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Steve Liesman: "Debt Is The Bridge From Working Hard To Playing Hard In America"

Tyler Durden's picture




 

"There is a debt problem in America..." warns Lynette Khalfani-Coz (askthemoneycoach.com) in this brief CNBC interview, expanding in the huge debt loads from mortgaging cars to student debt that Americans soak up every day in ever greater amounts. And then Steve Liesman rolls in "debt is always pointed out as a negative thing, when in fact debt is the great bridge between working hard and playing hard in this country." Then Liesman really hangs himself, "this country has been built on consumer debt," he proudly states (as if it was some badge of honor) adding carefully that "too much of it is negative thing." - well Mr Liesman... one look at the current debt load might suggest that American consumers built that 'bridge to playing-hard' just a little too far. As Khalfani-Cox admirably retorts, "excessive debt levels are simply unsustainable... It is not the job of the consumer to play the role of financial hercules... why should we have to prop up the US economy?"

Perhaps gentle reminder from Kyle Bass will help...

The Largest Peacetime Accumulation of Total Credit Market Debt in World History

It took the United States 193 years (1789?1981) to aggregate $1 trillion of government debt.

It then took 20 years (1981?2001) to add an additional $4.8 trillion and,

in the last 10 years (2001?2011), a whopping $9.8 trillion has been added to the federal debt.

Since 1981, the US increased its sovereign debt by 1,560% while its population increased by only 35%.

Remember the old economic theory of diminishing marginal utility?

Similar amounts have been accumulated all over the developed world. Total global credit market debt has grown at over a 10% annualized pace for the last 10 years while global population has grown at only 1.2% and global real GDP has grown at 3.9%.

 

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Wed, 06/04/2014 - 16:38 | 4824467 Squid Viscous
Squid Viscous's picture

Moar Lies- man! keep it up and maybe he can get a sweet gig with H. Ramrod in 2017

Wed, 06/04/2014 - 16:44 | 4824513 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

The best part is if you believe him, you deserve it.

Wed, 06/04/2014 - 16:56 | 4824556 NOTaREALmerican
NOTaREALmerican's picture

Re:  The best part is if you believe him, you deserve it.

And, because most people do, that's why we've got the only system possible.   Pathological optimism and debt-narcotic; what could be a better combination?  

Wed, 06/04/2014 - 17:10 | 4824580 nope-1004
nope-1004's picture

Debt is not the bridge between working hard and playing hard.  Debt is bringing future sales into the present because of a lack of wealth.  During a time of responsible lending there is no other way to stoke stagnant sales, other than lowering prices, so lowering lending standards by lowering cost of entry brings future sales to the here and now.

Problem with this methodology is that eventually the never ending easy lending comes to an end, because at some point (NOW!) the easy lending sends asset prices rising beyond all practical affordability (housing) as it becomes a bidding war simply because of easy credit, not because of intrinsic value.  If rates in this debt saturated environment ever rise, it's instant default.

Liesman is an idiot.

 

 

Wed, 06/04/2014 - 17:15 | 4824607 max2205
max2205's picture

I bet Steve has zero debt

Wed, 06/04/2014 - 17:38 | 4824688 cossack55
cossack55's picture

Maybe, but it is pretty clear he has an intellect deficit.

Wed, 06/04/2014 - 17:52 | 4824753 ebworthen
ebworthen's picture

 Liesman is the archetype of the witless, gutless, spineless mandarins driving us to perdition.

Wed, 06/04/2014 - 19:47 | 4825078 I MISS KUDLOW
I MISS KUDLOW's picture

and the mainsteam says kyle bass has a dangerous mind .....lol

Wed, 06/04/2014 - 20:15 | 4825170 I am more equal...
I am more equal than others's picture

 

 

 

The best method to rid yourslf of Liesman is to douche with Hydrofluoric acid. 

It is actually less painful than listening to this painfully stupid drivel.

Wed, 06/04/2014 - 20:17 | 4825177 Keyser
Keyser's picture

Lying scumbag MSM networks can be easily identified, they all have NBC in their name... The fact that LIESman is allowed to spew this tripe is proof that CNBC is nothing but propaganda for the banksters. 

 

Wed, 06/04/2014 - 18:48 | 4824795 dryam
dryam's picture

A bridge from working hard to playing hard is the very last thing debt is.  Debt by definition is overconsuming goods & services today at the expense of underconsuming in the future in order to pay off that debt.  Said in Liesman's dipshit terms, debt is a bridge from playing hard now to working much harder later.

And to be clear, forms of investment debt either into yourself or a business can be a good thing in the long run, but that's not what we are talking about here.

Wed, 06/04/2014 - 20:13 | 4825161 A Nanny Moose
A Nanny Moose's picture

My dog is smarter than Lies-man.

