Trillionaire. Just the sound of it! It’s beautiful, Ben. But without your help, we’ll never get there. So, at your meeting next week, think about us. Because the way you make trillionaires is by printing money.
Incredible that a Democrat would propose that our Social Security system should be gutted starting immediately to get an up-tick in GDP just before the election. But President Obama’s proposal to cut payroll taxes in half will do just that.
Remember him? Went after Social Security too.
Out of one side of its mouth, our political system talks about reforming Social Security to preserve it for a few more years, and out of the other side of its mouth, it proposes to expedite its demise. Where’s the duct tape?
Consumer confidence fell off a cliff and hit levels not seen since April 2009, and yet, consumers spent with abandon and made up the difference by piling on debt, at least for now. What gives?
We want you to prop up the stock market. Everybody knows it’s a Ponzi scheme that will collapse without your support. You don’t want us to end up like Bernie Madoff’s clients. No, Ben, we love Ponzi schemes. We get in early and get out before they collapse. That’s why we’re rich. The bad thing is that they sometimes collapse before we can get out. But you’ve bailed us out twice in the last couple of years….
$373.6 billion got vacuumed out of the USA in just six months. And was replaced by debt.
… if you can print money and are in control of the credit markets. Look at Japan. That doesn’t mean the underlying problems don’t matter.
Fannie Mae—you already forgot all about it, didn’t you?—well, it just reared its ugly head again with its Q2 earnings report. Here is the most important number:
$5.1 billion in new bailout money from the U.S. Treasury—the eleventh quarter in a row it has received bailout money. That brings the total bailout money it received so far to $104.8 billion, with no end in sight.
As reported in Le Figaro, the French business daily, and in other foreign media, but curiously not in the major US media, the US Gross National Debt jumped by $238 billion to $14.580 trillion the day after the debt-ceiling deal was signed.
In case you didn’t stay up all night watching the spectacle, and tearing out your hair: Your very own… … your favorite one, the one you worked so hard to earn and even harder to save, yes, the ever shrinking one, well, it dropped to a new all-time low against the Japanese yen in Tokyo. And…