Bernanke warns budget could SERIOUSLY hurt economy

[camberiu]

http://news.yahoo.com/s/ap/20070118/ap_on_bi_ge/bernanke

Another member of piglet sodomizer tinfoil hat brigade?

 

[brewer12345]

http://news.yahoo.com/s/ap/20070118/ap_on_bi_ge/bernanke

Another member of piglet sodomizer tinfoil hat brigade?

Maybe. Who knows what he was into back in college?

Bernanke is talking about long term trends in the ecnomy and is backed up by reams of data and research. Much more credibe than some nutball pointing to hi bible/rear end/a comet and warning tha recession is surely right around the corner.

 

[camberiu]

"Thus a vicious cycle may develop in which large deficits lead to rapid growth in debt and interest payments, which in turn adds to subsequent deficits," he said. Ultimately, a big expansion of the nation's debt "would spark a fiscal crisis, which could be addressed only by very sharp spending cuts or tax increases or both," Bernanke warned."

This is EXACTLY what happened in Brazil. However, I am told by folks in this forum, that this COULD NOT POSSIBLY happen here, because you cannot compare the economy of a puny and illiterate developing nation with the economy of the all migthy US of A.
I guess Ben is also heading for the underground shelter.

 

[cute fuzzy bunny]

Hmmm...imagine writing the bible on a comet and having it fly up your backside.

Would you point to it?

Would you need to?

Hmmm...sounds like our government has run into the same deep spending credit card debt problem that its consumers have run afoul of.

Perhaps we just need to refinance into an adjustable rate interest only loan and worry about it next year.

 

[camberiu]

Maybe. Who knows what he was into back in college?

Bernanke is talking about long term trends in the ecnomy and is backed up by reams of data and research. Much more credibe than some nutball pointing to hi bible/rear end/a comet and warning tha recession is surely right around the corner.

I am looking forward for you to point out WHERE the author pointed to the bible when saying that a recession was coming. Everything I have read from him so far (following your suggestion) says that the DEFICIT is not sustainable and will provoke a fiscal crisis. So, NOTHING different from what Ben is saying. If you can point out where he cited the Bible, comets, bleeding piglet anuses or anything else as sources, I would be most grateful.

 

[cute fuzzy bunny]

Man, and I thought MY post was silly.

 

[brewer12345]

I am looking forward for you to point out WHERE the author pointed to the bible when saying that a recession was coming. Everything I have read from him so far (following your suggestion) says that the DEFICIT is not sustainable and will provoke a fiscal crisis. So, NOTHING different from what Ben is saying. If you can point out where he cited the Bible, comets, bleeding piglet anuses or anything else as sources, I would be most grateful.

I don't make it my business to read up on every crackpot out there, but if memory serves , your favorite piglet sodomizer had a prominent link on his site pointing to some book/article he wrote on what the bible says about money, or some such. Who could be bothered to look too closely?

 

[FinanceDude]

Hmmm...sounds like our government has run into the same deep spending credit card debt problem that its consumers have run afoul of.

Maybe the gov needs a "universal default rate" to kick in on their "CC debt"...........

 

[camberiu]

I don't make it my business to read up on every crackpot out there, but if memory serves , your favorite piglet sodomizer had a prominent link on his site pointing to some book/article he wrote on what the bible says about money, or some such. Who could be bothered to look too closely?

Yep, I read it and it is a very boring article (specialy for someone as agnostic as myself), but in the article he makes no predictions about the economy nor he mentions the bible ONCE as an indicator of things to come. The article is about how good money management is a cristian virtue. Boring and self-rightous? Maybe. But I am yet to see any evidence of him being a crackpot or writting non-sense other than your prejudices. I am not found of over religoius people either, but I do not disqualify what people say based on what I think of their religious beliefs. I think Patt Buchannan is a nazi-facist xenophobe, but that does not make the criticisms he makes about the Iraq war wrong. As much as I dislike the fella, on Iraq he is dead on.
Maybe you should have less prejudice and actually READ what people write. You would find that text he wrote 3 years ago (using public data as sources) are saying exactly the same thing the FED chairman is saying right now.

 

[brewer12345]

You would find that text he wrote 3 years ago (using public data as sources) are saying exactly the same thing the FED chairman is saying right now.

I'm sure he has been souting the same thing for a lot longer than 3 years. He will be right eventually, but so is a broken clock.

In the meantime, think of the wear and tear on the piglets!

 

[haha]

You guys are awfully hard on this guy Camberiu. He is polite, he is not arrogant, and he tries to document what he says. His only fault is that you disagree with the content of his message.

Better he should give up on this and present a method for taking a safe 8% SWR. Or living like a king on $5 a day.

Ha

 

[brewer12345]

You guys are awfully hard on this guy Camberiu. He is polite, he is not arrogant, and he tries to document what he says. His only fault is that you disagree with the content of his message.

Better he should give up on this and present a method for taking a safe 8% SWR. Or living like a king on $5 a day.

Ha

Aw, c'mon Ha, where else would you get away with calling someone a piglet rapst?

 

[Nords]

I think Patt Buchannan is a nazi-facist xenophobe

I'm sorry, guys, but according to Godwin's Law the moderators must now declare this thread finished.

How 'bout if everybody sets their differences of opinion aside and stops dragging up old arguments in the new threads. Got it?

 

[brewer12345]

How 'bout if everybody sets their differences of opinion aside and stops dragging up old arguments in the new threads. Got it?

Pull the other one. Its got bells on.

 

[haha]

I just read the article. I think he is acting in his capacity as undeclared spokesperson for the administration here.

Come on, all us oldsters are going to ruin the economy sometime. No matter that the independent actuaries who have looked at it say that relatively simple changes are all that is needed, and there is no emergency.

No matter that Bush's war is now, is forecast to use 1% of GDP this year, and is useless.

Ha

 

[Caroline]

Another member of piglet sodomizer tinfoil hat brigade?

'Scuse my ignorance, but who are we talking about here exactly?

If I ever get tired of the highbrow intellectual discourse going on around here, I might want to read what this guy has to say...

 

[brewer12345]

'Scuse my ignorance, but who are we talking about here exactly?

If I ever get tired of the highbrow intellectual discourse going on around here, I might want to read what this guy has to say...

I think if you search the board on the word "piglet" (heh) you should get the original thread.

 

[2B]

Bernanke's message is very, very old news. The dems slammed Bush II's feeble, half-baked attempt to "fix" SS (and rightly so) but the best they could come up with is Al Gore the Pathetic clasping an old cash box and pleading "Mr. President, don't take my lock box." Anyone that believes there is actually a "personal" account with "their" money in it has more problems than the looming budget issues.

Unless the dems put forward an even worse candidate than Al Gore, John Kerry and GWII put together, the next president will be a dem. Then they will have the problem to deal with or ignore. I'm betting on "ignore." I do have faith in their ability to find another total loser but they still have to consider that the repubs may once again out do themselves with another weak candidate. Stay tooned. It may be another close election.

 

[brewer12345]

I agree that SS will be ignored as long as it remains a net positive revenue source to the general budget. The more interesting bit is what will happen to Medicare as it becomes an increasingly large cash drain on the general budget. That is not way off in the future and it will need to be dealt with one way or the other.

 

[New Thinking]

Another View

I can't help but take another view of this issue. If SS is cut back and if Medicare is cut back, fewer seniors will have money to put back into the economy. Not the majority of folks on this board, but many boomers will not have enough $$s as it is to fund their retirements..If SS is scaled back, where will their money come from to "stoke" the economy?

It cuts both ways...It's not like SS payments are being sent oversees and being invested abroad. (Except for a few of you in your Emerging Market ETFs!).

 

[brewer12345]

Easy: they will have to keep working, which will keep pumping up teh economy.

 

[Jay_Gatsby]

The deficit and national debt issues will eventually come to a head, but I find it quite interesting that so many people outside of the U.S. point at the deficit and national debt as indicators of American fiscal irresponsibility. The U.S. has spent trillions of dollars over the years helping to rebuild other countries, propping up their economies, or more controversially, preventing the spread of economic systems that would undermine the world economy (communism anyone?). It's like borrowers from a bank claiming the bank was irresponsible to lend them money, or that the bank spent money to prevent them from doing something stupid. Should we call in our markers and see who's complaining then?