Wed, 06/04/2014 - 17:28 | 4824653 Relentless101
Relentless101's picture

Agree. Also, borrowing at x% makes perfect sense if I can make a return of y% (such that x < y). IF! IF means its possible, not written on plymouth fucking rock. Fucking idiots. It is never even conceivable to these fucks that the market could maybe possibly with a slight chance go down.

Wed, 06/04/2014 - 19:11 | 4824979 daveO
daveO's picture

The worse part is LIES-man said this after 5 years of totally rigged interest rates. Back to work debt slaves! 

Wed, 06/04/2014 - 19:29 | 4825028 DirkDiggler11
DirkDiggler11's picture

LIES-Man has Krugman's ballsack on his chin. An oxygen theif no doubt.

LIES-Man should be hung right alongside of the theiving skum he acts as the gimp for. Zipper that fuckers mouth shut and put the gimp back in the hole !

Wed, 06/04/2014 - 17:37 | 4824684 Larry Dallas
Larry Dallas's picture

Guys like him don't last very long. I'm surprised he made it this long... 

Wed, 06/04/2014 - 19:16 | 4824990 daveO
daveO's picture

Au contrare. He's been on there at least 10 years. I quit watching that lying channel after the FED started rigging rates 5 years ago. He, and most of CNBC, are paid cheerleaders(liars) for the NYC bankers. 

Wed, 06/04/2014 - 20:28 | 4825208 LooseLee
LooseLee's picture

Yep! And they will be the first to be sacrificed when SHTF....Everyone in financialland knows who they are....

Wed, 06/04/2014 - 19:40 | 4825056 AllWorkedUp
AllWorkedUp's picture

 Sorry but guys like LIESman last forever as long as they tow the bullshit party line. The minute he stops he'dead meat.

Wed, 06/04/2014 - 21:36 | 4825372 F0ster
F0ster's picture

I buy things that banks won't give you credit for, like prescious metals. Even though these are manipulated they are not inflated via easy credit. In fact the odds are that they are even manipulated downwards and are especially cheap vs the over priced assets like houses. 

Wed, 06/04/2014 - 18:18 | 4824821 Gringo Viejo
Gringo Viejo's picture

Aptly named Cocksucker Emeritas.

Wed, 06/04/2014 - 19:20 | 4825007 Berspankme
Berspankme's picture

Just wish he would go away and die some horrible death. Didn't even know CNBC was still on the air. Haven't watched in years

Wed, 06/04/2014 - 16:45 | 4824518 NotApplicable
NotApplicable's picture

Cuz everybody knows that debt-fueled consumption is sustainable.

Wed, 06/04/2014 - 16:51 | 4824536 Citxmech
Citxmech's picture

Substitute "Cocaine" for "Debt," and Liesman would still be on board.

Wed, 06/04/2014 - 18:03 | 4824782 SofaPapa
SofaPapa's picture

I have a serious question for those of you with a more complete sense of economic history than I have.  

At what point in US history did the concept of debt change from a vehicle to enable future production to a vehicle to enable current consumption?  It seems that at the time of the founders and up until 1913, people took on debts to fund a business idea so that they could produce something; they hoped to become rich by creating a saleable product.  The loan may or may not have worked out, but that was the genesis of the loan, future PRODUCTION.  I think that concept held for even the majority of the 20th century?

Now, in our current environment, debt is considered a way to "maintain a lifestyle", i.e. to consume.  To take on a debt for the purpose of CONSUMPTION negates the entire concept of what debt was designed for.  College debt, for example, has no real sense of what will be produced at the end of it.  It's the underpants gnomes all over again: step 1, go to college - step 2, ? - step 3, profit!

When and how did this changeover occur?  Thanks!

Wed, 06/04/2014 - 18:20 | 4824825 Citxmech
Citxmech's picture

I think that debt-fueled consumerism has been around at least as long as credit cards, however, I think the moment when the upper-level policy publically shifted to pure "play now, pay later," was when Greenspan started encouraging folks to refinance their 30yr fixed mortgages with ARMs.

Wed, 06/04/2014 - 19:29 | 4825000 daveO
daveO's picture

August 1971, when Nixon took replaced the gold standard with oil. Bank reserves are now made up of treasuries instead of gold. Therefore, the more oil pumped, the more treasuries(debt is money in a fiat system) that can be sold. More oil consumption=more debt.

Wed, 06/04/2014 - 20:08 | 4825072 GooseShtepping Moron
GooseShtepping Moron's picture

It is not possible to pinpoint an exact date or cause, since the change itself is not instantaneous and the causes are multifactorial; but I've heard people discuss c. 1990 as a possible answer in response to similar questions, and that seems pretty close to me.

I would put the date a few years later, sometime around 1993 or 1994, as the time when it first became apparent to me that a new attitude had taken over and we were already past the point of no return. Obviously the changes responsible for producing that realization had to precede the effect, so 1990 seems like a good place to fix the date. But 1994 was when the changes became noticeable. I was just a kid then (actually I was just entering my early teens), but I vividly recall the new spirit of the age coinciding with the changes which were then taking place in my body and my mind.

