is United States Doomed?

Retief · Jun 9, 2010

Quote from SomeYoungGuy:

I always thought we were saving that in case OPEC were to shut off the oil spigot completely, we can sink a big straw down there, suck it out, and use it to fuel our military invasion.

I don't wtf the US is waiting for. Most of the western world is teetering on the edge of bankruptcy. I say drill, lubricate the wheels of commerce, and let OPEC go bankrupt.

gastropod · Jun 9, 2010

How on earth could you possibly ask if the US is screwed?????? Of course we are not screwed!!!! Why the average household (with income of approximately $50,000/year) will soon easily pay off the $1,277,000.00 that it owes in liabilities to the government! Heck, the US household (approximately 4 humans) could just chose to easily pay off the present liabilities of $13,000,000,000,000.00 with that $50,000.00 per year! Why that is only a mere $156,000.00 per household. I don't know of a single household that wouldn't jump at the opportunity to spend the next 3 years and 1 month working solely to pay off present US government liabilities!

-gastropod

misterno · Jun 9, 2010

Quote from traderzhangSan:

Employment report came out terrible.M3 is collapsing. There seems to be no growth in the private sectors for the next several years.

I think this is mainly due to HUGE policy failure of Obama administration. The government took easy way out and thought they can spend out of recession to jump start economy. It didn't happen. The credit driven economy cannot sustain no matter how much debt federal government is willing to take. This is explained by plunge in M3 number.

The right solution, as it is apparent to me now, is to let business and banks fail so the system can purge all bad debts. New credit can be extended again and economy can grow again. Sure it is painful. But there is old china saying " Short term pain is better than long term pain"

M3 is not published so where did you get it from?

nutmeg · Jun 9, 2010

Quote from misterno:

M3 is not published so where did you get it from?

I was wondering that myself when the thread was started and wanted to see how this played out, no one questioned the OP on that.

endsongs · Jun 9, 2010

Quote from traderzhangSan:

Employment report came out terrible.M3 is collapsing. There seems to be no growth in the private sectors for the next several years.

I think this is mainly due to HUGE policy failure of Obama administration. The government took easy way out and thought they can spend out of recession to jump start economy. It didn't happen. The credit driven economy cannot sustain no matter how much debt federal government is willing to take. This is explained by plunge in M3 number.

The right solution, as it is apparent to me now, is to let business and banks fail so the system can purge all bad debts. New credit can be extended again and economy can grow again. Sure it is painful. But there is old china saying " Short term pain is better than long term pain"

I disagree totally with paragraph 2. Obama is not to blame for any of this. There is a tendency in American politics to always shift the blame to whomever is in office at the current time. This lack of accountability is the main problem with our country.

I'll give 3 examples to make my point. 1) Gold was ~ $40 per ounce when Nixon took us off the gold standard in ther early 70's. With gold's being ~ 1240 an ounce now, it's clear the dollar has lost ~ 96% of it's value. Is Obama to blame for that? 2) There was ~1T in total debt during the start of the first fiscal year Reagan was responsible for. There was~2.9T in total debt at the end of the last fiscal year Reagan was responsible for. Was Obama responsible for the tripling of the debt in 8 years, which signaled the start of the massive debt expansion? 3) The last two budgets signed into law under Bush II's reign added almost 3 T to the debt ( granted Obama may have been responsible for some of the added spending in the 2009 budget.)

So, why is Obama to blame for a situation that has been building for almost 40 years?

spinn · Jun 9, 2010

Quote from endsongs:

I disagree totally with paragraph 2. Obama is not to blame for any of this. There is a tendency in American politics to always shift the blame to whomever is in office at the current time. This lack of accountability is the main problem with our country.

