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All In A SecTres Day's Work: Total US Debt Hits All Time Record $14,615,567,348,203.71, $28 Billion Higher Overnight
Good thing the whole debt ceiling fiasco taught Tim Geithner a thing or two about being frugal, or else today's $28 billion increase in total debt to a new all time high of $14,615,567,348,203.71 may have been far, far worse. At least congress still has $127 billion in dry powder before it has to authorize the extension of the interim debt ceiling cap of $14.694 trillion. At this rate, total debt and US GDP will achieved parity in 4 months, and if the US actually contracts (negative GDP in Q2 and Q3) and enters recession, that will be one divergence spread we will never want to be on the compression side of.
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Who implodes first? I'm guessing the Euro zone...and the runner up is....
needs to cross at least $16T for the next fiscal year...maybe 16.5
Crossing the next leg of the ladder means nothing. What this means is that the people with no gold or silver are totally hosed...and in short time, to boot.
Thats not good. I think i will order a pizza. Wake up my fat bloated ass when the DXY hits 70 .
paul krugman: "there's not enough govt spending. we need much much more. bring on project blue beam"
http://azizonomics.com/2011/08/16/krugman-calls-for-alien-invasion/
uncompression bitches???
Funny how the GDP is contracting, debt is making new highs, yet the Debt/GDP ratio suddenly drops from 110% to 70%.
where do you get the debt/gdp ratio drop from?
You just change the methodology to ignore intergovernmental debt... and you know they're going to...
puff the eurobong til it all makes sense.
http://www.youtube.com/watch?v=kUyutryL_SY&feature=feedlik
This week Max Keiser and co-host, Stacy Herbert, observe the British shock that there is no society. In the second half of the show Max talks to former bank regulator, William K. Black about the absence of justice for banking crimes and whether or not the population plays a role in demanding this justice.
http://www.bloomberg.com/video/65536926/
University of Missouri Economist William Black Interview
Dec. 27 (Bloomberg) -- William Black, associate professor of economics and law at the University of Missouri-Kansas City, talks about the outlook for the U.S., European and Chinese economies. Black speaks with Carol Massar on Bloomberg Television's "Fast Forward." (Source: Bloomberg)
http://www.pbs.org/moyers/journal/04032009/watch.html
April 3, 2009
BILL MOYERS: Welcome to the Journal.
For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. It was based upon his experience as a tough regulator during one of the darkest chapters in our financial history: the savings and loan scandal in the late 1980s.
WILLIAM K. BLACK: These numbers as large as they are, vastly understate the problem of fraud.
BILL MOYERS: Bill Black was in New York this week for a conference at the John Jay College of Criminal Justice where scholars and journalists gathered to ask the question, "How do they get away with it?" Well, no one has asked that question more often than Bill Black.
hotair.com/.../obama-threatens-bankers-im-the-only-thing-standing-... - CachedSimilarObama threatens bankers: I'm the only thing standing between you ...
Apr 3, 2009 – Free advice from him to me to you: If you're strapped for cash and .... The only thing standing between the DC Dems and the pitchforks is ...
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Obama: I'm “only thing between you and the pitchforks.” (2009)
www.freerepublic.com/focus/f-news/2493560/posts - Cached
Apr 15, 2010 – Obama: I'm “only thing between you and the pitchforks. ... Offender (While the wicked stand confounded, call me with Thy Saints surrounded) ...
Inside Obama's bank CEOs meeting - Eamon Javers - POLITICO.com
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Obama: "My administration is the only thing between you and the ...
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Once they encouraged the pitchforks, now Democrats are scared of ... “my administration is the only thing between you and the pitchforks. ... Tread on Me ” flags when he was approached by pro-ObamaCare SEIU union members. ...
Valorizing Plundering!
Timmy Pressured ALL Agencies NOT to Investigate any part of Wall Street's Theft(s) from the Tax Payers! by allowing the Criminals to Not Only continue the same behaviors but as well stay in power to promote the same behaviors!
When the elite of a society develop a Morality of Plundering.. it will be thrust upon the people of that society... not only by permitting Plundering but as well the valorizing Plundering.. and it will be perpetuated at all costs.. for fear of losing power over society.
Our Country is OWNED by the PIG MEN!
Banksters have taken over!!
Top Lobbying Banks Got Biggest Bailouts – But Gov Helped Create the Housing Crash
original article written by Net Advisor™
There was a publication released last week by the National Bureau of Economic Research, reported by Lauren Tara LaCapra and published by Reuters.