I think it was then that the class of people which David Brooks would later characterize as the Bobos first began to really expand the horizons of their consumerism. There was among them a definite and sudden cultural reorientation towards McMansions, the purchase of stocks and other financial instruments (which hitherto most people outside the financial system had little involvment with and no understanding of); towards home refurbishing and landscaping, towards fine wines and dining, designer clothing, cigars, travel; towards "luxury" in the commonly accepted sense of the word; and especially towards the new computers and other consumer electronics which were supposed to usher in, via the internet, a new wave of innovation and opulence the likes of which the world had never seen before.

Try to recall, if you can, the sheer volume of all the techno-utopian propaganda we were subjected to during the early days of the internet, when blowhards like the prominently mustachioed Thomas L. Friedman were championing globalism and the "flatness" of the world with ridiculous prognostications of prosperity, and the skyrocketing Nasdaq seemed to validate them every step of the way.

Do you remember the days of $15/bbl oil, when the purchase of monster SUVs was a relativey new and very actively discussed phenomenon?

Do you recall some of the editorial names from that period who are no longer with us? Michael Kelly, Molly Ivins, Louis Rukeyser, Robert Novak?

Something definitely changed around that time. The radical expansion of the consumer society was fueled by cheap credit and very cheap oil on the then quite believable (to others, never really to me) premise that the growth would continue indefinitely because of globalism and the new technology. A near decade of social shifts as momentous as what occured in the late 60s and early 70s, say between Woodstock and disco, also occured between OJ Simpson's televised white Bronco chase and September 11th, 2001. It was the era of going global, going digital, and going crazy on the promise of ever-expanding wealth.

We still haven't come to terms with what it all meant.

Wed, 06/04/2014 - 21:59 | 4825447 SofaPapa
SofaPapa's picture

Thanks all for your answers.  For context, I graduated college in 1990, and I agree I noticed a major culture shift between 1990 and 2000.  But because I don't have much financial memory before that, I wasn't sure if that was just because of my shift in phase of life (from student to working member of society).

That said, the comment above about leaving the gold standard makes a great deal of sense.  There can be little doubt that the single most important commodity of the past forty years for international relations has been oil.  The petrodollar agreement has been the framework we have worked under since then.  With the dollar pegged to a consumable commodity rather than one which is conserved above the ground, that would logically change the dynamics of how the system and its participants value wealth.  It's also right around that time that the credit card culture really took off.

Thanks again for the thoughtful responses.

Wed, 06/04/2014 - 22:23 | 4825532 t0mmyBerg
t0mmyBerg's picture

The Debt Curve really inflected up hard with Reagan.  In the 80s there was much wailing and gnashing of teeth by both R and D that the debt would cripple the country.  Only that did not happen.  Things got better and better and the economy soared.  Well of course it did, we leveraged the shit out of the economy!  The good thing was we caused the USSR to buckle under.  But the bad thing is that guys like Dick Cheney learned that debt does not matter.  And then he paired up with W after Clinton and convinced him that debt does not matter.  So the debt curve inflected up again starting in 2000.  Then along comes Obozo and he and everyone else in Washington has come to believe that debt does not matter and now it has gone parabolic.

And they are right.  Debt does not matter.  Until it does.  And wont they all be surprised then.

Thu, 06/05/2014 - 18:14 | 4828239 puckles
puckles's picture

I have to admit that I knew a couple of guys who gamed credit in the '70s and early '80s.  It did not end well for them.

I would put the turning point at roughly 1988, right after we survived the crash of '87.  There was definitely a feel of a cyclical change afoot around that time.  In the metro NY/NJ/CT area, the McMansions began.  Punk fashion finally began to bite the dust, ushering in a preppy revival. People began to feel quite expansive--and competitive. I think many, including yours truly, had not trusted the initial booming rebirth of the S&P in the early '80s, after getting their teeth kicked in during the '70s. The '87 crash initially seemed to confirm that pessimism, but once it proved false, all restraint was lost, at least by a good (or bad) many.  After all, we kept making more money, right?  In some cases, a whole lot more money, every year, like clockwork.

I have to confess that I did not entirely join the swelling tide. I paid off my mortgage in '92. Then I bought a McMansion--for cash.  Put the kids through college via savings.  Have had no real debt except monthlies (which are paid in full) since '92, which mildly wrecks my credit rating, but I don't really give a hoot. I drive a used car, and the McMansion was sold quite a while ago, although the house I have now is worth far more, and in a different locale. I sleep reasonably well at night. I retired once, but don't plan to again.  It's boring.

Wed, 06/04/2014 - 16:52 | 4824521 john39
john39's picture

Usury was a mortal sin for Catholics (until they forgot about that), still is for Muslims...  and not hard to see why either.  But thankfully americans know better, right?  see, just look how well this whole debt slavery thing has worked out.

