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As US Closes June With $15,856,367,214,324.44 In Federal Debt, US Debt/GDP Hits Post WWII High Of 101.5%

Tyler Durden's picture





 

Last week's bond auctions have finally settled and the numbers are in. As of the last day of June, the US had a record $15,856,367,214,324.44 in debt, a $75 billion increase overnight, and a post World-War II high Federal debt/GDP ratio of 101.5%.* That is all.

* Assuming GDP in Q2 grew at a 1% sequential rate, which in light of the global economic contraction, is quite generous.

 


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Mon, 07/02/2012 - 16:29 | Link to Comment Dick Darlington
Dick Darlington's picture

We need MOAR!

Mon, 07/02/2012 - 16:35 | Link to Comment sunaJ
sunaJ's picture

Somebody had to buy all those bonds at auction.  Didn't know it was you and me, did you?

Mon, 07/02/2012 - 16:39 | Link to Comment Manthong
Manthong's picture

And it seems like just a few short months ago it was less than 100%.  Oh wait…

http://www.zerohedge.com/news/its-official-us-debtgdp-passes-100


Mon, 07/02/2012 - 16:43 | Link to Comment veyron
veyron's picture

Soon we'll find out that the computer programmer accidentally multiplied the gdp number by 2, so that we actually are above 200% debt to gdp ...

Mon, 07/02/2012 - 16:47 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Just a rounding error. 

Mon, 07/02/2012 - 16:59 | Link to Comment knukles
knukles's picture

Seasonally adjusted rounding error

Mon, 07/02/2012 - 21:29 | Link to Comment Harlequin001
Harlequin001's picture

Well done guys, that's nearly $1 trillion for a postage stamp, yet to b e priced in...

Mon, 07/02/2012 - 17:00 | Link to Comment Stackers
Stackers's picture

I wonder what the percentage is if GDP was recalculated using the old method from 30 years ago ?

Mon, 07/02/2012 - 17:03 | Link to Comment knukles
knukles's picture

+++++++++++++++++++

Like unemployment would be closer to U whatever at 20%+.

(sigh)

Good thought....

Mon, 07/02/2012 - 20:52 | Link to Comment economics9698
economics9698's picture

122% with state and local.

Mon, 07/02/2012 - 17:03 | Link to Comment NotApplicable
NotApplicable's picture

You really don't want to know.

Besides, until government spending is removed from the GDP equation, it will never measure growth, but instead, only consumption.

Mon, 07/02/2012 - 17:12 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

WE DID IT!!!!

Mon, 07/02/2012 - 17:21 | Link to Comment DaveyJones
DaveyJones's picture

It's good to break a US and Olympic record.

A gold medal is the only appropriate response

Mon, 07/02/2012 - 17:26 | Link to Comment The Watchman
The Watchman's picture

I'm so tired of talking trillions. Ben needs to add a couple of zeros to the discussion. Wake me up when we're talking quadrillions.

Mon, 07/02/2012 - 20:18 | Link to Comment Anonymouse
Anonymouse's picture

Do they make tungsten medals?

Maybe that's why incandescent light bulbs were banned.  We need the tungsten for national security purposes.

Mon, 07/02/2012 - 17:30 | Link to Comment JackT
JackT's picture

NaN

Mon, 07/02/2012 - 20:07 | Link to Comment Buck Johnson
Buck Johnson's picture

Yep we are buying are own debt, but in this twisted economic world thats not considered bad at all.

Mon, 07/02/2012 - 17:22 | Link to Comment stocktivity
stocktivity's picture

It's all Bullshit!   The Fed prints more $$$ out of thin air to buy more debt and keep the markets up. All in the hope that stupid Americans will see their 401 K rising and thus spend more money now.

Mon, 07/02/2012 - 18:02 | Link to Comment Blankenstein
Blankenstein's picture

Being good little sheeple, they are falling for it hook, line and sinker.   In the Chicago area they are spending it on expensive homes.  It's unbelievable the number of "under contract" homes in my area.  The NAR propaganda campaign worked like a charm.  The prices aren't much off the highs of the bubble either.  IT'S CRAZY!

