I love Peter Schiff. He hits it out of the park in this video. Obama, and his left-wing fluffers, scream that they hate the rich and “fat-cat” bankers but seem to have no issue when Obama appoints them into his cabinet and gives them positions where they can screw the taxpayers even more. As Schiff says “it’s all an act.” Politicians only care about themselves and are screwing us to make themselves rich. Got to love liberal hypocrisy.
Posts Tagged ‘insolvency’
For the liberals who troll my blog, unsustainable means Obama’s historic spending spree is pushing us towards insolvency.
Yes, those evil Republicans are responsible for Obama’s record spending and for voting against his record spending budgets passed by Democrats. Whodathunkit? A taxcheat that is dishonest and who said the U.S. is insolvent.
Treasury Secretary Timothy Geithner on Thursday told Republican lawmakers that they would shoulder the blame if the country got too close to defaulting on its debt and roiled markets worldwide by not approving a debt limit increase.
Did Republicans force Obama to sign those spending bills or was it those Democrats who controlled both the House and Senate. You know, the same Democrats who put forth those spending bills and voted on them. The same bills Obama never…ever used his veto pen to reject.
In yet another warning about the perils of not allowing the U.S. to borrow more to fund spending already approved by Congress, Geithner said it would be deeply irresponsible for lawmakers to use debt limit negotiations for political gains.
But…but…but this is what Obama did when he voted against raising the debt ceiling under President Bush.
Congress must agree to raise the $14.3 trillion debt ceiling or the legal amount that the country can borrow. But Republicans have said they are unwilling to do so without reforms on government spending and have threatened to take negotiations to the deadline.
“(Lawmakers) will say there’s leverage in it, we can advance it. But that would be deeply irresponsible and they will own the risk,” Geithner said.
But…but…but in 2006, Obama said it was irresponsible and a lack of leadership to raise the debt ceiling.
“It won’t happen in the end, but if they take it too close to the edge, they will own responsibility for that miscalculation,” he said.
Yes, the Republicans, who haven’t passed a budget since 2007, is some how responsible for Obama and the Democrats spending us up to the edge of the debt ceiling. Again, when will these loons take responsibility for their historic spending spree?
And Obama starts a war that will cost untold billions. It’s OK taxpayers. Maybe the Fed will print more money with a 3rd round of quantitative easing.
The United States is on a fiscal path towards insolvency and policymakers are at a “tipping point,” a Federal Reserve official said on Tuesday.
“If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,” Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. “The short-term negotiations are very important, I look at this as a tipping point.”
But he added he was confident in the Americans’ ability to take the right decisions and said the country would avoid insolvency.
Americans aren’t the problem, its the overspending politicians in Washington who have a spending problem.
“I think we are at the beginning of the process and it’s going to be very painful,” he added.
Fisher earlier said the US economic recovery is gathering momentum, adding that he personally was extremely vigilant on inflation pressures.
Just ignore the revised GDPs that continue to prove the opposite. Food and energy prices have already been affected by inflation. Look around, the numbers don’t lie.
“We are all mindful of this phenomenon. Speaking personally, I am concerned and I am going to be extremely vigilant on that front,” Fisher said in an interview with CNBC.
The answer is YES.
Concerns that the Federal Reserve could suffer losses on its massive bond holdings may have driven the central bank to adopt a little-noticed accounting change with huge implications: it makes insolvency much less likely.
Looks like the Federal Reserve is “too big to fail.”
The significant shift was tucked quietly into the Fed’s weekly report on its balance sheet and phrased in such technical terms that it was not even reported by financial media when originally announced on Jan. 6.
But the new rules have slowly begun to catch the attention of market analysts. Many are at once surprised that the Fed can set its own guidelines, and also relieved that the remote but dangerous possibility that the world’s most powerful central bank might need to ask the U.S. Treasury or its member banks for money is now more likely to be averted.
“Could the Fed go broke? The answer to this question was ‘Yes,’ but is now ‘No,’” said Raymond Stone, managing director at Stone & McCarthy in Princeton, New Jersey. “An accounting methodology change at the central bank will allow the Fed to incur losses, even substantial losses, without eroding its capital.”
The change essentially allows the Fed to denote losses by the various regional reserve banks that make up the Fed system as a liability to the Treasury rather than a hit to its capital. It would then simply direct future profits from Fed operations toward that liability.
If this was a private corporation, the accountants would be in prison. The Fed has no one to answer to and can print money as it wishes. Now its cooking the books to hide losses.