The Beginning Of The End
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QE3? Several Top Federal Reserve Officials Seem To Think That More Quantitative Easing Is Necessary

The end of QE2 is still several months away and yet quite a few top Federal Reserve officials are already hinting that more quantitative easing may be necessary.  Apparently the U.S. economy is not moving forward as rapidly as they would like.  So it looks like "QE3" could be on the way.  But did anyone out there actually believe that quantitative easing would come to a complete stop in June?  Whether they call it "QE3" or something else entirely, the reality of the matter is that we have now come to a time when the Federal Reserve is going to be continually purchasing a significant percentage of all new U.S. government debt.  This is essentially a gigantic Ponzi scheme, but sadly there is just not enough money in the rest of the world to be able to continue to feed the U.S. government's voracious appetite for debt.  Right now Ben Bernanke and his cohorts are trying to break the news to us gently, but anyone with half a brain can see what is happening.  The only way for the game to keep going is for the Federal Reserve to print lots more money, and that is going to be incredibly bad for the U.S. economy in the long run.

The other day James Bullard, President of the Federal Reserve Bank of St. Louis, made national headlines when he declared that Fed officials should "never say never" when it comes to QE3 and more quantitative easing.  But the truth is that other Fed officials have been dropping public hints about the "need" for QE3 for several weeks now.  Just consider the following quotes from top Federal Reserve officials....

Federal Reserve Chairman Ben Bernanke in response to a question about the potential for QE3 at the National Press Club....

"In the end, we'll just ask the same questions. Where's the economy going, and what do various inflation indicator look like? We'll ask those questions. If unemployment is still too low, then we may continue. If we're moving towards full employment, then we won't need to stimulate more."

William Dudley, President of the Federal Reserve Bank of New York during a recent speech at New York University....

"The economy can be allowed to grow rapidly for quite some time before there is a real risk that shrinking slack will result in a rise in underlying inflation."

James Bullard, President of the Federal Reserve Bank of St Louis during a recent speech at the Bowling Green Area Chamber of Commerce....

"The natural debate now is whether to complete the program, or to taper off to a somewhat lower level of asset purchases. Quantitative easing has been an effective tool, even while the policy rate is near zero. The economic outlook has improved since the program was announced."

Charles Evans, President of the Federal Reserve Bank of Chicago during a recent interview with The Financial Times....

"The message that comes out of what I think of as high-quality research on this subject is that policy ought to remain accommodative for really quite a while, even a while after conditions start to improve."

So how in the world did things get to the point where the Federal Reserve feels forced to recklessly print gigantic piles of money?

Well, it didn't happen overnight.  Back during the 1980s and 1990s there were many people that desperately tried to warn about what would happen if U.S. government debt was not brought under control.

Unfortunately, our politicians did not heed those warnings.

Today, the U.S. national debt has reached a grand total of $14,137,541,098,872.71.  It is 14 times larger than it was just 30 years ago.  It is the largest single debt in the history of the world.

So why don't our politicians just balance the budget now so that we don't keep having to borrow so much money?

Well, there are some huge problems.  First of all, when you combine entitlement programs such as Social Security and Medicare with interest on the national debt, it comes to approximately 64 percent of all federal government spending.

But that is not the bad news.

In the years ahead, entitlement spending and interest on the national debt are both projected to absolutely explode.

We are rapidly approaching a time when spending on entitlement programs and interest on the national debt will be significantly greater than all of the revenue that the federal government brings in each year.  All federal revenues will be spoken for even before a single penny is spent on defense, education, running the government or anything else.

Either entitlement programs are going to have to be seriously reformed or the U.S. government is going to have to come up with a massive amount of extra money from somewhere or the U.S. government is going to have to borrow increasingly large piles of money from someone.

Unfortunately, there are no easy solutions and most of our politicians are scared to death to touch entitlement programs because it will mean that they will lose votes.

But our entitlement programs were never meant to be as massive as they are today.  Back in 1965, only one out of every 50 Americans was on Medicaid.  Today, one out of every 6 American is on Medicaid.

Obviously something has to be done, because the debt that we are passing on to future generations is absolutely criminal.

