McTag
 
Reply Tue 25 Nov, 2008 05:15 am

On our TV last night, I saw an amazing programme based on the work of David Walker and others, on the theme of fiscal irresponsibility, trade deficit, and overseas borrowing of the USA.

http://www.sourcewatch.org/index.php?title=David_M._Walker#Walker.27s_Fiscal_Wake-Up_Tour

(quote)
In the fall of 2006 Walker began a "Fiscal Wake-Up Tour" designed to "state the facts and speak the truth regarding the nation’s current financial condition and long-term fiscal outlook in order to increase public awareness and accelerate actions by appropriate federal, state, and local officials." Partnering organizations include the Concord Coalition, Heritage Foundation, Brookings Institution, Committee for Economic Development, Association for Government Accountants, AICPA, AARP, Committee for a Responsible Federal Budget and others. The campaign to sound the alarm on US fiscal irresponsibility is scheduled to last through 2008.

(end quote)

The situation as described is beyond crisis.
I wonder if this is getting the publicity it merits, over there.
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McTag
 
  1  
Reply Tue 25 Nov, 2008 05:19 am

It's evidently not a secret.

http://www.cbsnews.com/stories/2007/03/01/60minutes/main2528226.shtml

The TV programmes, there are four in the series, should be required viewing for colleges and universities. And government departments.
McTag
 
  1  
Reply Tue 25 Nov, 2008 05:34 am
@McTag,

More here

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/20/AR2007062002342.html
0 Replies
 
maporsche
 
  1  
Reply Tue 25 Nov, 2008 07:14 am
McTag, the newest thing is that we now have to save our auto industry from being ran by foreign companies...by borrowing foreign dollars to save it.

Crazy huh?
0 Replies
 
Bi-Polar Bear
 
  1  
Reply Tue 25 Nov, 2008 07:15 am
The inmates are running the asylum and have been for quite some time...
McTag
 
  1  
Reply Tue 25 Nov, 2008 03:39 pm
@Bi-Polar Bear,

Cutting taxes while borrowing ever more money from abroad is playing with the country's future.

"Live now, let our children pay later"
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cicerone imposter
 
  1  
Reply Fri 28 Nov, 2008 01:15 pm
Actually, America has been broke long before this subprime mortgage debacle has been revealed to the masses. It doesn't *(or shouldn't) take a rocket scientist to figure out the impact of an economy where 70%+ of our GDP is created from 100% debt. We mortgaged our children and grandchildren future as consumer and government debt continued to grow beyond our gross national product.

As this crisis was building to the killer point, Bush and McCain continued to tell the American people that our economy was fundamentally strong. This after Bush lied about WMDs in Iraq to start his endless war.

Americans learned to live for today, and fxxx tomorrow; and we all got it in the rear.

The market continues to go upwards as our economy tanks. Where's the logic? We lost it some years ago, and most investors are still in the dark.

The free-fall of the market, when it does come, is going to make consumer confidence an outmoded term.
McTag
 
  1  
Reply Fri 28 Nov, 2008 02:54 pm
@cicerone imposter,

Have you guys heard about the "Fiscal Wake-Up Tour"? Does it get any mention over there?
cicerone imposter
 
  1  
Reply Fri 28 Nov, 2008 03:00 pm
@McTag,
No. Not here in California, anyways....
0 Replies
 
Miller
 
  1  
Reply Fri 28 Nov, 2008 03:01 pm
@McTag,
Quote:
The campaign to sound the alarm on US fiscal irresponsibility is scheduled to last through 2008


One month to go...
cicerone imposter
 
  1  
Reply Fri 28 Nov, 2008 03:22 pm
@Miller,
It's already long past the alarm stage, and we're now in the "progress into a depression" stage. We're losing jobs by the hundreds of thousands every month, and it's gonna get much worse going into next year, because there's nothing to stop this destruction of jobs for the foreseeable future.

All those billions in bailout money is putting a bandage on the biggest wound this country or the world has ever seen, and it does absolutely nothing to create jobs - the only solution to stop the bleeding.

The uptick in the stock market this past week is about as empty as the coffers of many companies trying to stay alive. We've only seen some of the symptoms of whats to come in the next year. Obama will have to create some miracles to save those already without jobs, homes, and food.

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