Quote:
Originally Posted by onwebcam
It's not the debt that is killing us. It's the 6% fixed interest on the debt that is. While those same bankers go the the window and get trillions at 0%.
I'm very much libertarian. I just know that we can't cut out social services without completely killing the economy. If you think it's just going to be a few old folks not getting a check you're sadly mistaken. Another huge wave of foreclosures will come taking the RE prices even further down. I can tell you 2 additional houses will be going back to the bank along with the millions of others soon after because I wont be paying the notes and they are on the fence of walking away as it is themselves. Just not worth paying on those homes when they can take what they have left buy a small 1br condo and forget about it.
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Dude, it's going to be disaster. No matter what they do, it's going to be an economic mire.
Thats why I hope that either that pussy obama doesn't blink and we get trapped under that debt ceiling, OR the republicans and the democrats throw the old folks and boomers under the under the bus.
Both would be cool - first we lose our credit rating, THEN we chop the seniors.
If you wnat something like repudiating the fed, maybe restoring the greenback, you need a state of political desperation, a revolution; so you should also be enjoying the devils choice facing the country.
It's going to be a hell of a ride.