Home > leadership, management, Markets, politics > Borrow more to get out of debt: all it lacks is an 800 number and an infomercial

Borrow more to get out of debt: all it lacks is an 800 number and an infomercial

In a sequence of CSPAN broadcasts, Washington insiders expressed their shock—Shock! at the state of the budget disaster in Congress.  Senator Conrad,  has suddenly discovered just how deep the debt hole that Congressional spending, aided and abetted by an unprincipled administration, has put our children in. Because its our children thathave inherited the mess these drunken sailors ahve created.  He was quick to lay everything at Bush’s feet, i guess he wants to get that in while he still can; as if Congress arent the appropriators.  Paulson followed him with a nice “aw shucks”  speech on how no one could foresee the mortgage market implosion, oh woe is me! …and humbly accepted the grateful thanks of the nation from saving us from disaster, as if the mult-trillions we are shoveling at this problem (Borrow and spend to get out of debt!) arent just more of the same and postponing the moment of the greater explosion.

The one bright spot is that they are printing money faster than they can raise the tax rate so even though each individual dollar is worth less and less, we are keeping relatively more of our income.  But that wont last long as the industries lining up for handouts grows daily, recently joined by tthe states at an estimated 1T, and Larry Flynt and the porn industry (industry!?) are asking for 5B

David Walker, former Comptroller General, is the only adult on the horizon talking about the debt.    iousa.com 

meanwhile Barney Frank, with too much authority over your finacial life based on his demonstrated skill level, says this about the SEC (from the WSJ):

Barney Frank, chairman of the House Financial Services Committee, which will have influence over how Congress writes financial market oversight this year, offered a more sympathetic posture toward SEC staff, saying he had spoken with enforcement officials in Boston and elsewhere. “There’s no suggestion that any of them were less than diligent; there were some structural flaws here, but in my experience, it would not be appropriate to blame any of them.”

except someone told the SEC, in 2005, chapter and verse, why Madoff was probably a fraud:

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