The report, “A Fistful of Dollars: Lobbying and the Financial Crisis” written by three economists from the International Monetary Fund (IMF) attempts to draw a link between bank lobbying efforts from 2000-2007 to receiving big bailouts.
The (now former) head of the IMF has been under some controversy as of late. It should be noted that the United States is the largest financial contributor to the IMF, where the U.S. borrows money to bail-out other governments.
“All across America, people are suffering from bailout fatigue. At a time when America is already borrowing 40 cents of every dollar it spends, does it make sense for us to borrow more money (much of it from China) to help bailout Europe?”
— Rep. Cathy McMorris Rodgers (R-Wash.), reported by CBS, 05-15-2011
With that said, these three IMF economists are indirectly on the U.S. government’s payroll. So any attention to focus a report away from government involvement in the housing crisis, especially nearing a Presidential election year, and instead blame it all on “Wall Street banks,” the better right?
Report Premise Contains a Fallacy of Logic
The correlation of banks who lobbied government over the last seven years (2000-2007) does not imply causation to receiving bigger bailouts. I would argue that this is an example of a cum hoc, ergo propter hoc or “causal relationship.” The economists are trying to draw a link to banks and their lobby efforts over the past 7 years to equate bigger bank bailouts.
Let’s take a look at some of the facts:
1. Banks and all businesses or their affiliated organizations, including unions, environmental groups, farmers, and anyone else who has an axe to grind will lobby for or against regulations that can impact their business earnings or their political social agenda.
For a business, this is a simple preservation of it’s revenue, which can also impact its bottom-line, and that in-turn impacts stockholder’s equity of public companies. If a company has declining revenue, a company may be forced to move their business to where it is less regulated and more profitable, such as to China, India, Mexico, etc., thus losing American jobs because of such high costs and regulations.
2. It can also be reasonably concluded that the bigger the business the more money it will have at its disposal for lobbing efforts. Thus, in this case the biggest banks would have more money to lobby than say the smallest banks.
3. I would agree that some banks were technical failures. I discussed this back in 2007 naming which institutions had financial problems in my view before many, including the stock market or government were willing to admit there was a problem. Scroll down to NetAdvisor’s 2007 Yahoo post here and here to see list of companies with financial problems at that time.
Government Forced TARP on Banks, not the Other way Around
4. The big TARP bailout was forced upon the major banks by then U.S. Treasury Secretary Henry “Hank” Paulson. Paulson forced the big banks to take up to $25 Billion each even if they didn’t need the money. Paulson didn’t want to show that some banks were having bigger financial problems than other banks. Paulson thus wanted to put all the big banks on an even playing-field: everyone will hate you equally. Maybe that was not the intent, but Paulson did not want to show which banks were the weakest fearing panic after what happened when Lehman Brothers collapsed.
Paulson also thought that if the big banks took government money in exchange for partial government ownership, then the little banks would be eligible for government bailouts too.
http://www.netadvisor.org/2011/05/31/top-lobbying-banks-got-biggest-bailouts-but-gov-helped-create-the-housing-crash/
Has anyone noticed that now Met Life is now advertising they are a bank, in addition to State Farm?
How much will it add to bail out the world's insurance companies?
can anyone here tell me what city is in the back ground of Bill during this bloomberg interview?
JW,
Why do you sometimes go in like this, firing off epic infowarrior comment after another, but at other times go in with only one post? Why the inconsistency? Inquiring minds want to know.
Bipolar disorder.
Just another broken algo.
Lie-pedia already has it:
http://en.wikipedia.org/wiki/File:Public_debt_percent_gdp_world_map.PNG
EDIT: Nevermind, I guess that's an old image. That lie is being spread around though.
They're using a Greek Abacus?
all about changing the definition of what "is" is.
Just throw out that ludicrous 4.6T "intragovernmental holdings" cause it's not like we already spent it and now need to sell more T's to pay them back...oh, we do!?! Hmmm.
Roll, roll, roll your debt.
Gently down Wall St.
Merrily, merrily, merrily.
Life is fuckin' sweet.
+$2b
Does it really matter?
Yes we can
SecTre(a)s(on)
have the raided pension plans been replaced? i figured not!
Why waste a trump card with an election coming up? Gotta save something to trade to the federal employee unions for some votes.
