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7/10/09 22:18![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
lordtwinkie.livejournal.com posting in ![[community profile]](https://www.dreamwidth.org/img/silk/identity/community.png){kind=small}
talkpoliticsso Peter Schiff was pretty spot on with the housing bubble, subprime mortgage crisis, now he's predicting a collapse of the dollar.
much more behind the cut
Then theres the three government reports released recently which suggest we are heading towards more doom and gloom
“Large budget deficits,” write the authors of the CBO report, would …
“Reduce national saving,” leading to …
“More borrowing from abroad” and …
“Less domestic investment,” which in turn would …
“Depress income growth in the United States,” and …
“Seriously harm the economy.”
Worse, on page 14, the CBO warns that:
“Lenders may become concerned about the financial solvency of the government and …
“Demand higher interest rates to compensate for the increasing riskiness of holding government debt.” Plus …
“Both foreign and domestic lenders may not provide enough funds for the government to meet its obligations.”
The CBO declares on page 15 that:
“The systematic widening of budget shortfalls projected under CBO’s long-term scenarios has never been observed in U.S. history” and …
It will also be larger than the debt accumulations of any other industrialized nation in the post-World War II period, including Belgium and Italy, the two worst cases of all.
“The analysis omitted the pressures that a rising ratio of debt to GDP would have on real interest rates and economic growth.”
“The growth of debt would lead to a vicious cycle in which the government had to issue ever-larger amounts of debt in order to pay ever-higher interest charges.”
“More government borrowing would drain the nation’s pool of savings, reducing investment” and …
“Capital would probably flee the United States, further reducing investment.”
So uh should we be worried, are the Keynesian policies being set into action leading us to disaster? If so should I be buying the fuck out of gold? Or are these just some crackpot ideas and overblown worries and we should stay the course?
also Congressional leaders fight against posting bills online
The foundation has begun an effort to get Congress to post bills online, for all to see, 72 hours before lawmakers vote on them.
"It would give the public a chance to really digest and understand what is in the bill," Rosenberg said, "and communicate whether that is a good or a bad thing while there is still time to fix it."
A similar effort is under way in Congress. Reps. Brian Baird, D-Wash., and Greg Walden, R-Ore., are circulating a petition among House lawmakers that would force a vote on the 72-hour rule.
Nearly every Republican has signed on, but the Democratic leadership is unwilling to cede control over when bills are brought to the floor for votes and are discouraging their rank and file from signing the petition. Senate Democrats voted down a similar measure last week for the health care bill.
The reluctance to implement a three-day rule is not unique to the Democrats.
The Republican majority rushed through the controversial Patriot Act in the wake of the Sept. 11, 2001, terrorist attacks as well as a massive Medicare prescription drug bill in 2003 that added hundreds of billions of dollars to the deficit.
why is congress so dead set against the voters reading these damn bills? shouldn't they be enthusiastic about a voting public who actually want to participate and be informed? i thought this was the change Obama promised.
Is this all because the Mayans and Roland Emmerich are right? and we are doomed in a few years anyhow?
much more behind the cut
Then theres the three government reports released recently which suggest we are heading towards more doom and gloom
“Large budget deficits,” write the authors of the CBO report, would …
“Reduce national saving,” leading to …
“More borrowing from abroad” and …
“Less domestic investment,” which in turn would …
“Depress income growth in the United States,” and …
“Seriously harm the economy.”
Worse, on page 14, the CBO warns that:
“Lenders may become concerned about the financial solvency of the government and …
“Demand higher interest rates to compensate for the increasing riskiness of holding government debt.” Plus …
“Both foreign and domestic lenders may not provide enough funds for the government to meet its obligations.”
The CBO declares on page 15 that:
“The systematic widening of budget shortfalls projected under CBO’s long-term scenarios has never been observed in U.S. history” and …
It will also be larger than the debt accumulations of any other industrialized nation in the post-World War II period, including Belgium and Italy, the two worst cases of all.
“The analysis omitted the pressures that a rising ratio of debt to GDP would have on real interest rates and economic growth.”
“The growth of debt would lead to a vicious cycle in which the government had to issue ever-larger amounts of debt in order to pay ever-higher interest charges.”
“More government borrowing would drain the nation’s pool of savings, reducing investment” and …
“Capital would probably flee the United States, further reducing investment.”
So uh should we be worried, are the Keynesian policies being set into action leading us to disaster? If so should I be buying the fuck out of gold? Or are these just some crackpot ideas and overblown worries and we should stay the course?
also Congressional leaders fight against posting bills online
The foundation has begun an effort to get Congress to post bills online, for all to see, 72 hours before lawmakers vote on them.
"It would give the public a chance to really digest and understand what is in the bill," Rosenberg said, "and communicate whether that is a good or a bad thing while there is still time to fix it."
A similar effort is under way in Congress. Reps. Brian Baird, D-Wash., and Greg Walden, R-Ore., are circulating a petition among House lawmakers that would force a vote on the 72-hour rule.
Nearly every Republican has signed on, but the Democratic leadership is unwilling to cede control over when bills are brought to the floor for votes and are discouraging their rank and file from signing the petition. Senate Democrats voted down a similar measure last week for the health care bill.
The reluctance to implement a three-day rule is not unique to the Democrats.
The Republican majority rushed through the controversial Patriot Act in the wake of the Sept. 11, 2001, terrorist attacks as well as a massive Medicare prescription drug bill in 2003 that added hundreds of billions of dollars to the deficit.
why is congress so dead set against the voters reading these damn bills? shouldn't they be enthusiastic about a voting public who actually want to participate and be informed? i thought this was the change Obama promised.
Is this all because the Mayans and Roland Emmerich are right? and we are doomed in a few years anyhow?
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Date: 8/10/09 21:55 (UTC)