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alstry (35.54)

A $2 Trillion Dollar Christmas Present

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December 25, 2009 – Comments (7)

Our Congress and Central Bank has handed us a $2 Trillion dollar annual deficit...and growing.

$60,000 for every man, woman and child for the top 10% of income earners....year after year. Unfortunately the top 10% don't earn that much....NEVER before has America, or any other nation, ever come close to printing this much money out of thin air as no entity in the world as the capacity to loan this quantity.

We are basically counterfeiting our prosperity vs. our dealing with it in The Great Depression.

Imagine 40,000,000 Americans not receiving food stamps

16,000,000 Americans not receiving unemployment benefits

21,000,000 Americans not receiving a government paycheck

and 2/3 of the health care dollars not being spent via medicaid, medicare, and government health insurance...a lot of angry doctors, nurses, hospital administators, and insurance company execs

And we are still not at $2 trillion....not even close.

Instead of dealing with the single most important issue facing America, this Christmas Congress would rather debate about spending even more money on health care with dollars that don't exist.....interesting as we are building and fortifying our troops around the world.

The ultimate question over the Holidays is why should 20,000,000 Americans be unemployed and possibly get kicked out of their homes because their employer can't access credit to pay salaries but 20,000,000 government and Wall Street banking employees still enjoy weekly paychecks who also work for insolvent employers but their employers have unlimited access to credit, regardless of merit or benefit to the economy?

How do you think Greeks or Irish are going to react being forced to make massive cuts for deficits both relatively and absolutely lower than ours???

How will we react when we actually have to confront the issue because no one will be willing to extend credit or accept our currency as it simply no longer has any credibility?

Time for pancakes....1.01.10

7 Comments – Post Your Own

#1) On December 25, 2009 at 11:15 PM, dickseacup (68.20) wrote:

What do you think of the Administration agreeing to lift the cap on FNMA and FRE and back unlimited losses in both for the next three years?

How about that alleged terrorist attack headed into Detroit?

Millions waited until Christmas Eve to do their shopping?

Could it all just be a Kansas City Shuffle?

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#2) On December 26, 2009 at 12:36 AM, alstry (35.54) wrote:

dick,

We have broken down the morality of money...those that work on Wall Street or the Federal Government still receive paychecks and bonuses even though their employer is insolvent due to unlimited access to credit.....those that work in the private sector lose their jobs, homes and potentially go hungry when their employer is insolvent.

It is clear that many more people in the private sector will be losing jobs in upcoming weeks and months.....the unfairness of the above will generate anger and outrage as more and more become aware of the unequal treatment.

It is becoming clearer and clearer that no one is safe anymore...we had a terrorist sounding name penetrate and attack on our military base, we had a terrorist sounding name infiltrate The White House, ostensibly the most secure residence in the world, we had a acknowledged terrorist try to blow up a passenger plane despite enhanced security, we had a known unstable woman attack and contact the Pope bringing him to the ground.....

As distress rises here and abroad, it will be statistically much more likely that an unpleasant and not so unexpected event will arise likely curtailing our freedoms going forward....at this point based on current experts assessments, it is not a question of if, simply when....and based on recent frequency, sooner than many may think.

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#3) On December 26, 2009 at 1:20 AM, kirkydu (95.28) wrote:

Agreed, jobs, jobs, jobs.  If we don't address this is H1 2010 I see a lot of violence. 

Re current form of capitalism: http://www.youtube.com/watch?v=VL8ZyLLP8GA

btw, I'm not so bent about the healthcare plan as it probably reduces what costs would have been without it a bit and covers most.

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#4) On December 26, 2009 at 11:57 AM, alstry (35.54) wrote:

The new plan doesn't reduce costs, it increases costs on a gross basis, however it is being presented as reducing costs compared to a different direction.

When revenue is evaporating, ANY plan that costs more is simply not sustainable......and right now, except for welfare and war, practically every segment of the economy is sustaining significant revenue declines.

U. S. property and casualty insurance sales plunged 5 percent in the third quarter, the biggest drop since at least 1986, on lower prices and reduced demand.

