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The sky has finally fallen...

Discussion in 'Chit-Chat' started by ctjcad, Mar 22, 2010.

  1. ctjcad

    ctjcad Regular Member

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    Debt commission leaders paint gloomy picture..

    http://news.yahoo.com/s/ap/20100712/ap_on_bi_ge/us_governors_debt_commission

    Debt commission leaders paint gloomy picture

    BOSTON – The heads of President Barack Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.

    Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.

    The nation's total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. resident.

    "This debt is like a cancer," Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. "It is truly going to destroy the country from within."

    Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.

    "The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson. China alone currently holds $920 billion in U.S. IOUs.

    Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.

    "Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else," he said.
    ...
     
  2. ctjcad

    ctjcad Regular Member

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  3. extremenanopowe

    extremenanopowe Regular Member

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    Those comments are sure creative. lol. ;)
     
  4. ctjcad

    ctjcad Regular Member

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    How's that Hope and Change workin' out for ya??..

    ..and please, no more "It's Booosh' fault"..:eek:

    http://news.yahoo.com/s/ap/20100827/ap_on_bi_go_ec_fi/us_economy
    =======================================================
    Snapshot of economy about to get a lot bleaker
    By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer

    WASHINGTON – The government is about to confirm what many people have felt for some time: The economy barely has a pulse.

    The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.4 percent annual rate from 2.4 percent.

    That's a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it's a taste of the weakness to come. The current quarter isn't expected to be much better, with many economists forecasting growth of only 1.7 percent.

    Such slow growth won't feel much like an economic recovery and won't lead to much hiring. The unemployment rate, now at 9.5 percent, could even rise by the end of the year.
    ...
    But home sales fell sharply in July, and new home construction also declined. That will weigh on economic growth this quarter, but its impact won't be as bad as earlier in the recession. That's because housing has shrunk so sharply.

    It made up more than 6 percent of the economy at the height of the boom in 2005, but now accounts for only 2.5 percent.

    High unemployment is making it harder for people to make their mortgage payments and stay in their homes.

    About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday. That number, adjusted for seasonal factors, was close to a record high of more than 10 percent at the end of April.
    ...
     
  5. silentheart

    silentheart Regular Member

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    Black Friday again?
     
  6. extremenanopowe

    extremenanopowe Regular Member

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    another yoyo episode in the market. ;)
     
  7. silentheart

    silentheart Regular Member

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    Gold $1,300. I am really kicking myself for not buying at $1,200.
     
  8. ctjcad

    ctjcad Regular Member

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    ..maybe not too late to buy now??..:p..
     
  9. silentheart

    silentheart Regular Member

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    Who knows? Money supply is there. Gold is not producing fast enough.
     
  10. ctjcad

    ctjcad Regular Member

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    I want your money..

    ..this is for master silentheart, and no, i don't mean to take your money...:p
    just want to share this new documentary movie and hope if you have time this weekend for a bit of entertainment to go & check it out...
    Btw, Ben B. is releasing another helicopter money distribution plan??..:p

    http://www.youtube.com/watch?v=4wty7974IKg

    [video=youtube;4wty7974IKg]http://www.youtube.com/watch?v=4wty7974IKg[/video]
     
  11. taneepak

    taneepak Regular Member

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    What does Cooler think? Talking about Cooler what has happened to him? Fallen off the cliff?
     
  12. extremenanopowe

    extremenanopowe Regular Member

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    Sad. The haze is back. ;) Life is shorter by a few days in our lives perhaps. ;)
     
  13. silentheart

    silentheart Regular Member

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    My friend, life is shorter as every day gone by.
     
  14. extremenanopowe

    extremenanopowe Regular Member

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    sad sad, I am sad.... so those younger ones are lucky. The older ones will reach the milestone first....Need some youth tables.. or potion.. lol.
     
  15. extremenanopowe

    extremenanopowe Regular Member

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    psi in singapore is at 107. Damn... ;)
     
  16. ctjcad

    ctjcad Regular Member

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    ..master silentheart, this coming Tuesday, Nov.2, what's your take, will it be a Black Tuesday? will the sky get darker and darker no matter what happens?..:p
     
  17. silentheart

    silentheart Regular Member

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    Change I can believe in...
     
  18. extremenanopowe

    extremenanopowe Regular Member

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    Business as usual, my guess. ;)
     
  19. ctjcad

    ctjcad Regular Member

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    :p..not for 2012?..:p
    but hey, at least your state's result fared a bit better..
    CA, hmm..i have a funny feeling it's going down the gutter even more with the same fella, being the gov. again, who brought the current state debt through the unions he created...tax hike is looming..:(
    ..most likely nothing is gonna get done in the next 2 yrs; more posturing and stalling and gridlock..i'd be surprised if anything significant gets done..
    then the real show will begin..;)
     
  20. silentheart

    silentheart Regular Member

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    I am sorry Master chris,
    For CA, the south state that I love, the north I hate, at lease 1 witch has less power in DC.
    Sales tax going up or income tax? Or just file for bankruptcy?
    When is the drive to recall brown to start?
    Thank god I did not vote in CA and I did not cause the problem. Don't blame me.
    Have a nice week.
    SH
     

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