Mon, 07/02/2012 - 16:29 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

It sure is nice to be able to print your own currency.

Mon, 07/02/2012 - 16:48 | Link to Comment pods
pods's picture

Au Contraire mon frere!

There is no printing until after it is borrowed (with interest) in existence.

pods

Mon, 07/02/2012 - 16:53 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Except in special cases, like TARP, STIMULUS, QE....

QE 2, OT2, POMO....

LTRO, ESFS, ESM....

When the PBoC does a 4T Yuan bailout....

When the BoJ buys ETFs, when the BoI buys AAPL....

Hmmm, maybe monetary policy is no longer so extraordinary?

Mon, 07/02/2012 - 16:56 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Can't wait for all that fiat paper to find it's way back into the real economy, could be fun.  But then again, how much of that is simply going to service debt?  Sounds like capital mis-allocation and mal-investment to me.

Mon, 07/02/2012 - 17:31 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Central Bank shit smells like roses.

This is bullish, by the way.

Mon, 07/02/2012 - 17:05 | Link to Comment JeffB
JeffB's picture

The Fed can do that by buying Treasuries whenever they want.

 

Mon, 07/02/2012 - 17:08 | Link to Comment pods
pods's picture

Yep.

And what are treasuries?

Debt.

Mon, 07/02/2012 - 16:50 | Link to Comment Peter Pan
Peter Pan's picture

As they say, luck cannot protect you from stupidity forever. The US is lucky it can still print but deep down we know the US is on borrowed time.

What I have noticed is that people have cried wolf so many times without a collapse having taken place, that a dangerous sense of complacency has set it.

The collapse is however in motion but is not greatly noticeable because the whole world is more or less sinking.

Mon, 07/02/2012 - 17:16 | Link to Comment OutLookingIn
OutLookingIn's picture

Its a frame by frame, slow motion train wreck!

Mon, 07/02/2012 - 17:31 | Link to Comment Citxmech
Citxmech's picture

Ha ha - this is like a fleet of Titanics all reporting their respective seaworthiness based upon the height of their decks in relation to all the other sinking ships!

Brilliant!

Mon, 07/02/2012 - 16:31 | Link to Comment Linus2011
Linus2011's picture

"i need some change" that is what social worker obama said.

not "change" as all the americans heard

Mon, 07/02/2012 - 16:42 | Link to Comment veyron
veyron's picture

Problem is that there are no african americans in that south park scene.  It was all white people ...

Mon, 07/02/2012 - 16:44 | Link to Comment The Swedish Chef
The Swedish Chef's picture

"I want all the change and the notes too" is apparently what he meant...

Mon, 07/02/2012 - 16:59 | Link to Comment brewing
brewing's picture

obama - that's all we need is another black guy panhandlin for change...

Mon, 07/02/2012 - 16:31 | Link to Comment ArkansasAngie
ArkansasAngie's picture

The only question I have about "the debt" is whether we will surpass the ceiling before or after the election.

But hey ... who cares about the debt when we don't even bother to have national budgets anymore.

Imaginary numbers in the sky only matter to the 1%'ers

Mon, 07/02/2012 - 16:33 | Link to Comment Dr. Engali
Dr. Engali's picture

Brother can you spare an aircraft carrier? I'm good for it I promise.

Mon, 07/02/2012 - 16:50 | Link to Comment Linus2011
Linus2011's picture

yeah!

7000 of 'em!

Mon, 07/02/2012 - 16:34 | Link to Comment bdiggs77
bdiggs77's picture

Greece was in same position 2 years ago!

 

Mon, 07/02/2012 - 16:35 | Link to Comment Linus2011
Linus2011's picture

looks like you americanos pay in quadrillions at the bakery soon as well.

that is probably why you guys all drive big pick-ups!

lol

Mon, 07/02/2012 - 16:38 | Link to Comment falak pema
falak pema's picture

how long can the US continue generating a current account deficit of 3-6% per yr of gDP?

with a debt that is already in the never-never zone; >90% of GDP.

