Congress looks to increase debt to 12 Trillion

[The Doctor]

''America has a debt problem and a failure of leadership"
Guess who said that? I'll give ya three guesses, and the first two don't count.

Let's give a warm welcome to Hawaii's own...non-lobbyist appointing President, Barack Obama.

[jmac00]

I'm turning into one of the many that is about to just throw my hands in the air and wait for the next election and Pray-to-God NObama doesn't make things worse

Nothing that numbskull does surprises me anymore. and that complete moron Pelosi isn't helping

[Gib's Son]

Without checking your link I would say its China......again. I was reading some articles earlier where China is warning us again about the spending and printing money that can't be backed up. Additionally, the U.N. is pressing big time for a new World Currency and dumping the American $ as the standard. All it takes is for everyone else to get sick and tired of the stupid Washington policies/ behavior and reject our currency and we can start wiping our tushes with 100 dollar bills.

EDIT: Ok, checking the link, yeah big surprise. The above still stands though.

[printer2]

Dig a little deeper.

The business community has supported Geithner's push for a higher debt ceiling. Bruce Josten, the top lobbyist for the U.S. Chamber of Commerce, said it's essential to the U.S. economy.

So the business community says it is needed. So who is Bruce Josten?

http://www.uschamber.com/about/management/josten.htm

I wonder where a lot of that money will go?

In response to legislative attacks on sourcing and foreign investment in the United States, Josten formed coalitions combining U.S. and foreign companies operating in the United States to educate policymakers and the public on ramifications of restricting sourcing in a worldwide economy, as well as the economic benefits to the United States from foreign investment.

I am sure he is just looking out for the interests of the common people.

[DeltaT]

Something to think about..as taught to me by some very smart person in the past...just can't remember who.

The US dollars value is based on one thing and one thing only. And that is trust. There has not been a gold or silver backing for many, many years.

The value of the US dollar is based on trust in that there is a solid hard working country behind this piece of paper.

What's the best way to sell out a country? Have the trust in their money currency gone and that country is up for sale. Scary thought, huh?

And folks are still talking about when we will return to normal as the ground beneat us is being dug out as we stand there looking at the sky as usual.

[printer2]

Something to think about..as taught to me by some very smart person in the past...just can't remember who.

The US dollars value is based on one thing and one thing only. And that is trust. There has not been a gold or silver backing for many, many years.

The value of the US dollar is based on trust in that there is a solid hard working country behind this piece of paper.

What's the best way to sell out a country? Have the trust in their money currency gone and that country is up for sale. Scary thought, huh?

And folks are still talking about when we will return to normal as the ground beneat us is being dug out as we stand there looking at the sky as usual.

Although suffering ill health, J.P. Morgan testified before the Pujo Committee and faced several days of questioning from Samuel Untermyer. Untermyer and Morgan's famous exchange on the fundamentally psychological nature of banking—that it is an industry built on trust—is often quoted in business articles:[76][77]

Untermyer: Is not commercial credit based primarily upon money or property?
Morgan: No, sir. The first thing is character.
Untermyer: Before money or property?
Morgan: Before money or anything else. Money cannot buy it ... a man I do not trust could not get money from me on all the bonds in Christendom.[76]

http://en.wikipedia.org/wiki/Panic_of_1907

Quite a good read considering what we are going through right now.

[The Doctor]

http://en.wikipedia.org/wiki/Panic_of_1907

Quite a good read considering what we are going through right now.

So is The Creature from Jekyll Island.
I'm just starting The Fountainhead, in spite of the apprehension I have that Mrs. Rand is going to do another 70 page sermon like she did in Atlas.

How about the book by William Greider on the Fed? Anyone seen it?

Meanwhile, you got Barry O finding out that he no longer has the luxury of moral consistency. Que sera sera

[acmanko]

America has had a debt problem since Ronald reagan spent and busted the USSR. It can be easily fixed by passing laws to get the debt off the books.

[printer2]

America has had a debt problem since Ronald reagan spent and busted the USSR. It can be easily fixed by passing laws to get the debt off the books.

Who needs books? Go virtual young man.