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[url=http://www.lewrockwell.com/bonner/bonner188.html]Since I joined the Fed, outstanding home-mortgage debt has jumped from $1.8 trillion to $8.2 trillion. Total consumer debt went from $2.7 trillion to $11 trillion. Household debt has quadrupled.

And government debt, too, exploded. The feds owed less than $2 trillion in the second Reagan administration, a figure that had been almost constant for the previous 40 years. But under my direction, the red ink has overflowed like the Nile in flood – to over $7 trillion.

During the two terms of George W. Bush alone, the feds have borrowed more money from foreign governments and banks than all other American administrations put together, from 1776 to 2000. And more debt will be added in the eight Bush years than in the previous two hundred. The trade deficit, too, more than tripled since I’ve been at the Fed, from 150.7 to 756.8 billion, and will reach $830 billion in 2006. When I came to power, the United States was still a creditor. Now, it is a debtor, with more than $11 trillion worth of U.S. assets in foreign hands, a more than 500% increase since 1987. [/url]

   

So ?

   

thats fucking frightening , what does one say let alone do about it welcome to North America Canada/US homes of the melting pot .

When are people going to stop signing on the bottom line ???

The US should get rid of some Generals and stop spending so much on bombs and warfare shit they have citizens who need medical care and Canada should spend some money on developing resources for everyone including the US because Canada just sits there like a lump on a log and waits for the next country to come along to develop the resources for themselves .

Whats it worth ????

.....avg. house $25000 to $40000
.....land per acre $10.00
.....gas .25 cents per gallon
.....etc etc

..........just joking and or venting don't take this seriously

   

A needle pulling thread?
Name a business that has a bottomless line like that and I will show you a bankruptcy long overdue, with interest.

   

of course its a needle pulling thread ..... it just makes people think about their own mortgage

   

I am curious when the whole thing will unravel. I suspect that shoe will drop when Iran comes to a head. Irans Missile Capabilities How close is Iran to the bomb? Israeli Hints at Preparation to Stop Iran

and that looks to be soon...

   

Well, Scape, we're all familiar with your raging fear of the unfamiliar.

An air strike taking out Iran's nuclear capabilities need not lead to anything. The Isreali's did the same to the French-built Osirak reactor in Iraq, 18 miles south of Baghdad. There were NO real political or military repercussions at all.

Piece of (yellow) cake.

   

For your economic fear mongering, it's worth noting that the US economy has gone from a 7 to an 11 trillion dollar economy.

The various consumer debt figures are misleading as financing has changed significantly since 1987 as well.

Comparing then and now is largely apples and oranges.

   

I doubt that Greenspan has any control on the government debts. The Congress and the President do the spending, not Greenspan.

   

I am curious, who nominated your master debator medal?

You accuse me of comparing apples and oranges and then you compare the strike on the Osirak to a modern day strike on a nuclear Iran. Well done!

   

I have no doubt that the office of the President and the Congress have the power to make the decisions but ultimately the choices provided to them will be inked from Greenspan's office. Otherwise why else would he be the Federal Reserve Board chair?

   

I think I offered that as an option to rid the bombs and they came back with defend against terrorism I could be wrong but I think someone took the bait .....all related I guess but geez is this the best any body could do whether mortgage or bomb ...... how about a Kleenex ?

   

I find it amusing that he used the Osirak strike as a point of reference. If such a strike was to happen, all the oil production Iran puts out we can kiss goodbye for years perhaps decades. That will make the spike in prices cause by Katrina look like a hiccup. Have you seen the pipelines in the Carcasses?

   

The current US debt is not especially significant, despite Leftist critics' bombast on the topic.

If you compare it to the Gross Domestic Product of the United States, the debt is fairly consistent with average debt load for the past few decades, and hasn't even reached the highs of the early 1990's.



US Office of Management & Budget

   

I got it for posts like the above, which supplant raging nonsense with facts.

   

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