Its asking the world to kick uncle greenback up its obese ass! Exorbitant privilege will get butt bashed, whatever happens in Nov 2012. 

And ALL these PD banks and HFs can think about is to go rob the Euro cupboard! What a cannibalistic world of oligarchs. 

Mon, 07/02/2012 - 16:46 | Link to Comment francis_sawyer
francis_sawyer's picture

 "how long can the US continue generating a current account deficit of 3-6% per yr of gDP?"

~~~

& the chanting begins... 4 more years!... It's all about 'HOPE & CHANGE dontcha know?

Mon, 07/02/2012 - 17:55 | Link to Comment Zymurguy
Zymurguy's picture

Yes!  I HOPE they CHANGE the speed of the printing presses... turn it up to 11

/sarc

Mon, 07/02/2012 - 18:49 | Link to Comment BooMushroom
BooMushroom's picture

Interesting train of thought: what would be the best length of a hyperinflationary collapse, for the muppets to manage to survive it?

Mon, 07/02/2012 - 17:33 | Link to Comment dizzyfingers
dizzyfingers's picture

I think it was Wall Street Greek that said debt to GDP is 101.5% "now"...but I didn't look at the date on the article.

When those percentages are figured, is it done by some guv agency like BLS or is it real... well, like if it were on a chart here?

Mon, 07/02/2012 - 16:36 | Link to Comment hannah
hannah's picture

if we 'only' has $15bil i will eat my own shit.......

Mon, 07/02/2012 - 16:36 | Link to Comment Seasmoke
Seasmoke's picture

good thing we have that retractable roof on the debt ceiling

Mon, 07/02/2012 - 16:38 | Link to Comment A Lunatic
A Lunatic's picture

Debt Schmet. What the printing presses won't cover; fear, intimidation, and drone attacks will...........

Mon, 07/02/2012 - 16:41 | Link to Comment Euro Monster
Euro Monster's picture

Where is the champagne?

Mon, 07/02/2012 - 16:51 | Link to Comment Linus2011
Linus2011's picture

in Frogland!

Mon, 07/02/2012 - 16:41 | Link to Comment Endgamer
Endgamer's picture

Our children will be good for it.

 

 

Mon, 07/02/2012 - 17:26 | Link to Comment Miffed Microbio...
Miffed Microbiologist's picture

This would be a good reason not to have children. Unfortunately too late for me. Ours is going to be an interesting " golden" years. I shudder to think what theirs will be. Frightening times ahead.

Miffed:-)

Mon, 07/02/2012 - 16:42 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

#Winning!

Mon, 07/02/2012 - 16:50 | Link to Comment phijammaslamma
phijammaslamma's picture

 

Does someone have a graph of Debt / Income of US (taxes,fees,etc)  ? 

I don't think Debt/GDP is accurate measure anymore. Debt is a liability that accrues entirely to US taxpayer,  but the fruits of GDP has been siphoned off through offshore tax havens plus globalized workforce.  So GDP grows, but very little incremental tax income results because corporations avoid the taxes, and companies hire many new workers in low cost countries, and those workers pay taxes and consume in their country not the US.   If you could take that into account, I think the picture is much worse.

I guess Debt / Income  and Debt / US taxapyer are more accurate picture in my mind.

Mon, 07/02/2012 - 17:13 | Link to Comment JeffB
JeffB's picture

Some of the raw numbers have been collected on the U.S. National Debt Clock website.

If you count "unfunded", "off-the-books" liabilities, it's more than $1,000,000 per taxpayer.

That isn't likely to get better any time soon with some 9,000 baby boomers hitting age 65 every day for the next couple of decades.

 

 

Mon, 07/02/2012 - 17:40 | Link to Comment dizzyfingers
dizzyfingers's picture

"Some of the raw numbers have been collected on the U.S. National Debt Clock website.If you count "unfunded", "off-the-books" liabilities, it's more than $1,000,000 per taxpayer.That isn't likely to get better any time soon with some 9,000 baby boomers hitting age 65 every day for the next couple of decades.