Wed, 06/04/2014 - 19:39 | 4825052 August
August's picture

American Consumerism - destroying the world, one soul at a time.

Wed, 06/04/2014 - 17:37 | 4824686 Da Yooper
Da Yooper's picture
Steve Liesman: "Debt Is The Bridge From Working Hard To Playing Hard In America"

 

ONLY IF YOU ARE A BANKER

Wed, 06/04/2014 - 17:58 | 4824769 FeralSerf
FeralSerf's picture

. "this country has been built on consumer debt,"

If LiesMan is referring to the house of cards that's been built the last 30 years, this may be one of the few non-lies he's ever told.

Wed, 06/04/2014 - 18:28 | 4824847 villainvomit
villainvomit's picture

Liesman is the bridge from dumbass to full retard.........  Damn, I am feeling real nice today.

Wed, 06/04/2014 - 16:35 | 4824470 Silver Bug
Silver Bug's picture

This contry was built on consumer debt???! What is this wack job smoking? I pretty positive the founding fathers are rolling in their graves at the moment.

 

http://mikemaloneyblog.blogspot.ca/

Wed, 06/04/2014 - 16:57 | 4824562 Handful of Dust
Handful of Dust's picture

American Airlines' Retirees Are Furious Over Changes to Their Flight Benefits

 

http://www.businessweek.com/articles/2014-06-04/american-airlines-retire...

 

Bullish, right?

Wed, 06/04/2014 - 19:59 | 4825111 CheapBastard
CheapBastard's picture

People who have a 'job' or a steady 'pension' in the private sector think nothigng will change except for maybe the better with salary increases, bonuses, etc as has happened fairly regularly historically.

However, things are different now and you cannot count on anything for one reason [sort of mentioned above] the massive debt people, companies, gubmints have taken on to consume/spend now with no guarantee the party will continue. I guarantee the party will not continue and these entities [such as the folks at AA] need to see that as stark as it is for them.

As my co-worker says, 'I don't count on nothing these days."

Wed, 06/04/2014 - 17:05 | 4824588 Colonel Klink
Colonel Klink's picture

Our founding fathers have been spinning in their grave faster than the shit scattering, rotating, ocillation device.

Wed, 06/04/2014 - 17:31 | 4824656 Squid Viscous
Squid Viscous's picture

it's not really usury if you can borrow for 3-6 months at less than 25-50 bps...the bernank shalom and mr. yellen sayeth!

Wed, 06/04/2014 - 17:41 | 4824672 realWhiteNight123129
realWhiteNight123129's picture

THIS DEBT LEVEL IS A BRIDGE TO NOWHERE!

The US was built on super hard money between 1866 and 1901 US was getting rid of fiat (civil war greenbacks) was demonetizing silver leading to contraction of M0 and lower and lower prices. Dollar was getting harder and harder against foreign currencies. Price were falling, entrepreneurs and bank had to deal with a tough environement where there was no Fed, no bailouts, no Gov debt and loans harder to repay because of harder and harder money. So to succeed you really had to have a real good business plan and money making business not a fluff stuff,  and yet the US emerged from backwater to industrial superpower with the likes of Thomas Edison. Mr. Liesman you are full of s*** and lies and you are lucky that most Americans do not know their own history (and I am not even American).

Wed, 06/04/2014 - 16:38 | 4824471 Rainman
Rainman's picture

Lloyd's gonna kick dude's ass for this fuckup !!! No mention of God work.

Wed, 06/04/2014 - 16:35 | 4824474 Yen Cross
Yen Cross's picture

   Liesman's turd polished dome is a heliport for all the shitball D.C. Krugmanites!

Wed, 06/04/2014 - 16:36 | 4824475 Lendo
Lendo's picture

Steve Liesman, the dumb cunt with a degree in Journalism. 

Wed, 06/04/2014 - 16:36 | 4824478 AustrianJim
AustrianJim's picture

I remember once he argued for government doing something-or-other, and Santelli asked what government does well, and "Lies, man" responded "Military and roads". Funny on so many levels.

Wed, 06/04/2014 - 16:41 | 4824489 asteroids
asteroids's picture

Fucking moron.  Lenders think the average joe is a terrible risk, that's why they charge 20% (give or take) on consumer debt.

Wed, 06/04/2014 - 16:39 | 4824491 kurt
kurt's picture

Steve, 

You're a dick.

Wed, 06/04/2014 - 17:20 | 4824632 NotApplicable
NotApplicable's picture

Now why ya gotta go and insult dick like that?

Wed, 06/04/2014 - 16:40 | 4824494 Freewheelin Franklin
Freewheelin Franklin's picture

All I know is, I was just issued a Chase CC with a $4,000 limit at 14.24% and I don't even have a job right now.  

Wed, 06/04/2014 - 16:44 | 4824512 Rainman
Rainman's picture

bless you, my son.

