama . . .

My gawd man, do you realize we only escaped the rule of "brain dead
McCain" by the skin on our teeth?

There is hope ... as he would have even been worse than an "Alzheimers'
Regan" having his strings pulled by "the man behind the curtain."

Regards,
JS

JS - Wheather It's Obama -or- McCain : Does Not Matter Now

Thanks to a series of financial engineering instruments made possible
by the abolition of the Glass-Steagall law in 1999 like ABSs, CDSs,
interest rate forward contracts, securities in US dollars were
declared to be “secure”. Credit rating agencies rated these securities
as safe (like those of Lehman Brothers for example), giving them the
famous AAA or Triple-A grade. This way debt by private institutions
could be treated like currency, at face value, and could be registered
as balance sheet without the need to set aside reserves for any risk.
Similarly greatly underestimating the exchange rate of some emerging
economies, especially China’s, in terms of purchasing power parity
resulted in what is an actual subsidy to their exports.

Thank you Impeached Clinton!