I'll give 3 examples to make my point. 1) Gold was ~ $40 per ounce when Nixon took us off the gold standard in ther early 70's. With gold's being ~ 1240 an ounce now, it's clear the dollar has lost ~ 96% of it's value. Is Obama to blame for that? 2) There was ~1T in total debt during the start of the first fiscal year Reagan was responsible for. There was~2.9T in total debt at the end of the last fiscal year Reagan was responsible for. Was Obama responsible for the tripling of the debt in 8 years, which signaled the start of the massive debt expansion? 3) The last two budgets signed into law under Bush II's reign added almost 3 T to the debt ( granted Obama may have been responsible for some of the added spending in the 2009 budget.)

So, why is Obama to blame for a situation that has been building for almost 40 years?

You are an idiot. It is the trend he is starting. The debt will be 19 trillion in ten years, you can vote for him again.

IanMacQuaide · Jun 10, 2010

Quote from endsongs:

I disagree totally with paragraph 2. Obama is not to blame for any of this. There is a tendency in American politics to always shift the blame to whomever is in office at the current time. This lack of accountability is the main problem with our country.

I'll give 3 examples to make my point. 1) Gold was ~ $40 per ounce when Nixon took us off the gold standard in ther early 70's. With gold's being ~ 1240 an ounce now, it's clear the dollar has lost ~ 96% of it's value. Is Obama to blame for that? 2) There was ~1T in total debt during the start of the first fiscal year Reagan was responsible for. There was~2.9T in total debt at the end of the last fiscal year Reagan was responsible for. Was Obama responsible for the tripling of the debt in 8 years, which signaled the start of the massive debt expansion? 3) The last two budgets signed into law under Bush II's reign added almost 3 T to the debt ( granted Obama may have been responsible for some of the added spending in the 2009 budget.)

So, why is Obama to blame for a situation that has been building for almost 40 years?

Cuz he keeps pouring gas on the fire.

Retief · Jun 10, 2010

Quote from endsongs:

I disagree totally with paragraph 2. Obama is not to blame for any of this. There is a tendency in American politics to always shift the blame to whomever is in office at the current time. This lack of accountability is the main problem with our country.

I'll give 3 examples to make my point. 1) Gold was ~ $40 per ounce when Nixon took us off the gold standard in ther early 70's. With gold's being ~ 1240 an ounce now, it's clear the dollar has lost ~ 96% of it's value. Is Obama to blame for that? 2) There was ~1T in total debt during the start of the first fiscal year Reagan was responsible for. There was~2.9T in total debt at the end of the last fiscal year Reagan was responsible for. Was Obama responsible for the tripling of the debt in 8 years, which signaled the start of the massive debt expansion? 3) The last two budgets signed into law under Bush II's reign added almost 3 T to the debt ( granted Obama may have been responsible for some of the added spending in the 2009 budget.)

So, why is Obama to blame for a situation that has been building for almost 40 years?

The honeymoon is over. Obama's in charge now and has been for a awhile. He has solid majorities in both houses. He's got his gal Sotamyer on SCOTUS (the wise Latina). Like Harry Truman said, the buck stops with the POTUS. If Obama can't fix anything, get him the hell out and get someone in there that can. Someone that's want to drill, mine, slash government spending, kick illegal immigrants the hell out, stop the H1B visa fraud, and get Americans working again.

Paid for by the Committee that ANYBODY is better than phucking Obama.

endsongs · Jun 10, 2010

Quote from spinn:

You are an idiot. It is the trend he is starting. The debt will be 19 trillion in ten years, you can vote for him again.

You are an idiot ( just repeating your opening sentence). Do you dispute any of my facts? Do you have any of your own? The trend started 40 years ago. Many major economists agree with my facts. If you want to ignore the 12T debt in place before a budget passed on Obama's watch, be my guest.

Retief · Jun 10, 2010

Quote from endsongs:

You are the idiot. Do you dispute any of my facts? Do you have any of your own? The trend started 40 years ago.

It doesn't PHUCKING matter when the trend started or who started it. The only thing that's relevant now is whether the people in charge are doing things to end the trend or at least not make it any worse.

Obama fails at that. He's making it worse, so he's got to go.