Tuesday, May 31, 2011

Hardly News: Raising the Debt Ceiling 2.4 Trillion Dollars Gets Trounced in the House

Raising the debt ceiling 2.4 trillion- puts another hike in the debt ceiling beyond that of the 2012 election. Not one observant citizen is surprised by that. We cannot pay existing principal. In fact- no attempt has been made to pay down principal. That cannot occur until cuts in spending are made and we can free up money to pay principal. Until then, our government (in essence) has a liar's loan. An interest only loan. Like Countrywide used to make.

The latest round of foolishness here. http://minnesota.publicradio.org/collections/special/columns/polinaut/archive/2011/05/debt_ceiling_vo.shtml

That reminds me. I need to get some more silver.

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