Just a sign of our wealth!!! Obviously, no one would lend it to us if they didn't believe we'd pay it back...Fuck yeah AMERICA....hahahahahahhhaha
So what...It will be paid back in monopoly money.
Somebody's been eating the Debt to GDP ratio. Maybe it's mixed in with the peas we are supposed to be eating.
I think the spent about a million of it to get a big ole bus.
ChairSatan and Getnerwank mutter under breath while pushing huge snowball up snowy mountain....
Sh!t or bust....
Shh!tttt or b...
Shhhh1tttttttttttttttttttttttt.........................
The debt number is straight forward to prove - just count the bits of paper. The GDP, well, that's the work of wizards and warlocks and I've got about as much faith in its accuracy as I have in my dog's ability to make pasta. In other words, we went past 100% debt to GDP a while back...
Obama is heard screaming in the Oval office, "Do they even have calculators that go to a Trillion"
Well, he does have it tougher than Lincoln, after all.
http://dailycaller.com/2011/08/16/obama-i-have-it-tougher-than-abe-lincoln/
Sure he does, Abe Lincoln had a plan, and he was quite honest about it. Though Barry has been honest about it to, just have to listen up for it. Spread the wealth around (to the oligarchs) and the necessarily skyrocket energy prices. All is proceeding full steam ahead!
http://lewrockwell.com/dilorenzo/dilorenzo211.html
Analyse Debt Target
Target locked
Aim
Spend
Target hit
trillion dollar promo!
http://tinyurl.com/3hekd9h
I'm so glad that Eric Cantor, Paul Ryan, and John Boehner so publicly expressed their pride at the debt ceiling negotiation and deal. By the way, it is not too late to write your letters to Mitch McConnell and John Boehner asking them to resign. Since this board, in general, knows that Ron Paul is the BEST candidate for president, you could consider your letter writing efforts to be part of supporting Mr. Paul.
All of you guys constantly express the view that right and left are the same. All of us need to do more than bitch on Tyler's blog, exerting whatever pressure we can, and donating to Ron Paul's campaign.
This debt spending shit has to end...or it will destroy the Republic. And it does not matter, the economic depression that will come when the Federal Government stops spending...as this nation NEEDS a Greater American Depression just now.
Cdad,
your desire to work within the system is admirable but unfortuately we have gone beyond what a democracy can handle. I love Paul but imagine him trying to get anything done w/ Congress. It's a bad joke. Asking the American voter to elect Paul is akin to asking the patient to take the scalpel and make the incision w/out anesthetic and remove the cancer within them. The course Paul proposes would have London's cookout last week like good natured fun.
America will not choose to fix what ails them...it will be chosen for them and at the worst possible time.
We can either ask for it, or it will be handed to us on a platter.
Either way, the innocent will suffer the most. Maybe that's who Krugman wants to go to war with.
+1
Bring on the creative destruction. Its what the people want. Its what they vote for. Fuckin' give it to the morons. Let Darwin sort it out.
That thinking is sooooo 1971.
Gotta love them 'Hope bonds' that don't even count within the ceiling!
A Hope bond and five dollars will buy you a cup of coffee.
Time to try something new: Dope bonds, backed by California's largest crop.
When can we just start expressing the debt in scientific notation? Forces us to learn and is way more tidy :)
Does that number include the 100s of billions raided from federal pension funds during the "extraordinary measures" period?
That will be vaporized as a...ahem...prior period adjustment.
Rasmussen Reports: GOP Primary: Perry 29%, Romney 18%, Bachmann 13%
http://www.rasmussenreports.com/public_content/politics/elections/electi...
Ron Paul is in 4th place... and fading fast.
Rasmussen has the credibility of Spiro Agnew. Shop it elsewhere.
Cossack,
you and I will probably vote for Paul but his message is far too eurodite to be discernable to the masses. Don't get your heart broken that the best candidate won't win.
"his message is far too eurodite to be discernable to the masses"
Give me a break. Ron Paul does not convey leadership to the masses. He is perceived as a milquetoast.
BTW, the correct words are "erudite" and "discernible".
lack spiel cheque - but you get the point. General voters have no idea what he's talking about nor does he have that stamp of credible leadership.
Ron Paul is a man of integrity. Unfortunately, he is not perceived as a strong leader. Perception goes a long way with the general public. Many voters won't take the time to consider his positions. That is unfortunate, but that is how it is. Ron Paul is not going to win the GOP nomination.