For example, every single child born in America today inherits $45,000 in U.S. government debt.

Isn't that lovely?

Of course our liberal friends believe that the answer is just to raise taxes.

Oh really?

The truth is that our taxation system is deeply broken.

Small business owners and middle class Americans are being taxed into oblivion while those at the top of the food chain often pay no federal taxes whatsoever.

For example, did you know that Citigroup did not pay a dime of federal taxes in the third quarter?  Meanwhile, their executives continue to bring in bonus packages worth millions.

Did you know that even though Boeing receives billions in federal subsidies every year and even though it has a bunch of juicy government contracts it did not pay a single penny in federal corporate income taxes from 2008 to 2010?

Did you know that while Exxon-Mobil did pay $15 billion in taxes in 2009, not a single penny went to the U.S. government?  Meanwhile, their CEO brought in over 29 million dollars in total compensation that year.

You can find a lot more examples of this phenomenon right here.

Those at the top of the food chain are experts at avoiding federal taxes.  So liberals can raise rates all they want but it won't do much good.

As I have written about previously, the truth is that approximately a third of all the wealth in the world is now held in "offshore" banks.  The ultra-wealthy and the monolithic predator corporations that dominate the global economy don't mess around when it comes to paying taxes.  They don't care if they aren't paying their "fair share".  They simply know how to play the game and they laugh at all the rest of us.

Our entire system is broken beyond repair and needs to be reconstructed from the ground up.

But of course that simply is not going to happen.

So what can be done?

Not a whole heck of a lot.

The truth is that the U.S. economy is on the verge of a major collapse.

Marc Faber, the author of the Gloom, Boom and Doom report recently gave a speech in which he declared that the U.S. financial system is in such disastrous shape that only a "reboot" will be able to save it....

I think we are all doomed. I think what will happen is that we are in the midst of a kind of a crack-up boom that is not sustainable, that eventually the economy will deteriorate, that there will be more money-printing, and then you have inflation, and a poor economy, an extreme form of stagflation, and, eventually, in that situation, countries go to war, and, as a whole, derivatives, the market, and everything will collapse, and like a computer when it crashes, you will have to reboot it.

But can we just "reboot" the system and expect things to go back to normal?

Of course not.

The truth is that when the rest of the world completely loses faith in the U.S. dollar and in U.S. Treasuries the dominoes are going to start to fall.  Eventually we are going to see a financial panic that is going to make 2008 look like a Sunday picnic.  Our economic system will massively implode as all of the gigantic mountains of debt and paper money collapse like a house of cards.

Right now the Federal Reserve is desperately trying to hold the system together by "papering over" all of the mistakes.  But in the end it is not going to work.  In fact, what we are witnessing now are the very early stages of hyperinflation.  A lot of other nations in the past have thought that they could just print their way out of trouble, but many of those "experiments" ended in total disaster.

Marc Faber is certainly right about one thing - all of this money printing is going to give us substantial inflation to go along with the high unemployment that we already have.  This is called "stagflation" and anyone that remembers the 1970s knows that it is not a lot of fun.

But the Federal Reserve seems absolutely determined to print more money.  Fed officials are doing the same thing now that they did right before QE2.  They are dropping hints about QE3 and they are trying to break it to us gently.

Well, it is about time that someone told the American people the truth.  All of this money printing is going to end in disaster and so you had better get prepared.

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  • SPECTRE of Deflation

    “Paper is poverty…it is the ghost of money, and not money itself.” -Thomas Jefferson

  • http://www.planorperish.com/ Gutter Economist

    Necessary for what?

    Debt has reached the saturation phase where additional debt can only have a negative effect on GDP.

    http://www.shtfplan.com/headline-news/the-elephant-in-the-room-debt-saturation_03212010

    Quantitative Easing is the work of idiots. Gerald Celente forecasts that Americans will finally realize this in 2011.

    http://www.planorperish.com/?p=4260

  • Liberte

    This whole thing is a joke. Money has to be borrowed to maintain the money supply plus interest payments. P + I.

    We are rounding the exponential curve of the usurous monetary policy.

