Originally Posted By fkurucz So what happens once Uncle Sam can no longer find anyone to lend him money? Does he just start printing it a la Banana Republic (bypassing the Federal Reserve)?
Originally Posted By Dabob2 With apologies to the late, great Sen. Dirksen... "A trillion here, a trillion there, and pretty soon you're talking about real money."
Originally Posted By mawnck >>So what happens once Uncle Sam can no longer find anyone to lend him money? Does he just start printing it a la Banana Republic (bypassing the Federal Reserve)?<< Patience, grasshopper. Your questions will be answered in due course.
Originally Posted By fkurucz ^^Of that I have little doubt. <<Patience, grasshopper. Your questions will be answered in due course.>> Having ongoing 1 trillion $ budget deficits probably means that we will find out sooner than later. I suppose that once that happens we will simply repudiate the debt altogether. Before that happens we will have to start making consumer goods here once again, because we sure won't be able to import them anymore.
Originally Posted By vbdad55 ^^^^^^^^^^^^ will be interesting to see how since we have closed and torn down a ton of those facilities. I have been harping on this for a while here but had people tell me we still make a lot here - which I wish was really true - but isn't.
Originally Posted By Mr X I say we tax the rich a lot more...like 85% or so for starters. Tax cuts for the rest of us!
Originally Posted By Mr X Anyone making over $250,000 a year, of course. Didn't you listen to a word President Elect Obama has been saying?
Originally Posted By SuperDry I am listening to him, but he didn't propose an 85% tax rate - you did. So I wanted to know what you considered "rich" within that context.
Originally Posted By vbdad55 <Anyone making over $250,000 a year, of course. Didn't you listen to a word President Elect Obama has been saying? < I heard him say that -- then I heard him say $200,000 - then I heard Senator Biden say $150,000 -- then no one said anything I figured we were down to $75K by now...
Originally Posted By Mr X ***I am listening to him, but he didn't propose an 85% tax rate - you did. So I wanted to know what you considered "rich" within that context.*** I wouldn't be opposed to it being graduated, starting FROM $250,000. But it would have to be something significant.
Originally Posted By Mr X Alex lol. ***I figured we were down to $75K by now...*** Considering the mess we're in now, I wouldn't be surprised nor upset if we do get some hefty tax hikes for all.
Originally Posted By Dabob2 <<I figured we were down to $75K by now...>> <Considering the mess we're in now, I wouldn't be surprised nor upset if we do get some hefty tax hikes for all.> Actually the conventional wisdom now is that even those over 200k won't get an increase right away; Obama will probably let the Bush tax cuts expire in 2011, but won't push to repeal them right now. So probably NO ONE gets a tax increase now.
Originally Posted By vbdad55 <Alex lol. ***I figured we were down to $75K by now...*** Considering the mess we're in now, I wouldn't be surprised nor upset if we do get some hefty tax hikes for all. < if you want to push even more people into bankruptcy and completely shut down the housing market and all biz assoc with it - then go ahead. It's why he will not...
Originally Posted By mawnck >>if you want to push even more people into bankruptcy and completely shut down the housing market and all biz assoc with it - then go ahead. << That's exactly what needs to happen.
Originally Posted By gottaluvdavillains <<>>if you want to push even more people into bankruptcy and completely shut down the housing market and all biz assoc with it - then go ahead. << That's exactly what needs to happen.>>> What? Why do you think that probably 70% of people in CA filing bankruptcy and losing their house will solve anything?
Originally Posted By mawnck >>Why do you think that probably 70% of people in CA filing bankruptcy and losing their house will solve anything?<< It won't solve anything, but it has to happen. You can't live in a house that you can't afford. You can't build houses nobody can afford. You can't base an economy on growth that exceeds the growth in actual productivity. Remedial economics 101. What will solve the problem is proper regulation, and putting the people who financially gained from fraudulent loan practices in prison.
