March 22, 2009

"The Country Will Go Bankrupt" Obama in the cockpit will crash the plane

“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation. It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”

HT: Surber

Posted by Vanderleun at March 22, 2009 12:31 PM
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"It is impossible to speak in such a way that you cannot be misunderstood." -- Karl Popper N.B.: Comments are moderated and may not appear immediately. Comments that exceed the obscenity or stupidity limits will be either edited or expunged.

My grasp of economics is old-fashioned to the point of primitive, but it seems to me we already ARE bankrupt. At this point no one will say so aloud, but bankruptcy is when you don't have enough assets to balance liabilities. That's why it's called a "balance sheet." So far Asian and Mid-East investors haven't called in their chits, but if they did we would be in very deep doo-doo. If Americans don't stop using credit without saving some of their income to offset individual, personal indebtedness the matter will only get worse. I'm not hearing anyone urging a saving habit. All I hear are calls for more extended credit.

I heard last week that in China, which was on a cash economy until recent years, ninety percent of autos are purchased with cash. And loans which we would call "mortgages" expect already to have fifty percent of the purchase price as a down payment. If that is true, America is only being shielded from bankruptcy by Chinese cultural habits of thrift.

Posted by: John Ballard at March 22, 2009 3:22 PM

Whether they bankrupt us or or not, the government came for my rochefort cheese, who knows what they'll take away next. . .

Posted by: Bob W (the new Kowalsky) at March 22, 2009 6:56 PM

We have just watched the biggest bust-out in the history of the world and nobody has been arrested apart from the red herring scapegoat Bernie Madoff ... and we used to think Cosa Nostra was serious organised crime. At least they only stole about ten percent of the nation's wealth and only killed each other in the business of crime. The governments of the West have just pissed not only the wealth but also the civilisation down the drain and by and large there is no civil disturbance. We are in the process of being demographically annilihated and there is no civil disturbance. Covert modified Marxism is now taking control in the White House and No 10 Downing Street and there is no civil disturbance. The Iranian Mullahs are about to go nuclear and there is no civil disturbance. Where did all the good men go?

Posted by: Frank P at March 25, 2009 5:47 AM