    Our interest payments are so high now that we must borrow even larger amounts, and take on even more debt, in order to keep the money supply.

    This ends in hyper inflation very soon. Our urban and criminal parasites will end up cannibals. I hope you reacted to your natural instincts of flight while you had the chance.

    God bless.

  • impeachRonPaul

    It will decade or two to recover from BUSH

  • gregge johnson

    The Federal Reserve Does not print money. They replace the old currency. All they do is have the FED comp controler, do is add 0000000000000000000000000000000000000000000000000000000000 zeros behind the number>>>> the US Treasure WANTS TO borrows. Its the oldest PONZI scheme,,they have been doing it since 1913. My 5th grade math students figured this out.

  • whoisbiggles

    hahahahahahaha,

    It didn’t work the first or second time….

    As they say 3rd times the charm.

  • VegasBob

    Bernokio’s Fed will never stop printing money. There will be a QE3, QE4, QE5, etc. etc. etc.

    If Bernokio stops printing money or raises interest rates, the economy will quickly collapse. Therefore, Bernokio has decided to postpone the collapse by endless money printing. As Marc Faber puts it, Bernokio will “print and print and print.”

    After all, if Bernokio can keep the Ponziconomy afloat long enough, he might be lucky enough to drop dead of natural causes before the ultimate economic collapse.

  • alex

    THE WEELS ON THE BUS GO ROUND AND ROUND ROUND AND ROUND OK MAN SO WHEN ARE THESE WHEELS GOING TO COME OFF CAN YOU GIVE US A DATE INSTEAD OF JUST TELLING US HOW SCARY EVERYTHING IS. O AND BY THE WAY AMERICA HAS BEEN A NUTCRAKER OF INJUSTICE FOR THE LAST 100 YEARS IF NOT MORE DONT YOU THINK THEY DESERVE THIS

  • alex

    in america there is a thin veil of politeness but beneath that the white man rules and in dark spots and hidden from plain view there are the soft wispers of racism and racial slurs that are as american as aple pie that is why i am glad about all of this and if you have any color wat soever in your skin then you should not stand up for this joke of a country or the whiteman and you shouldnt be like the black cops that work alongside white men to help them inprision your kind or the mexicans that run with the minutemen what a shame what a shame

  • Maria

    Middle class America will disappear. All of their “retirement” savings are tied up in highly regulated 401Ks, IRAs, and real estate. We already see what is happening to real estate. The banks tied it all up in a form of FIAT called derivatives. Those same banks got bailed out with our tax money.

    The Feds are making sure that the final nail in the middle class coffin comes in the form of endless QE. You think they don’t know that every dollar “created” guarantees the devaluing of those retirement assets? Who cares if the DOW is 20,000 if it only takes one ounce of gold to buy it. Or worse…an ounce of silver. The surest way to impoverish the middle class is to gut their life savings. This whole scheme isn’t about saving the American economy…it is about killing it.

  • http://YAHOO RICHARD

    IF THE ELITE ARE TAKING THERE MONEY TO OFF SHORE ACCOUNTS WHEN THIS FEIT CURRENCE COLLAPSES WON’T THERE MONEY BE WORTHLESS TO. ???

  • http://www.spiritjewelry.info Suzanne

    QE3 is just the round they are announcing. The Fed printed, loaned and gave away some $21 trillion to an assortment of foreign banks, hedge funds and corporations without telling us. We only just learned about it because of a one-time audit because of Barney Frank’s bill.

    Alex… you want a date? The price inflation is just starting to hit now. We’ll probably be seeing riots by fall. Gas will be going to $5 a gallon fast, so prices for farming fuel and shipping will also make food prices go up a lot. If you go by Lindsey Williams’ sources, the dollar will be officially dead by fall of 2012, but we’ll have to batten down the hatches long before that.

  • PennsylvaniaPatriot

    Please get prepared guys. Get your food, supplies, etc. Get prepared to help your neighbors as well. Get prepared to become part of a community! We can all get through this together.