Does DebtClock have muni pension default factored in? http://www.pensiontsunami.com/public.php  (this is just Calif.) Wonder if other states' pension tsunamis are all on line waiting to be added up.

Mon, 07/02/2012 - 23:12 | Link to Comment JeffB
JeffB's picture

I imagine most of that's lumped into the categories for State debt and Local debt.

The $1,000,000 + per taxpayer is just federal debt, however. It isn't counting personal, corporate, local or state government debt.

Of course I don't know how much it matters once you get beyond "No way in hell of paying it back."

I suppose it does factor into how big of a haircut will be needed either through bankruptcy or inflation.

Mon, 07/02/2012 - 17:35 | Link to Comment Hal n back
Hal n back's picture

would you or anyone loan money to a company which had 16 trillion of debt now-1.5 trillion of annual losses on annual  revenues of 2 trillion, and unrecorded liabilities of somewhere between 80 and 200 trillion.

 

When will people see this as the worlds greatest ponzi scheme? At least we do something well.

Mon, 07/02/2012 - 23:14 | Link to Comment JeffB
JeffB's picture

You must be mistaken. I'm pretty sure I read that the U.S. Treasuries are the world's "safe haven" where one can park their life's savings in risk free assets.

Mon, 07/02/2012 - 16:44 | Link to Comment OutLookingIn
OutLookingIn's picture

"The US economic system is about to blow up.

The banking sector has been kept technically alive on the life support of accounting fraud since 2008, but that artful racket is coming to an end because sooner or later the abstraction called "money" must make truthful representations of itself in relation to reality, or else people cease to accept its claim of value."

http://www.kunstler.com/blog/2012/07/hostage-racket.html

Mon, 07/02/2012 - 16:53 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Nice read, thanks for posting the link.  Diminishing returns indeed.

Mon, 07/02/2012 - 17:10 | Link to Comment aerojet
aerojet's picture

It's about to blow up, but Kunstler can't predict when.  Japan has something like 200% debt/gdp an they haven't headed into SHTF yet.

Mon, 07/02/2012 - 17:21 | Link to Comment OutLookingIn
OutLookingIn's picture

Nobody can make that prediction.

Anyone who attempts to is guessing.

Just because Japan is over 200% debt/GDP does not insulate the US from a blow up. Because most of Japan's debt is held internally, and are not responsible for the worlds reserve currency. 

Can you say BOOM? I knew you could.

Mon, 07/02/2012 - 17:28 | Link to Comment LawsofPhysics
LawsofPhysics's picture

I wouldn't call life in many part of Japan pleasant right now for the majority of the population, but it really depends who holds the debt.  I often find that I owe myself money.  Fortunately, I decide if the debt is forgiven. Get it?

Now if only the U.S. treasury were printing it's own money, then it would be holding the debt.  Unfortunately, a private banking cartel holds the debt, maybe you heard of them - The Federal Reserve.

Mon, 07/02/2012 - 16:45 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Time for a few more unfunded wars, yeah that should do it. Just give me a head's up so I can buy those companies.  ZH should do a piece on all companies connected to the industrial war complex and include the domestic providers of riot gear, mace, etc.  Some are obvious players, but I would be willing to bet that many of us would be enlightened and somewhat suprised.

Mon, 07/02/2012 - 17:04 | Link to Comment OutLookingIn
OutLookingIn's picture

Surprised? Maybe not.

Many of the names on the stock holders list or on the board of directors or as upper management, would most probably read like a who's who in either Washington or Wall Street, or both!

Corporatism is just another way of saying fascism. Military/industrial/governmental corporatists.

Mon, 07/02/2012 - 16:46 | Link to Comment Snakeeyes
Snakeeyes's picture

And that's the way, uh-huh, uh-huh, he likes it. uh-huh. uh-huh.