Policy sales in the three months ended Sept. 30 fell to $108.4 billion from $114.1 billion in the year-earlier period, Verisk Analytics Inc. said this week in an e-mailed statement. The previous record was the 4.8 percent slump in the second quarter.

Layoffs at manufacturing and construction companies weighed on demand for workers’ compensation coverage, and individuals who feared losing their jobs spent less insuring their homes and cars. The U. S. lost more than 7 million jobs in the past two years as banks limited lending for businesses and home-buyers.

“Written premiums have now declined versus year-ago levels for 10 successive quarters,” said David Sampson, president of the Property Casualty Insurers Association of America, in the statement.

10 CONSECUTIVE QUARTERS!!!!!!.....WHILE RUNNING A MASSIVE DEFICIT.

Where the rioting will break out  is when the millions of unemployed look to those being employed by an insolvent government  and insolvent Wall Street....and ask why do you get a paycheck and my family doesn't?

My guess is we are getting closer and closer to that point as frustration is rising higher and higher.  We are now shooting Salvation Army Sgts. in front of their children and Santa is robbing banks.

Just wait until the population makes the connection between banks and government printing money and getting paid versus the people not getting wages, getting kicked out of their homes and going hungry.

 

 

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#5) On December 26, 2009 at 12:14 PM, JerseyShoreGirl (< 20) wrote:

Happy Holidays, All!  

Didn't see this mentioned so I thought I'd bring this to your attention. 

http://www.joc.com/node/415450

Arrow Trucking Shutdown Strands Drivers

JOC Staff | Dec 24, 2009 6:49PM GMT The Journal of Commerce

Company reportedly negotiating with lenders, Schneider National offers rides to drivers

Flatbed carrier Arrow Trucking suspended operations this week, stranding hundreds of drivers around the country on Christmas Eve as the company reportedly tries to get new financing to resume business.

Company drivers learned of the shutdown when the Tulsa, Okla.-based company canceled its fuel credit cards on Tuesday, according to published reports. The company sent workers at its headquarters home Wednesday and by Thursday its phones were not operating and Web site was shut down.

Truckload carrier Schneider National issued a statement Thursday saying its trucks and drivers would offer rides home, “or as close to home as possible,” to an estimated 1,400 drivers who may have been stranded by Arrow’s abrupt action.

Arrow CEO Doug Pielsticker, meanwhile, issued a statement to the Tulsa World newspaper saying the 61-year-old company is trying to resume business.

“The company has been in negotiations with its principal lender. Those negotiations are continuing, but the lender has elected to proceed with securing its collateral. The company is communicating with several interested parties and continues to see a prompt resolution,” Pielsticker said.

One lender, Daimler Financial Services, which has financed Arrow’s Freightliner truck purchases, told drivers to return trucks to Freightliner facilities to get a bus ticket home.

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#6) On December 26, 2009 at 12:38 PM, kirkydu (95.28) wrote:

While I appreciate your rants Al, you are just wrong about the healthcare bill.  Versus doing nothing, all estimates are that over a decade the nation saves about a $100b to $150b.  Those estimates don't even include the cost savings on getting people out of the ERs which will be a boon.  The cuts the hc bill envisions, which I don't believe will happen either, probably are about equal to those ER cost savings.  So an approximate savings of $100b to $150b is about right when you consider that fully half of healthcare costs transferred to the insured come from the approximately $315b of welfare transfer.

We really ought to cut our military commitments and let some banks go under.

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#7) On December 26, 2009 at 1:00 PM, eddietheinvestor (< 20) wrote:

I agree with kirkydu that we need to cut our military commitments, but I am confident that the health care bill will cost the country a lot of extra billions and not save us anything.  I also don't agree that "all estimates" say that our country will benefit financially from this health care bill.  If this statement were true, Harry Reid would have gotten 100 votes, not 60.  When one considers the hundreds of millions that will go to Mary Landrieu's state and the untold BILLIONS that will go to Nebraska, there is absolutley no way this health care bill will save money.  Instead, it clearly will lead to a ballooning deficit that our country will never be able to repay and jeopardize our credit rating.

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