It’s hard to wish for God’s blessing on a country that permits this to happen with impunity.
I’m under no illusions: it goes on here, too. And when God calls the payment due for these atrocities–and others–it is going to suck for our society.
Barofsky, a Democrat appointed by the Bushies and who is critical of both administrations–does not have kind things to say about either Paulson or Geithner. Whether he will ultimately prosecute anyone remains to be seen, but this is sort of encouraging.
Harrisburg, the capital of Pennsylvania, has missed about $6M in payments this year. They are looking at potential Chapter 9 Bankruptcy.
Hey wait…weren’t we assured that Greece was under control? Surely, the other EU countries came to their rescue! They would not allow Greece to collapse!
Well, the defecation is hitting the circulation at a very high velocity.
Oh, and Portugal is not far behind, as they got slashed too. Nor is Spain.
Make no mistake: That S&P has cut Greece’s debt rating to junk, means it’s over for them. This is because ratings downgrades are almost always a months late and billions of dollars short. By the time they start downgrading debt, it’s an exercise in CYA where they exclaim, “We didn’t see this happening!”
Perhaps this is good news for the U.S. Dollar for now, as the Euro is teetering on the verge of collapse. We are still the best house in a very bad neighborhood.
Color me skeptical, but then again this would be impressive if independent investigators determine that this wasn’t a hoax.
Finding a massive boat at 13,000 feet up in the mountains, with carbon dating going back about 4800 years (a find that would be a boon for the young-earth Creationist types), would be eyebrow-raising indeed.
Then again, we have had scandals and hoaxes before. I’ve always recommended the Christian novel A Skeleton in God’s Closet, for insight into matters such as these.
Still, it’s an interesting story.
Imagine trying to live on credit cards with little or no income, after you have lost your job.
How would you “recover”?
(1) You must keep credit card spending to the bare minimum.
(2) You must be willing and able to secure the employment necessary to cover the interest and make progress on the principle, ASAP.
(3) You must pay down the debt as quickly as you can, so as to create sufficient room to allow for “life”. Ideally, that means paying off all such debts.
What happens if you do not do those three things?
If you keep using your credit cards without bringing the income–or insufficient income–your deficits will add to your debt, at compound interest. If you do not reverse course, you will run out of room to borrow, because (a) your creditors will freeze your available credit, and (b) you will be unable to make your interest payments.
When that happens, you are bankrupt.
Bottom line: you cannot prop up your income with borrowing indefinitely. Eventually, the credit runs out.
That this is what our government is doing. Denninger makes the case right here. Prepare for a drastic increase in your pucker factor.
or is the following sentence from this article really as ironic as I think it is?
The measure – set to take effect in late July or early August – would make it a crime under state law to be in the U.S. illegally.
My girls have been to the park and swimming and playing … now are watching LUCIFER THE CAT on Disney DVD … aka Cinderella.
I can’t think of a cat w/out thinkin of Amir. Just sayin …
If the Obama Administration had any semblance of honesty, they not spread the lie about GM paying back their bailout money.
“I think the one thing that a lot of people overlook with this is where they got the money to pay back the loan. And it isn’t from earnings. … It’s actually from another pool of TARP money that they’ve already received,” he said Wednesday. “I don’t think we should exaggerate it too much. Remember that the source of this money is just other TARP money.
If you owe $5,000 on a Visa Card that has a $6,000 credit limit, and you transfer that balance to a Master Card that has a $10,000 credit limit, you are in no less debt than you were before, and in fact probably owe even more money due to transaction costs!
This was nothing more than a PR stunt, and is classic in its utter dishonesty.
As the financial markets were poised for a disaster, senior SEC employees were very busy with more pressing matters.