Mon, 07/02/2012 - 16:47 | Link to Comment Jena
Jena's picture

Obama really doesn't want to talk about the debt deiling before the election.  He doesn't want anyone else talking about it, either.  Shhh.

Mon, 07/02/2012 - 17:56 | Link to Comment Hal n back
Hal n back's picture

he would not want to talk about it after the election either.

 

Of course, he campaigned in 08 about fiscal responsibility, just like any candidate would have done.

 

Change we can believe in.

 

 

 

 

Mon, 07/02/2012 - 16:52 | Link to Comment TWSceptic
TWSceptic's picture

It's ok, according to liberals the president didn't increase debt that much percentagewise so we're actually all fine and don't have to worry.

Mon, 07/02/2012 - 16:57 | Link to Comment knukles
knukles's picture

My uber-liberal friends say the problem's not enough's been spent.... (Krugmanesques horse shit)

Mon, 07/02/2012 - 17:38 | Link to Comment sosoome
sosoome's picture

My uber-liberal friends have dropped all pretense, and tell me they don't care about any "debt".

Mon, 07/02/2012 - 17:58 | Link to Comment Hal n back
Hal n back's picture

my uber liberal friends, mostly teachers, retired at age 55 have houses in warm climates and go on 2-3 cruses a year and have no sense of reality; at least until the pensions go into default.

Mon, 07/02/2012 - 23:42 | Link to Comment DanDaley
DanDaley's picture

I tell my uberlib neighbors to stock up for the crash so they don't come begging when the time comes, saying, "what's happening, what's happening, why the martial law", etc., etc.?

Mon, 07/02/2012 - 16:51 | Link to Comment Linus2011
Linus2011's picture

All your dept are belong to Germany!

Mon, 07/02/2012 - 16:51 | Link to Comment Whoa Dammit
Whoa Dammit's picture

$75 billion overnight = approximately a $600 cost for a family of 4.

Did you get your moneys worth outta that deal? I sure didn't. 

Mon, 07/02/2012 - 16:55 | Link to Comment Uncle Remus
Uncle Remus's picture

Aaaaaaaaaaaaaaaaaahhhhhhhhhhhhhhhhhhh! He's got a PIN!!! Somebody dial 419!!

Mon, 07/02/2012 - 16:54 | Link to Comment surf0766
surf0766's picture

Does this officially put an lid on the "The debt was higher after WWII than it is now" crap ?

Mon, 07/02/2012 - 17:15 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Sure, now what did the tax rates look like after WWII again?

Mon, 07/02/2012 - 18:01 | Link to Comment TMT
TMT's picture

70-80% but the effective tax rates were much lower.

Check out the % of the budget during that period - entitlements and interest were de minimis.

Are you advocating for an 80% top tax bracket?

Mon, 07/02/2012 - 23:39 | Link to Comment JeffB
JeffB's picture

How much did they cut spending when the war was over?

 

Mon, 07/02/2012 - 19:56 | Link to Comment surf0766
surf0766's picture

I believe they cuts taxes and cut spending and the economy took off.. I could be wrong..

Mon, 07/02/2012 - 17:01 | Link to Comment knukles
knukles's picture

Is that before or after the BLS seasonal adjustments and weekly revisions?

Mon, 07/02/2012 - 17:02 | Link to Comment ptoemmes
ptoemmes's picture

Big numbers hurt my head - not enough fingers and toes - but if I read the chart correctly there's about $580 billion until we - who the frack is this we - bump our heads on the debt ceiling limit.  Looking like they might make the election without a circus show in the main tent.  But I could be off a decimal or a few months...

 

Pete

Mon, 07/02/2012 - 17:03 | Link to Comment Tum
Tum's picture

Considering we're most likely involved in more countries openly and covertly today with our military than even in WWII, I'm not surprised. Add to that the welfare state and a few different accounting books for the Feds to use, and you have yourself a nice little cluster fuck and shit storm coming our way.

Mon, 07/02/2012 - 17:04 | Link to Comment reader2010
reader2010's picture

We haven't reached the level of the largest known prime number yet. Inflate or Die, BitcheZ!

