All In A SecTres Day's Work: Total US Debt Hits All Time Record $14,615,567,348,203.71, $28 Billion Higher Overnight

Tyler Durden's picture

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George the baby crusher's picture

Who implodes first? I'm guessing the Euro zone...and the runner up is....

trav7777's picture

needs to cross at least $16T for the next fiscal year...maybe 16.5

grekko's picture

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.

plocequ1's picture

Thats not good. I think i will order a pizza. Wake up my fat bloated ass when the DXY hits 70 . 

spiral_eyes's picture

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/

speconomist's picture

uncompression bitches???

dwdollar's picture

Funny how the GDP is contracting, debt is making new highs, yet the Debt/GDP ratio suddenly drops from 110% to 70%.

baby_BLYTHE's picture

where do you get the debt/gdp ratio drop from?

A Man without Qualities's picture

You just change the methodology to ignore intergovernmental debt... and you know they're going to...

spiral_eyes's picture

puff the eurobong til it all makes sense.

JW n FL's picture

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.

JW n FL's picture

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)

JW n FL's picture

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.

JW n FL's picture

 
Obama threatens bankers: I'm the only thing standing between you ...

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  • 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.  

  • JW n FL's picture

     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/

     

     

     

    Young Buckethead's picture

    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?

    JW n FL's picture

    can anyone here tell me what city is in the back ground of Bill during this bloomberg interview?

    Vic Vinegar's picture

    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.

    Hi Ho Silver's picture

    Bipolar disorder.

     

    Just another broken algo.

    dwdollar's picture

    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.

    Herman Strandschnecke's picture

    They're using a Greek Abacus?

    hambone's picture

    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.

    NotApplicable's picture

    Roll, roll, roll your debt.

    Gently down Wall St.

    Merrily, merrily, merrily.

    Life is fuckin' sweet.

    sabra1's picture

    have the raided pension plans been replaced? i figured not!

    NotApplicable's picture

    Why waste a trump card with an election coming up? Gotta save something to trade to the federal employee unions for some votes.

    hambone's picture

    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

    zorba THE GREEK's picture

    So what...It will be paid back in monopoly money.

    Smiddywesson's picture

    Somebody's been eating the Debt to GDP ratio.  Maybe it's mixed in with the peas we are supposed to be eating.

    ThisIsBob's picture

    I think the spent about a million of it to get a big ole bus.

    Racer's picture

    ChairSatan and Getnerwank mutter under breath while pushing huge snowball up snowy mountain....

    Sh!t or bust....

    Shh!tttt or b...

    Shhhh1tttttttttttttttttttttttt.........................

    A Man without Qualities's picture

    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...

    Eireann go Brach's picture

    Obama is heard screaming in the Oval office, "Do they even have calculators that go to a Trillion"

    Shameful's picture

    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

    Racer's picture

    Analyse Debt Target

    Target locked

    Aim

    Spend

    Target hit

     

     

     

    Cdad's picture

    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.

    hambone's picture

    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.

    Young Buckethead's picture

    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.

    cossack55's picture

    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.

    NotApplicable's picture

    This debt spending shit has to end...or it will destroy the Republic.

    That thinking is sooooo 1971.

    machineh's picture

    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.

    Shameful's picture

    When can we just start expressing the debt in scientific notation?  Forces us to learn and is way more tidy :)

    FLIP THAT BOND's picture

    Does that number include the 100s of billions raided from federal pension funds during the "extraordinary measures" period?

    mayhem_korner's picture

    That will be vaporized as a...ahem...prior period adjustment.