Wed, 06/04/2014 - 16:55 | 4824555 yogibear
yogibear's picture

I need a unlimited credit card so I can buy tons of PMs and stick my middle finger at the banksters when they try and get their money with interest.

Screw them before they stick it in you.

Wed, 06/04/2014 - 17:41 | 4824701 Yen Cross
Yen Cross's picture

 

 @Freewheelin Franklin  Funny story for us common folk.  In 08-09 I had (2) unused "Capital One" cards each 10k limits.  I never used the cards for 2-3 years. I walk into a Home Depot or Lowes to buy some home improvement stuff and get told both my cards were canceled for "non-use". My net worth expanded over that period of time, and my liabilites were reduced.

  The cards were cancelled for Non-Use, even though I got all the B.S. mail offers/statements over that period of time.

Wed, 06/04/2014 - 19:37 | 4825048 daveO
daveO's picture

I've had that happen with several different cards. They may as well print on their cancellation notice, 'We don't like responsible debt slave goyim, they aren't carrying our load'.

Wed, 06/04/2014 - 16:40 | 4824495 DavidC
DavidC's picture

Maybe he really believes the crap he comes out with. Maybe he really thinks he is clever.

DavidC

Wed, 06/04/2014 - 16:42 | 4824501 the not so migh...
the not so mighty maximiza's picture

100 years from now they will be playing vids of this douchebag and laughing their russian asses off. 

 

Wed, 06/04/2014 - 16:42 | 4824502 1stepcloser
1stepcloser's picture

Note:  There would be no currency without it (debt).  Someone, Somewhere is paying interest on the fiat stuffed in your wallet.  

Wed, 06/04/2014 - 18:06 | 4824791 Tall Tom
Tall Tom's picture

Someone, somewhere did not want to read the TRUTH.

 

ALL CURRENCY is a DEBTOR'S NOTE...ALL. That is how it is created. Even the Fed Chairperson, Arthur Eccles, testified to that FACT in Congress in 1941.

 

The Downarrow demonstrates clearly that there are IGNORANT PEOPLE using this website.

Wed, 06/04/2014 - 19:43 | 4825064 daveO
daveO's picture

Or, was it LIES-man?!

Wed, 06/04/2014 - 19:59 | 4825106 1stepcloser
1stepcloser's picture

You know it was...he probably has been emailed this article and forced to read all the comments...thats right Liesman, you're a fucking hack, teleprompter whore, who will get a real ass fucking when this all goes down,,, you reading this lies man... I want to rub my corn filled shit in your face.... 

Wed, 06/04/2014 - 18:06 | 4824793 FeralSerf
FeralSerf's picture

That someone is the American taxpayer and that interest is going to the Federal Reserve's owners who never loaned out any of their own money in this fraudulent scheme.

Wed, 06/04/2014 - 20:55 | 4825231 OC Sure
OC Sure's picture

"There would be no currency without it (debt).  Someone, Somewhere is paying interest on the fiat stuffed in your wallet."

Unless I don't understand you correctly then I'm not sure that this is true. The concept of money, currency, was introduced first  as the unit of measure for producers to exchange the products of their disproportionate work. The concept of debt was later introduced as the means of exchanging a product now for the delayed payment and the cost of the delay is the interest. So, currency can be without debt, but not vice versa. As for fiat stuffed in your wallet, if it represents a nothing for something exchange then the theft has already ocurred compliments of the devaluation. And I guess that's what you mean that all of our currency has now become counterfeit since it is mostly conjured by the Feds printing currency?

Wed, 06/04/2014 - 16:43 | 4824508 Amish Hacker
Amish Hacker's picture

And the other thing is, Steve, it's really not even bad debt, it's just money we owe ourselves, right?

Wed, 06/04/2014 - 16:44 | 4824511 Racer
Racer's picture

The American dream =

'You have to spend money to save from going bankrupt' (Biden)

Wed, 06/04/2014 - 16:45 | 4824514 Devotional
Devotional's picture

and hair is the difference between having some or having none! this guy is  truly a LIESman.

Wed, 06/04/2014 - 16:46 | 4824520 teslaberry
teslaberry's picture

this guy just said, consumers should mortgage their house to buy stocks. 

 

 

Wed, 06/04/2014 - 16:49 | 4824534 1stepcloser
1stepcloser's picture

No no.. you take out credit cards to pay off student loans, then walk away...

Wed, 06/04/2014 - 16:47 | 4824526 SaltyDDDog
SaltyDDDog's picture

If ever there was a "Jean Luke Picard Face Palm" moment...

Wed, 06/04/2014 - 18:29 | 4824854 JohnG
JohnG's picture

 

 

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You are welcome.