Don't get your heart broken when Paul is swept aside.
Get on board with Perry. We can not afford another 4 years of Obumble.
Perry? Fuck me. You obviously don't live in Texas. I consider myself very conservative, and am an Aggie to boot (Rick's alma mater), and that dude is snake oil selling piece of excrement. You think W. and O. were bad for civil liberties? Rick gets elected, and you ain't seen nothing yet!
It's good news because now we can get some politicians that are 'pure of heart' to rail about it before expanding it again. As always
In the second quarter, 11.2% of student loans were more than 90 days past due and the rate was steadily rising, according to data from the Federal Reserve Bank of New York.
http://blogs.wsj.com/economics/2011/08/16/more-student-loans-are-past-du...
Look closely and you'll notice no form of ZIRP anywhere near this type of debt.
My loans are at 9%.
Did you get them from some guy named Guido in a back alley?
Mine are at 1.875%
Hi Tyler,
What's the projected date of ceiling breach at this burn rate? I'm sure a bunch of folks would love
to know when the circus is coming back to town...
hopefully the federal pensions were made whole.....i wouldnt be able to sleep if they werent
Exponential Debt Bitchez!
I can name that debt in three digits...$999
Seriously? Who the fuck cares? Spend more NOW so our default is BIGGER and we can pay off more. Id throw in a "make all mortgages go away" clause overnight! Whats another 10 Trillion!!!!! Pay up Ching Wang Duk!
Records were made to be broken.
"Well, I never did mind the little things." --Timothy Giethner, Sec. of Treas.
"The faster we spend... the more time we have to pay it back!" --Joe Biden, VPOTUS, explaining how more spending actually makes us richer.
"You can't just make money selling trucks and SUVs!" -- Barrack Obama, POTUS, hopping aboard his new $1.1 million "Greyhound-1" touring the midwest.
"Greyhound-1" LOL. Ah yes, a man of the common people.
He should take GH1 on a bus tour of Pakistan.
Can you just tell us when he doesn't spend our money..
I'm getting heartburn from the run rate.
That was quick, :/
...I love Zero Hedge.
28 billion in a day! This is a really good job by TG. This is more than the value of the total gold production of the world for 2 months. This is very high productivity. I am impressed.
I think that if we put all this debt on top of gold prices then gold prices are sure to collapse. Indeed, what wouldn't collapse under such weight. I doubt the economy is going to be able to take the weight of that much debt. What on earth are they spending it on when they even save a few million that is needed to check how much gold is at the FED.
$3,988,690,299,290.70 since 20-Jan-09
$127,570,052,216.12 per month
$31,892,513,054.03 per week
$4,252,335,073.87 per day
Clearly we don't have a spending problem. We just have an insufficient revenue stream. Tax the rich!
TD, did timmaugh pay pack the GS pension funds he looted in June?
Get on board with Perry someone said here? Are you fuckin kidding me?--a globalist of the first order and a Bilderberger to boot. He will complete the NWO agenda in short order if he gets elected
+10
28 Billion dollars, just a drop in the bucket. That's only 700 million oz of Silver. Comex will cover that, funny though, all I get is a busy signal.
Pretty soon it will be only 70 million oz...
And yet Comex still can't cover half of that in physical.
Debt shmedt. 60% of that debt is savings of Americans and most of that probably baby boomers preparing for retirement. Get a grip.
And another thing:
China doesn't own US they own 8% of our debt. Big deal. And Japan another 7% so what. The rest by Europeans scared shitless. No wonder US Treas rally every time Merkel and Sarkosy meet. (that's a marriage made in hell) If you were a European where would you put your money? And so what if Americans are in debt. Who are they in debt to? Why the US economy. So let me get this straight. Americans owe the US Economy and the US govt owes mostly Americans and Japan is twice as in debt as the US and every body is runnin scared. This country was far far greater in debt after the Revolutionary war. I'm sick of this whining. When the going gets tough the tough get ... something.
May I paraphrase? "How can we be running out of gas if we're still going 60 miles per hour?"
Maybe you would prefer that we be like Russia or Lybia on the chart below:
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt
Nice analogy too. Maybe you would like to explain it in a little more detail.
97.33% debt to GDP now...assuming it doesn't get revised lower...
http://en.wikipedia.org/wiki/United_States_public_debt
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt