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do you think that we are done bailing wall street out? not by a longshot! here are some numbers that will make you cry!
There has much discussion of our enormous, unfunded liabilities including mandatory Social Security and Medicare payments, government and military pensions, interest on the national debt and other hidden-but-very-real government debt. these debts total an incredible $60 trillion to $65 trillion, or about $500,000 for every american family!
That is scary enough and raises lots of reason for concern, as more baby boomers retire and this debt comes due. However, the above unfunded mandates are dwarfed by little-understood but truly colossal derivatives debt which now totals over $345 trillion, or about nine times the Gross Domestic Product (GDP) of the entire world.
wall street had a gambling problem and lost, and now we have a problem!
Floridasandy, I'm glad you have brought up the derivative market as the fed and its irresponsible greenspan with his artificially low interest rates, Highly leveraged futures contracts and the fractional banking system have created a time bomb. Consider that over $285 to a possible $345 trillion dollars is currently tied into speculating on the move of interest rates and the effects these moves will have on prices. I'm not a tin foil hat type of guy but if we start getting into a set of cascading cross defaults expect a fire sale liquidation that would be worse than even the great depression
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You think the economy is a problem today? Just wait til Obama Pelosi Reid take over government with no opposition. Hide your valuables 'cause 'spreading the wealth' means more than taxing the rich.
Certainly not Franks or Dodd! Where did all the honesty go?
Did your own credit purchases or investment strategy contribute in anyway whatsoever to the current problems, for yourself or to some tiny degree in general? I asked for people to say they were wrong. We alrady have plenty of people like you who can only point the finger at somebody else.
And we have NO clue as to what was in the Bailout Bill or the riders attached. I have a feeling we'd be pretty pissed if we did.
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