Wed, 06/04/2014 - 16:47 | 4824528 azengrcat
azengrcat's picture

"There is a slavery problem in America..." warns Lynette Khalfani-Coz

And then Steve Liesman rolls in "slavery is always pointed out as a negative thing, when in fact slavery is the great bridge between working hard and playing hard in this country."Then Liesman really hangs himself, "this country has been built on consumer slavery,"


Wed, 06/04/2014 - 17:07 | 4824529 Yen Cross
Yen Cross's picture

 

It's funny how quiet Liesman was over the month of May. (before ES punched through 1900) Now he's suddenly the glimmering spokesperson for his free $ crowd of $100 million shitshacks in Manhattan "restraint".

   I've read this script so many times. I haven't watched the blowhorn in months, and am much happier and healthier for it!

Wed, 06/04/2014 - 16:53 | 4824530 TeethVillage88s
TeethVillage88s's picture

- Household Debt $12.9 trillion by Q2 2012
- US financial sector debt $15.6 trillion in 2009 (Mostly GSEs and Bonds)
- State and Local Governments $2.4 trillion in 2009
- nonfinancial businesses $10.9 trillion in 2009
- Federal Government $7.8 trillion in 2009 (Debt held by the public)

Total US Debt = $50.7 trillion in 2009 (but doesn't include federal bonds held within the government).

- $16.6 trillion Federal Government Total Treasury Securities issued as of 30 September 2013 Table 6 Final Monthly Treasury Statement

https://en.wikipedia.org/wiki/Financial_position_of_the_United_States
https://en.wikipedia.org/wiki/Household_debt
https://en.wikipedia.org/wiki/Economy_of_the_United_States
http://www.ssa.gov/pressoffice/pr/trustee12-pr.html
https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Tren...
https://en.wikipedia.org/wiki/Medicare_(United_States)#Costs_and_funding_challenges

- The federal government held $1.4 trillion in assets at the end of 2009
- Additionally the Federal government retirement funds held $1.3 trillion in assets at the end of 2009.

Fed Debt to GDP is 102% as per the Fed Website FRED Charts.

Wed, 06/04/2014 - 16:48 | 4824533 A Cruel Accountant
A Cruel Accountant's picture

Liesman has to tow the line because he is a debt slave.

Wed, 06/04/2014 - 16:51 | 4824539 1stepcloser
1stepcloser's picture

in this world, we all are debt slaves now!

Wed, 06/04/2014 - 17:42 | 4824718 TeethVillage88s
TeethVillage88s's picture

Yeah, a mushroom cloud seems to fit with all the debt to GDP we have... in view of the fact that much GDP is just Rent Seeking... probably have to take off $5 Trillion to get real GDP.

Let's see $17 T - $5 T = $12 T. $16.9 T Debt/$12 T GDP =

140% Debt to GDP for USA (guesstimate)

Wed, 06/04/2014 - 19:54 | 4825096 1stepcloser
1stepcloser's picture

Give it to us straight, you're saying we're fucked.  LOL

Wed, 06/04/2014 - 16:51 | 4824540 NOTaREALmerican
NOTaREALmerican's picture

As long as you can make the minimum payment,  you haven't borrowed enough.   

And, as long as the taxpayer is on the hook to bailout the debt-pushers there will always be more debt available.

Wed, 06/04/2014 - 16:51 | 4824542 franciscopendergrass
franciscopendergrass's picture

Obama can easily replace Jay Carney with Steve Liesman.  Liesman's name makes more sense for that position

 

Thu, 06/05/2014 - 01:02 | 4824544 syntaxterror
syntaxterror's picture

Infinite debt is a human right. President Slender Man told me so.

Wed, 06/04/2014 - 16:52 | 4824545 Atomizer
Atomizer's picture

Why doesn't Comcast/GE cut the Media Propaganda sock puppets labor investment labor pool. We can use CGI report the same information.

 

 Fuck you. MSM, you are going to be replaced. We have begged for years. let’s go long on CGI news information reporting mode. Hey, guess who profiles? Your bosses and network. Then your bosses get dispensed out like you did.

Progressive Central Planning is very ugly.  We have warned you. Watch your job disappear.

 

Wed, 06/04/2014 - 16:59 | 4824564 yogibear
yogibear's picture

Buffet would like to pork Becky Quickie. He get's his jollies everytime he gives her a plane ride.

Wed, 06/04/2014 - 17:27 | 4824647 Atomizer
Atomizer's picture

Becky will become a CGI image. Just like the rest of them.

 

Wed, 06/04/2014 - 17:00 | 4824565 ShrNfr
ShrNfr's picture

Debt is really neutral. The same cannot be said about the purposes to which it is put. If you borrow money to pay operating expenses, you have a problem. If you borrow money to aquire supplies and capital goods that you use to produce things, it can be positive. Unfortunately, the serfs are doing too much of the former. Frankly, it has become just too easy for them to do that.

Wed, 06/04/2014 - 17:00 | 4824569 p00k1e
p00k1e's picture

Aren’t pension plans based on school loans and financed cars? 

401K retirement strategies are based on future consumption too.

He’s right. 

