Next Debt Crisis May Start in Washington, Says Head of FDIC
2010 Nov 26, 4:59am 16,545 views 113 comments
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marcus
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2010 Dec 7, 10:28pm
So any showdown over this is going to end badly, as far as the macro situation goes.
Okay, but putting up a fight would have been politically good, because the people weren't for this(continued cut for the rich), and I'm pretty sure that the people don't understand. I've heard people here say, "what do you call rich," as if to say, hey 250K isn't that high. But what I'm pretty sure many don't understand it's only the income over that that is taxed higher. If they had ended the tax cut for high income earners, a household that makes 260K would have had to pay only $400 more in taxes. It's the truly rich that would have felt it ( a little ), and who can easily afford to pay more.
FortWayne
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2010 Dec 8, 12:37am
Trade deficit and national debt is too high, and both have to be resolved with probably tariffs and cuts. But this is a nation where almost noone wants cuts or want to make less money. They'll just kick the can down the road and hope to not be present when it all crashes down (a mistake Bush made when he stuck around long enough to see mistakes of his administration materialize)
Â¥
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2010 Dec 8, 1:20am
It’s the truly rich that would have felt it ( a little ), and who can easily afford to pay more.
Sounds like a good thing to run on in 2012.
2010 didn't end up so well, thanks to 60% of the electorate not bothering to vote.
Don't vote, pay the man.
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The European Union is wobbling under the current economic crisis as the debt bubble continues to burst in a number of EU nations. Overwhelming debt is crushing once vibrant economies as nations continue to struggle to provide even basic services to people that have been accustomed to government aid and services for generations.
Now, the head of the FDIC warns that America is also on the brink of an economic catastrophe due to our own crushing national debt. Go to this link to read CNBC's article on what she recently wrote as an op-ed piece for the Washington Post. The link to the Post's op-ed piece is also included in CNBC's report in order to read what she has written yourself. http://www.cnbc.com/id/40378597
IMO, we are entering a very dangerous period economically. The government's efforts to help stabilize and stimulate the economy has only put us into a deeper debt hole. Also, with QE2, the Fed is monetizing the debt, the last act of desperation as the real "day of reckoning" approaches.