  • dan17

    obama is w’s third term and as I sit here listening to ed shultz and chris matthews i can not believe anybody wil buy this cheap propaganda. obama is bush in a black skin a traitor and a puppet pulled by the strings. things have not change for the poor and will not under this bozo.

  • Lookout

    They should change the QE acronym to Titanic1,2,3 and down we go.

  • copan_dan

    Don’t continue to perpetuate the lie that Social Security is an entitlement program. Social security is a pay-as-you-go program that has been robbed blind by the corrupt politicians that have usurped our country. They have taken the approx. $2.6 trillion surplus and fought illegal wars for the benefit of who? war-mongers and war-profiteers and chicken-hawk politicians.

    http://www.coolfreebielinks.com/Articles/Social_Security_Not_Entitlement.html

  • SPECTRE of Deflation

    ImpeachRonPaul has my vote for “astroturfing”, as a one to two sentence BS statement concerning anything Republican is all we ever get from this brainiac. Either formulate some lucid thoughts that you can string together into an actual point or STFU with the dimwited one liners, as there are adults speaking child.

  • SPECTRE of Deflation

    alex, you want a date for collapse? ROFLMAO! No one can give you a specific date, as we can’t control all the possibilities for kicking the can down the road by the psychophants that control the printing machines across the globe, but what can be said is that we are closer to the end than we are to the beginning by a country mile, and exponential math makes the outcome totally predictable. No one but you can decide what preps to make based on all available information. The nursery rhyme ain’t gonna cut it in the new paradigm.

  • http://erectuswalksamongstus.com Max Hardwood

    Ok, we all know WWIII is just around the corner,
    right? Just exactly HOW will the US pay for
    this? Do we have huge stockpiles of gunpowder?
    We will, of course, just STEAL the oil we need,
    but, what about all of the other things, like
    rockets, and NUKES? What happens when we run
    out of supplies? I suppose CHINA will loan us
    some of theirs, right? Their rare earth metals,
    their steel, their manufacturing plants?? We
    are gonna be so FOOKED when the rest of the
    world sez: FOOK U!

  • Jasper

    And America is pre-occupied with what Charlie Sheen is doing……..

  • http://healthystoragefood.com Dave

    Inflation is here to stay and our food supply will be hit very hard. Check out the report from NIA at http://inflation.us/foodpriceprojections.html for projected prices of food staples. At http://healthystoragefood.com they have a source of storable non-gmo food you can use to prepare yourself.

  • Kevin

    Our wealth creating industrial capacity fled and it has been replaced with the debt engine. If the debt engine stops being fueled everything comes to a stop. If it continues we choke on the fumes and eventually with the oxygen depleted everything, absolutely everything stops. It’s bad now or worse later. This course was set decades ago.

    Invest in Food, Energy and Gold. Sit back, pour a glass of ice tea and watch everything unravel before your eyes. There is no doubt we’re headed down. The magnitude is not debatable just the rate of fall.

    In the end if we’re lucky and the developing world rises considerably we will not have to fall as far. Don’t root against China / India / Brazil; cheer them on.

    You don’t have to like any of this but you have to live with it. Plan your economics accordingly.

  • Patriot One

    They can do QE3 for $10 Trillion and the markets will go up but the economy will not change.

    Unless We the People and Main street small business have jobs and money to spend. It won’t matter how much QE they do, it won’t work.

  • Phrygian cap, aka Michael2

    QE3 is quite possibly psycho-babble-double-code-speak for abracadabra. Because I guess it’s magic and conjuring that drives them to keep relying on the same old tricks to work. Reality is clear that Wall Street, the Federal Reserve, Congress, the U.S. Treasury, the Chamber of Congress, the SEC and any other of the byzantine maze of Government agencies associated with putting the U.S. economy back together again have failed to do so and likely will continue to do so.

    I, in fact, consider any economic system that causes humans to value coinage and paper money to the degrees that we do maybe the second greatest trick ever pulled on mankind. Of course being tricked into believing there is no devil is first.