Wed, 06/04/2014 - 17:21 | 4824630 Frilton Miedman
Frilton Miedman's picture

 

 

Exactly, like the end of the Movie Hannibal, Ray Liotta's character, out of his mind on morphine, nibbling a freshly seared chunk of his own brain, says "Mmmmm, that's delicious."

Banks have the masses in checkmate, having stolen a massive quantity of our net worth in 2008, they're now willing to let us borrow it back, only to securitize it in our pensions....to later be bailed out, by .. us.

Mmmmm, that's delicious.

 

Wed, 06/04/2014 - 17:03 | 4824581 Colonel Klink
Colonel Klink's picture

Lies-man is such a cunt. The end.

Wed, 06/04/2014 - 17:38 | 4824683 Squid Viscous
Squid Viscous's picture

we don't run in the same circles, thanks be - but if I ever saw him in NY or north NJ I would slap him... just once, and only about 75% max effort... and gladly face the fallout

Wed, 06/04/2014 - 20:01 | 4825119 Colonel Klink
Colonel Klink's picture

Call me if you need bail.  I'm sure I can collect what you'd need from ZH members.

Wed, 06/04/2014 - 17:40 | 4824699 BeetleBailey
BeetleBailey's picture

Indeed.

This Obama taint licking pedo-smiling cheese dick is emblematic of what ails financial markets;

A CUNT that passes off as some sort of financial "analyst".

I met Liesman once, at my former firm's annual conference. A biger prick than on TV. Vacuous brain - and ass licker to the big shots at the firm.

I knew right then and there he had a big "career" ahead of him as a shit-eating, propaganda spewing vagina for the banksters and MIC.

STEVE LIESMAN - YOU SUCK ASS!

Wed, 06/04/2014 - 17:04 | 4824586 huggy_in_london
huggy_in_london's picture

"free low taxed income"

hahahahahaha

hahahahahahahhahahaha

hahahahahahahahahhahahahahaha

moron.... lets see how well that goes ... that 2% cushion can be wiped in a day .... what a joke

Wed, 06/04/2014 - 20:00 | 4824587 Frilton Miedman
Frilton Miedman's picture

 

 

 

 "this country has been built on consumer debt,"

... for the last thirty years, which is now unraveling America's globally renown post WW2 middle class and will have to be replaced with real, actual wage growth.

 


Wed, 06/04/2014 - 17:14 | 4824606 GotNuttin'todo
GotNuttin&#039;todo's picture

Maybe if we do a better job of ignoring him, he will go play in the middle of the bridge.

Wed, 06/04/2014 - 17:16 | 4824611 Atomizer
Atomizer's picture

We know the media pimps and prostitutes.  Once this goes into global awareness, the pedophile ruling class will be exposed. Some of this bullshit can be rolled back into the toothpaste cartridge.

Wed, 06/04/2014 - 17:31 | 4824663 viator
viator's picture

"why should we have to prop up the US economy?"

A better question would HOW can we prop up the US economy? The answer is you can't.

For supposedly smart people who love the term holistic when it comes to food or health, maybe people should apply that term questioningly to the economy.

Wed, 06/04/2014 - 17:36 | 4824682 Chuck Knoblauch
Chuck Knoblauch's picture

There is a Central Bank problem in America, Stevie.

Wed, 06/04/2014 - 17:46 | 4824736 B2u
B2u's picture

Fuck you LIESman.

Wed, 06/04/2014 - 17:53 | 4824757 Atlantis Consigliore
Atlantis Consigliore's picture

Steve Moron,   WCNBC  home of Morons spieling da Taliban.....

Wed, 06/04/2014 - 18:06 | 4824771 TalkToLind
TalkToLind's picture

Fuck debt.  Only the slave master thinks debt is a good thing.   And if you have debt, guess what you are?

Wed, 06/04/2014 - 18:02 | 4824780 Minuteofangle
Minuteofangle's picture

Steve you have reached the "Snap-on" level of tools

Wed, 06/04/2014 - 18:16 | 4824816 TrustWho
TrustWho's picture

Debt used to build a more productive environment is very different than debt used to increase consumption. Housing and cars have portions of both. 

People saving money for retirement used by younger people to build a factory creates a wonderful economy. When you consume the young peoples income to improve quality of life for older people, you are eating your young. Eating your young is bad for the future economy.

Wed, 06/04/2014 - 18:19 | 4824823 drchris
drchris's picture

A fool and his money are soon parted. Now we're after his future earnings.

Wed, 06/04/2014 - 22:58 | 4825602 August
August's picture

>>>A fool and his money are soon parted. Now we're after his future earnings.

I have seen the future, and you don't want to go there. 

This is not good news for those of child-rearing age.

Wed, 06/04/2014 - 18:21 | 4824827 BullyBearish
BullyBearish's picture

Liesman = Luciferian

Wed, 06/04/2014 - 18:28 | 4824852 OC Sure
OC Sure's picture

 

 

"...Good debt is represented by money, the money represents the product of work, the work is necessary to meet the demands of living. Bad debt is represented by counterfeit, the counterfeit represents the absence of product, the absence of product represents the impersonation of work, the impersonation of work represents the necessity to steal to meet the demands of living..."