Mon, 07/02/2012 - 17:06 | Link to Comment YesWeKahn
YesWeKahn's picture

At the same time, the criminal FED has been printing at the record pace.

Mon, 07/02/2012 - 17:11 | Link to Comment yogibear
yogibear's picture

Print faster Bernanke and the Fed!! Make the US dollar go to 0. All debts and wealth is worthless. Then start a new currency.

Mon, 07/02/2012 - 17:15 | Link to Comment monopoly
monopoly's picture

But is just does not mean anything yet. Few seem to care or worry and even less know what the number is. And until it does matter, maybe next year, rally on. So absurd. A country being destroyed.

Mon, 07/02/2012 - 17:16 | Link to Comment bnbdnb
bnbdnb's picture

If this contraction (ISM number) brings about some firings/layoffs, tax receipts will start dropping, and we'll hit the debt ceiling much sooner.

Mon, 07/02/2012 - 18:00 | Link to Comment Hal n back
Hal n back's picture

nah-they stop paying into the federal pension system and if thats not enough, they stop paying vendors

Mon, 07/02/2012 - 17:16 | Link to Comment Piranhanoia
Piranhanoia's picture

You are required to have faith that the above charts making claims of fact are not cloud based double secret revisions dreamed up by the head revisionist.  Like the facts we get from NAR, Chamber of Congress, BLS, GDP,  NFP, et cet.   From Aardvark to Zyzyx.  And Zyzyx is likely moving to Nevada or Arizona if it gets a decent offer or there is a big enough quake to make it oceanfront.

Mon, 07/02/2012 - 17:17 | Link to Comment duckarooni
duckarooni's picture

How much of that is military debt? Most of it! 2/3 of a trillion a year. Over 25 years that can add up.

Mon, 07/02/2012 - 17:21 | Link to Comment Piranhanoia
Piranhanoia's picture

I have a question that I haven't seen a story on;   How much actual greenbacks (roubles, rial, euro, all the actual money in circulation,  compared to the amount of money is claimed to exist on other piece of paper?   And how much that doesn't seem to exist in a real sense even on paper?

That might scare people into waking up.

Mon, 07/02/2012 - 17:27 | Link to Comment OutLookingIn
OutLookingIn's picture

If physical gold was allowed to trade freely?

The price would need to be north of $20,000.00/oz to cover the worlds fiat currency.

Mon, 07/02/2012 - 17:27 | Link to Comment TMT
TMT's picture

The Hope Bonds line item was unchanged at $493 MM.  Aren't they all "Hope Bonds"?  I hope these idiot investors buying this garbage don't realize they're getting a negative real return to lend money to an insolvent government.

Mon, 07/02/2012 - 17:28 | Link to Comment dizzyfingers
Mon, 07/02/2012 - 17:30 | Link to Comment dizzyfingers
dizzyfingers's picture

The Watchman

 

Noooooooooooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mon, 07/02/2012 - 17:35 | Link to Comment Snakeeyes
Mon, 07/02/2012 - 17:48 | Link to Comment TMT
TMT's picture

Now.

But with the veloicty doesn't that point to deflation?  With all the trillions of fiat slushing around, is it accurate to say that it can't result in inflation as long as velocity is dead?

Mon, 07/02/2012 - 17:36 | Link to Comment Turin Turambar
Turin Turambar's picture

and who says we don't give it our all?  100+% BABY!!

Mon, 07/02/2012 - 17:37 | Link to Comment koaj
koaj's picture

to infinity.....and beyond!!!!

Mon, 07/02/2012 - 17:43 | Link to Comment LouisDega
LouisDega's picture

Gee wilikers, That is a lot of money. Enjoy your holiday.

Mon, 07/02/2012 - 17:38 | Link to Comment Diablo
Diablo's picture

debtclock has it at 103.9%

 

Mon, 07/02/2012 - 17:41 | Link to Comment stant
stant's picture

mean-while in blacked out dc the prince of darkness feels more at home

Mon, 07/02/2012 - 17:47 | Link to Comment Uncle Remus
Uncle Remus's picture

And now for something completely different: https://www.youtube.com/watch?v=b1rKQReqJZg&feature=related

Mon, 07/02/2012 - 17:49 | Link to Comment Heroic Couplet
Heroic Couplet's picture