    How is it that our species the alleged paragon of intelligence and creation can do so much damage to one another and the earth (by mining) over essentially pennies worth of cheap metals (the coins) and paper currency that other people say have value? They say this economic system has such value that this country, i.e. the increasing peasant classes for generations to come will be debt enslaved, sharing sacrifices and will have to undergo austere living standards (again) for God only knows how long. This is a great trick, mind boggling in fact to me that we can be convinced that so many people must suffer and die in the face of all abundance that already exists and given the potential for so much more abundance on “our” planet. What is going on shows a pathological understanding of the human condition.

    I consider humans valuing paper money, coins and precious jewels and the like so far beneath our true capabilities that I like to call it all Monkey Money. In fact because of the lengths that some humans will go to possess those things, I like to call it savage Monkey Money. Gold and silver, diamonds and other “precious” jewels are a curse on humanity as is the greed that drives those that are absolutely ruthless in the pursuit of wealth. And make no mistakes about this there are humans on earth that do not care whom they hurt or destroy to have as much wealth as they possibly can. Problems over race, religions and politics are tricks that keep the rich getting richer.

  • fastmony

    without borrowing or printing money the u s economy would literally collapse overnight, we’re not cuttin spending, so borrowing is the only option

  • mondobeyondo

    If I decided to buy a little printing press, some green paper and printed my own $100 bills in my basement, I would get a visit from the Secret Service and be arrested for counterfeiting, and most likely a heavy fine or prison sentence.

    When the Fed prints $100 bills on their giant printing presses, Ben Bernanke gets a knock on the door or phone call from Tim Geithner. Timmy wants more bucks, because the Treasury is broke. So the Fed keeps the presses rolling. Nobody gets arrested, and none of them ever go to prison.

    Technically, the Fed is a huge counterfeiting operation. They are all criminals, but the Federal Reserve (which is NOT a branch of the federal government) has a sweetheart deal with the federal government… so they can get away with it.

  • Alice

    Mr. Obama wants to make sure the country is bankrupt before we vote him out of office in 2012! I helped vote him in office, and I am sorry.

  • http://drtom.posterous.com Dr. Tom

    I posted this on my blog with with minor editorial comments and corrections – but the author’s insistence that Social Security and Medicare are ‘Entitlement’ programs is wrong.

    They are self-funded. We paid into them and they would be perfectly fine except that the government has been stealing the money out of them for thirty years and replacing it with interest-bearing IOUs – which are worth nothing. The ONE program that worked as advertised and the government managed to steal the money and is now trying to rebrand them as ‘entitlement’ programs. If the government has not stolen the money and replaced it with worthless paper, Social Security would be healthy and wealthy.

    That is simply not correct.

  • http://www.zenithminds.com Anthony Allen

    Silver & Gold…Silver & Gold. I’m converting all of my assets into Silver & Gold!

  • William

    Do not let the mumbo jumbo of “quantitative easing” fool you. The private bank named the Federal Reserve is creating money from NOTHING, and backed by NOTHING, and then the FED is buying US Treasury DEBT with that monopoly money. This continues the low interest rates that the stunning federal debt requires, and provides a buyer of federal debt when no one else wants it. The dollar is DOOMED.

  • Kevin

    Patriot One

    “Unless We the People and Main street small business have jobs and money to spend. It won’t matter how much QE they do, it won’t work.”

    Josef Gobbles get to you? Why “small business”? Is it because “big business” has been abandoned?

    Small business equals small pay check, small benefits, small pension. Why not US Steel, DuPont, or other big business. We’re getting conditioned (or already are conditioned) to look at small ; small wages, small benefits, small opportunities.

    I remember the big America that has been for all practical purposes downsized.

  • SPECTRE of Deflation

    Remember that the DOW can go to 24,000, but if the Dollar falls to 34, we have gone no where, and in fact lost ground when inflation is factored in. Ten years later on the S & P, and we would need to be at 1900 in inflation adjusted terms just to match the previous high water mark. Meanwhile Goldmanz SACK still owes us $2.9 Billion at a minimum, yet nobody says anything about the theft because they are too damn busy cheerleading the Hell out of overvalued stocks that they would like to off load to the next greater fool before it goes KA-BOOM…AGAIN! The bamboozle continues so long as the sheeple can’t figure this simple equation out. We get better odds at a blackjack table if the rules of the game are followed flawlessly over a ten year period.

