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| Name: |
Mack
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| Subject: |
How Do We Pay Back $Xtrillion
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Date:
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3/27/2009 8:17:56 PM
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dollars of Federal Credit being injected into our financial system??
Nobody is talking about that here, are we? I must have missed it in between the rhetoric on Liberal vs. Conservative?? Or other less educational exchanges?
Somebody educate some of us who do not understand the long-term impact that comes from spending a Trillion Dollars Today without that money already being in the Bank? My Bank would gag on it. My checkbook certainly does not work that way.
Somebody without a political axe to grind please offer some insight on what to expect.
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| Name: |
alahusker
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| Subject: |
How Do We Pay Back $Xtrillion
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Date:
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3/28/2009 8:20:20 PM
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Good question Mack..
Guess it's like having a credit card.. spend all you want, don't worry, no problem, the interest is not due now. Our kids and grandkids can worry about that later.. Even better, there is no limit on the amount we charge. We can just recharge the account by printing cash in the basement. See, that's easy.. Sleep well my friend..
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| Name: |
Mack
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| Subject: |
Nope, Not Good Enough...
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Date:
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3/28/2009 8:44:40 PM
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as an answer for me. The election is over, done, right or wrong. Politics be DAMNED!!
Billions of dollars are flowing out of DC to rescue specific industries or to promote economic recovery.
There is a lot of talk on this forum about who is to blame, but not a lot of talk about how you go about financing Trillions of dollars of debt??
Lots of expertise on this forum on current affairs/political issues/economic trends/ etc. Share your ideas with us about how to pay for the rather large check already issued??
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| Name: |
alahusker
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| Subject: |
Nope, Not Good Enough...
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Date:
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3/28/2009 8:59:41 PM
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Not blaming anyone Pal.. just saying what you obviously knew from the first post.. responsible people don't spend money or promise it if it's not in their cash account.. Last president did it and this one is doing it in spades.. No suggestions other than to stop all the silly spending, get the Nation off of corporate/individual welfare and back to work..
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| Name: |
lamont
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Uhhhh......
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Date:
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3/28/2009 9:36:24 PM
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I believe Husker explained it rather well. Simple math and ecomics. No politics intended. Just keep printing the money.
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| Name: |
MartiniMan
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| Subject: |
I'll try to explain
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Date:
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3/28/2009 11:30:57 PM
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Ultimately there are only two mechanisms to pay for this unbelievable spending orgy. The first is to issue government debt that is purchased by private individuals, corporations and foreign governments. By far the biggest purchaser to date has been foreign governments like China and Middle East countries (Dubai, UAE, Saudi Arabia, etc.). They all have a vested interest in propping us up because we buy their goods (oil, manufactured goods, etc.). Having said that, many are making noises about balking at buying our debt and creating a new benchmark currency. I am not sure they can afford to make this happen but the mere suggestion should scare the he!! out any thinking American.
The only other option is to simply print money and put it into the system. The problem with this approach (which has been used by all too many countries like Argentina) is that it causes hyper inflation and generally destroys the economy. Many countries in the world really fear this is where we are headed and we will take them down with us. I frankly can't blame them for their fear.
At the end of the day though, even if they use option 2 temporarily the chickens will come home to roost and they will have to not only increase taxes but take some of the steps our socialist brethren in Europe have taken (i.e., accept high unemployment, rationing of health care services, etc.). Given our current economic circumstances this is probably the most irresponsible act of governing we have seen since the New Deal which prolonged the depression, kept unemployment at around 17% or more and the stock market essentially unchanged for over 10 years and created entitlement programs that even today we are paying for.
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| Name: |
Mack
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Hey, Husker...
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Date:
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3/30/2009 8:08:31 PM
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No offence intended to your response.
Just extremely frustrated at TAX TIME when I write checks to both the IRS and the State of ALA on my Meager 2008 earnings, and watch the FEDS write checks for Hundreds of Billions that my children will have to cover. This whole situation is Crazy!!
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| Name: |
alahusker
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| Subject: |
Hey, Husker...
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Date:
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3/30/2009 9:04:17 PM
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Pal,
I understand and agree with you.. We are taxed way too much and the government mostly spends it foolishly.. Remember it when you vote... Ain't complicated, fiscal liberals (largely identified with the Democrat Party but moderate Republicans share the guilt) will take our money and spend it the way they want, because they are smarter than we are.. If we would have had the trillion dollars in the current bailout budget sent to tax payers directly, I would go out and buy a new GMC 4X4 truck and a Ranger boat.. that's would have been stimulus..
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