Let the IRS close down Swiss Bank Accounts, Cayman Islands accounts and return the monies to the IRS. Find the total dollar amount of damage Phil Gramm and the repeal of Glass-Steagall did and charge that to Phil Gramm, along with the crap derivative products created in a private, unregulated environment. Republicans want deregulation but they're too dumb to realize it leads to increased risk.

Housing Bubble: Alan Greenspan and the banks. Get rid of Alan. Limit New York City to credit unions only.

 

Mon, 07/02/2012 - 18:09 | Link to Comment TMT
TMT's picture

You're painting with a very broad brush there.  I (not a Republican, since you're into labels) want the least amount of sensible regulation possible.  GS is good regluation.  Regulating lemonade stands is not.  Not all regulation is equal.

But it's not just the regulation on the books that matters - it's the willingness to enforce them (prosecute those responsible).  Do you not think that many laws were violated during 2008 and the runup to the collapse?  The problem is no one is held accountable.

Mon, 07/02/2012 - 17:53 | Link to Comment Zymurguy
Zymurguy's picture

I love how on another topic ("green" fuel for the navy) there's tons of liberal wank yankers trying to defend the administrations green agenda and it's forcing it upon our navy.

On this topic however, doesn't seem to be one of them here.  The facts are the facts... debt, fiat, fractional reserve lending is killing every 1/2 way modern society on the planet.

Mon, 07/02/2012 - 17:55 | Link to Comment yogibear
yogibear's picture

Double or nothing Bernanke and the Fed. Double the Fed's balance sheet to 6 trillion. Do a $3 trillion fiscal stimulus. Add another $3 trillion to the deficit to make it $19 trillion and party on!!!

If that doesn't work, add another $6 trillion to the federal Reserve deficit and make it $12 trillion. Add 12 trillion to the US deficit and make it $31 trillion. 

If that doesn't work double up again. Keep doing it until nobody accepts the US dollar and it all blows up!!

Mon, 07/02/2012 - 17:56 | Link to Comment Chartist
Chartist's picture

I expect a world wide debt write down in five years....

Tue, 07/03/2012 - 02:35 | Link to Comment GoinFawr
GoinFawr's picture

$15,856,367,214,324.44 In Federal Debt? Good grief why don't these lazy Greeks just give it up and default already.

oh wait, wrong thread?

Mon, 07/02/2012 - 20:31 | Link to Comment Walt D.
Walt D.'s picture

It seems that there is always a big spike at the end of the month. Does anyone know why? 

Mon, 07/02/2012 - 20:51 | Link to Comment sickofthepunx
sickofthepunx's picture

same reason your bank account tanks on the 1st of the month,

 

that's when the bills get paid

Tue, 07/03/2012 - 11:09 | Link to Comment Walt D.
Walt D.'s picture

Except this is not a bank account balance - this is more like a credit card balance (that keeps increasing every month).

Mon, 07/02/2012 - 22:19 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

I'm not bad with 16 trillion.  When it gets to 32 trillion then I might have an issue.

 

Disclosure.  Long Facebook forever.  I will only buy facebook stock nothing else. No diversification. Strong Buy.  Based on Salesforce.com, Want Want China, Linked In, Netflix,  and Zillow P/E's thefacebook should be a 180 dollar stock and Zuckerberg should be the wealthiest person in the world with a net worth of 90 billion dollars.

Tue, 07/03/2012 - 01:42 | Link to Comment electronpaul
electronpaul's picture

$500 billion till the next debt "ceiling' is hit, what's the over on that ? election day?

Tue, 07/03/2012 - 04:13 | Link to Comment natty light
natty light's picture

Electron Paul

Is that like Neutron Jimmy?

Tue, 07/03/2012 - 07:15 | Link to Comment richard007
richard007's picture

Scripture seems to indicate where the US debt is taking us.

Habakkuk 2:7 describes what will happen to the USA immediately after the War with Iran starts.

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