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  1. #1
    Atomic Punk
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    Default WOW.... Treasury Secretary Calls For Abolishing The Debt Ceiling

    No... I don't think so buddy. These people have to be dangerously corrupt to even THINK this way:

    http://thinkprogress.org/economy/201...-debt-ceiling/

  2. #2
    Atomic Punk edwardv's Avatar
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    We now live in Absurdastan. The whole little game and house of cards can not stand for ever.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  3. #3
    Atomic Punk Dave's Dreidel's Avatar
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    12.17.17 @ 07:17 AM
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    I can't stand Geithner (a known tax cheat as Treasury Secretary), but, I can't allow that to cloud my judgement on his statement.

    He's right. It's only purpose anymore is political.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

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  4. #4
    Atomic Punk bsbll4's Avatar
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    12.15.17 @ 12:23 PM
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    Sure. Why not. Since the last "stimulus" failed, let's increase it like Paul Krugman suggested. Let's make it, say, $3 trillion instead of the $1 trillion we already borrowed and tried. Heck, we're already at $16 trillion in debt, what's another 3? Then let's forget about the debt. Government spending creates jobs. I know this because Rachel Maddow told me so. So let's increase taxes on everyone and the government can wisely redistribute it to those that need it. They are such great stewards of money as it is, I'm sure things will only get better if we give them more of it.

    I'm sure this will end well, too. It's worked every time it's been tried in history....

    ...oh wait.
    CNN may think my opinion matters, but you shouldn't.

  5. #5
    Atomic Punk Dave's Dreidel's Avatar
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    12.17.17 @ 07:17 AM
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    You are correct, but the debt ceiling won't stop any of that, it has become an opportunity for everyone to list their grievances, instead of any real dialogue on how to manage our country's debt.

    Here is a sad statement for everyone.

    In the CBO's report to Congress in 2001, they estimated that the United States would be a net 2 TRILLION dollar lender to the rest of the world.

    Instead, we are a $16 Trillion dollar debtor. Nice financial management there Mr. Bush and Mr. Obama.

    Yes, 9/11 happened, and that is a good chunk, but a good chunk is also just good ole fashioned fuck up.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  6. #6
    Atomic Punk bsbll4's Avatar
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    12.15.17 @ 12:23 PM
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    Without the debt ceiling I don't see how these conversations happen in the first place. Without these constant reminders to the American people about fiscal cliffs, there's no way people will take it seriously enough to make the sacrifices needed. Look at this last election. Obama didn't make a serious proposal to cut the debt, and if you take his proposals at face value, they will end up increasing the debt...yet he won the majority of votes. His only proposal to cut the debt is to raise taxes on millionares, which raises 1.5 trillion over 10 years (and that's being generous). The trouble is, the debt would be increasing by $12 trillion over that same time without anything else.

    Without these constant debates the educate the American public, we will continue to elect leaders that will take us straight down the toilet just like we have been over the last 15 years.
    CNN may think my opinion matters, but you shouldn't.

  7. #7
    Atomic Punk bsbll4's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    In the CBO's report to Congress in 2001, they estimated that the United States would be a net 2 TRILLION dollar lender to the rest of the world.
    Much like everything the government does, though, they completely screwed the pooch on the numbers game. They assumed the bubble of growth in housing and the dot com industry would continue for 10 years, and they also assumed there would be a continued decrease in defense spending (because things were so safe in 2001...oh wait). That's why these budget targets are bullshit to begin with. The world can change drastically in an instant, so counting on savings 10 years from now in order to pay for pet projects now is completely irresponsible--especially when the debt is where it is at.

    There's no question the spending of Bush's first 6 years was outrageous, but between his final two and Obama's four, things have gotten completely out of control.
    CNN may think my opinion matters, but you shouldn't.

  8. #8
    Atomic Punk
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    Quote Originally Posted by bsbll4 View Post
    Sure. Why not. Since the last "stimulus" failed, let's increase it like Paul Krugman suggested. Let's make it, say, $3 trillion instead of the $1 trillion we already borrowed and tried.