-OC Sure; Debts and Wages

http://ocsure.blogspot.com/

  

 

Wed, 06/04/2014 - 18:32 | 4824861 Its Only Rock N Roll
Its Only Rock N Roll's picture

King of the Fucktards this man is

Wed, 06/04/2014 - 18:36 | 4824873 villainvomit
villainvomit's picture

Liesman.....what a huckster. 

Josey Wales would spit tobacco (chaw) juice on hucksters like that just to prove they were sissy ass bitches.

 

Where is Josey ?

Wed, 06/04/2014 - 19:00 | 4824949 OC Sure
OC Sure's picture

Send him on a Missouri boat ride.

Wed, 06/04/2014 - 18:55 | 4824938 world_debt_slave
world_debt_slave's picture

tool

Wed, 06/04/2014 - 19:02 | 4824953 Bernardo Gui
Bernardo Gui's picture

Leisman is a partisan Democrat and like all good Democrats, he will suddely discover the evils of debt as soon as a Republican occupies the White House.

Wed, 06/04/2014 - 19:02 | 4824954 Bernardo Gui
Bernardo Gui's picture

Leisman is a partisan Democrat and like all good Democrats, he will suddely discover the evils of debt as soon as a Republican occupies the White House.

Wed, 06/04/2014 - 19:23 | 4825012 Notsobadwlad
Notsobadwlad's picture

In the past, value adding lsbor paid for debt. However, today, the US has too many non-value-adding parasites, such as Mr. Liesman.

Parasites do not add any value and so they cannot pay for their debt. They only accumulate more debt.

Liesman is right. until the US returns to adding value thrugh labor, the only path to hardcore consumerism is debt.

I am thinking that is not the right model for this world.

Wed, 06/04/2014 - 19:23 | 4825016 GrinandBearit
GrinandBearit's picture

Who could possibly take this pro Fed/government/bankster bozo seriously?

 

 

He LIES man.

Wed, 06/04/2014 - 19:26 | 4825020 PubliusTacitus
PubliusTacitus's picture

Steve Liesman is easily the dumbest economist, other than Paul Krugman.

 

Or Jared Bernstein.

 

Or Austan Goolsbee. 

 

 

 

The Fed, and the Obama Abomination are incentivizing debt, having taken over the student loan market entirely, with the goal of debt forgiveness in 2016.  That is their playbook.

 

Fuck you Obama. You too Steve LIESman.

 

Taxpayer lawsuit time, when they do this.

Wed, 06/04/2014 - 19:47 | 4825074 blindman
blindman's picture

the cast and crew still refuse to acknowledge
the nature of the "money" system they ignorantly
worship, and these offered as the experts and
gurus of finance. it spells doom for the viewing
public/customers.
goodnight

Wed, 06/04/2014 - 19:48 | 4825081 blindman
blindman's picture

"the bridge from working hard to playing hard."
what the fuck is he talking about? what a dick

Wed, 06/04/2014 - 21:43 | 4825393 blindman
blindman's picture

ok, he must be talkin' 'bout this
line of work, the/his so called bread
and butta ....
.
Steppenwolf - The Pusher
https://www.youtube.com/watch?v=3XqyGoE2Q4Y

Wed, 06/04/2014 - 19:54 | 4825095 khakuda
khakuda's picture

Wow, she is smart!  In front of the CNBC anchors she seems like Einstein.

Wed, 06/04/2014 - 20:10 | 4825150 Sheppy
Sheppy's picture

Better advice... Neither a borrower, nor a lender be.

Wed, 06/04/2014 - 21:00 | 4825280 yellowsub
yellowsub's picture

Who the hell considers debt playing hard, you mean paying hard?!  

I'm sure the more people in debt the more people you can sell your services too...

Thu, 06/05/2014 - 02:24 | 4825892 reTARD
reTARD's picture

Liar is such a good mouthpiece.

Thu, 06/05/2014 - 06:26 | 4825998 AdvancingTime
AdvancingTime's picture

The crux of our economic woes lay in the fact that over the last several decades we have created entitlement societies on the back of the industrial revolution, technological advantages, capital accumulated from the colonial era, and the domination of global finances. Promises were made on the assumption that those advantages would continue in both Europe and US.

It was thought that ever greater prosperity and entitlements would be sustained through debt financed consumption growth. In that eerie fantasy world, debt fueled consumption was to be the catalyst to bring about ever more growth. Now reality has begun to come into focus and it is becoming apparent that this is unsustainable. The entitlements and promises that have piled up have become overwhelming. More about this subject in the article below.

http://brucewilds.blogspot.com/2013/11/the-crux-of-our-economic-woes.htm...

Do NOT follow this link or you will be banned from the site!