    Speaking of Paul Krugman...


    Paul Krugman Declares Personal Bankruptcy

    Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.

    In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.

    The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.

    The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth

    Rather than tighten his belt and pay the sums back, the pseudo-Keynesian economist decided to "stimulate" his way to a personal recovery by investing in expenses he hoped would one day boost his income.

    Cockroaches and Creditors
    Between 2004 and 2007 Krugman splurged on expensive cars, clothes, and travel in hopes that the new lifestyle would convince his bosses at the New York Times to give him a giant raise.

    "They say always dress for the job you want," Krugman explains. "So I thought maybe if I showed up in $70,000 Alexander Amosu suits they would give me ownership of part of the company. If I had only been granted a sliver of the New York Times Co., I could have paid everything back."

    Even after he realized an equity stake was not going to happen, Krugman continued to spend wildly hoping his bling and media appearances would increase demand for his personal brand and lift his book sales.

    His biggest mistake came in 2007, when at the height of the financial bubble he decided to invest in high-end real estate in New York City. His multi-million dollar apartment lost 40 percent of its value just months after its purchase, and has been underwater ever since.

    "You'd think a Nobel Prize winning economist could recognize a housing bubble," says Herman Minsky, a retired television executive who purchased Krugman's home at a huge discount. "But hey, I'm not complaining."

    Conscience of a Fraud
    Krugman, a renowned trade economist, joined the New York Times as a columnist in 2000. Since the start of the financial crisis he as used the platform to argue vociferously for what he terms Keynesian deficit spending.

    However, Keynes did not advocate using debt financing to stimulate the economy. Rather, he argued that government should save in the good times and spend in the bad.

    Through his lawyer, Bertil Ohlin, Krugman explains that despite his travails with spending and debt in his personal finances, he stands by his pseudo-Keynesian policies.

    "I still defend my analysis that on the macroeconomic level sovereign debt crises can be fixed by increasing government borrowing to lift aggregate demand. I admit, however, that on the microeconomic level this strategy has failed spectacularly."
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Forum Frontman It's Mike's Avatar
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    Default WOW.... Treasury Secretary Calls For Abolishing The Debt Ceiling

    What's the source on that? Sounds like bs to me.


    Bertil Ohlin is a dead nobel prize winning economist (if memory serves). Amazing coincidence that's his lawyer's name.
    Last edited by It's Mike; 05.20.13 at 07:28 PM.

  10. #10
    Forum Frontman It's Mike's Avatar
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    the Canadian has pretty good instincts.

    The Prudent Investor blog, Austria’s Format online magazine, The Boston Globe and Breitbart.com reported on the story. Three of them have since taken the articles down, while the Austrian publication kept the story intact but with a disclaimer at the top.

    Krugman commented on the fake news story.

    “On Friday I started hearing from friends about a fake story making the rounds about my allegedly filing for personal bankruptcy; I even got asked about the story by a reporter from Russian television, who was very embarrassed when I told him it was fake,” Krugman stated in a blog post Monday. “But I decided not to post anything about it; instead, I wanted to wait and see which right-wing media outlets would fall for the hoax. And Breitbart.com came through! Now, if you’ll excuse me, I have to go give a lavishly paid speech to Friends of Hamas.”

  11. #11
    Atomic Punk bklynboy68's Avatar
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    Default Sen.Ted Cruz: "I Don't Trust The Republicans" .

    RIGHT ON!



     "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  12. #12
    Atomic Punk Dave's Dreidel's Avatar
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    Default

    He said something later on that I liked: "trust is earned through promises kept, so why should America trust the Republicans? The Democrats?"
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  13. #13
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    He said something later on that I liked: "trust is earned through promises kept, so why should America trust the Republicans? The Democrats?"
    so what other choices do you all have?

  14. #14
    Hang 'Em High sickman's Avatar
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    Quote Originally Posted by It's Mike View Post
    so what other choices do you all have?
    Move to Canada!

  15. #15
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by sickman View Post
    Move to Canada!

    bring cash - our politicians also burn through it at a decent clip.

 

 

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