  • SPECTRE of Deflation

    Dr. Tom, they are not self funded although they should have been. You see, the excess SS Taxes taken in over the decades went to the general budget, and the Treasury Dept. gave the SS Admin. NON-MARKETABLE SECURITIES as their IOUs. If the SS Admin. had received Treasury Securities then we would have no problem because they could sell those in the open market. As it stands now, when the SS Admin. has more payouts then they take in, they will have to go back to the Treasury, and exchange their worthless securities for Treasury Paper which means we get to pay these fooking taxes twice. Don’t take my word for this, as you can research all this rather quickly. Bamboozled by the crooks!

  • Gabrial Singh

    @ dr tom, you are exactly right. unfortunately, tea party has no brains, buys the rush and glenn beck pablum, and echo’s the cry, just like a minah bird.

    On a brighter note, most of the tea party are 100 years old, and will be dead soon. The tea party= what scared old white people look like.

    @alex, you are right in many ways, but remember this, the so called “minorities” in the USA make up close to 41% now, of the general population, within 10 years, 55% will be non-white in this country. Instead of running away, what the coming majority needs to do, is organize!

  • http://www.learcapital.com/exactprice Hal (GT)

    I’m starting to think that there will be no political will for QE3 due to the negative reaction the populace has to the idea (and rightly so). Debt is not the way to get out of debt. Just look how gold is reacting today. As I type it’s spot price is currently $1,431.00 an ounce.

    That says something. Add to it that inflation is biting us all and I’m not so sure that Ben won’t be looking for another job.

  • Don Levit

    Dr. Tom:
    You are right about the excess FICA dollars being used by the Treasury to pay for current expenses and (artificially) lower the deficit.
    Those “dollars” also include the interest earned by the fund, which was paid in Treasury securities, with no immediate impact on the budget.
    I have asked this question several times, with no response.
    By what authority does the Treasury have to spend the Social Security trust fund surplus?
    The same shenanigans are happening with other trust funds, besides Medicare.
    For example, the entire surplus of the retirement plan for federal employees has been loaned to the Treasury as well.
    What legal right does one government agency have to borrow from another government agency?
    Don Levit

  • Kevin

    Hal (GT)

    The American people don’t have a clue. Maybe if the financial news was played at halftime they might get it. Assuming they understood, so what? They vote out person A and person B regardless what they say during the campaign will do what their corporate masters tell them to do.

    Don’t focus on a solution. Focus on your finances.

    QE3 is the path of least resistance as opposed to massive layoffs that would occur if the debt engine shut down.

    Regardless all of this is a symptom. The wealth creating industrial engine was replaced with the debt machine. the debt machine can’t run forever but it can and will run a while longer.

  • ezlivin

    I really wish, it would just collapse NOW, so we can get on with it. Maybe, we can save our grandkids, becuse our kids are gonna have a tough time.

    r/s

  • PaulF

    In defense of impeachRonPaul, please take into account that he spends an hour sniffing glue before posting here. If it’s too complex to fit into a three-second soundbite, he doesn’t understand it or isn’t interested. I think it’s like I said: he’s one of those people for whom hatred of Christianity is a primary, burning motivator. Such people always hate Bush & the Repubs as well (I’m no large fan of either myself).

    We are definitely heading for a system reset. Who knows what the elites have planned for the next stage, but it is not a wipe-the-slate-clean for the common man, that’s for sure.

  • Patriot One

    Why small business Kevin? Because small business accounted for almost all the jobs growth in America between 2000 and 2008.

    Small business employs more people then big business in America. So why not small business?

  • http://www.neediff.com Shena

    I’m not so sure that they haven’t been restructuring with the moves that they’ve been doing.

  • The Beast

    I think Bernokio last employment was with a printing company.

  • http://www.pathtoasia.com rhea

    Welcome to your future, America. I’m anxious to hear a conservative argue against the socialist food stamp entitlement. The game is on; brace yourselves for the coming days. It seems a new storm is boiling down the road!

    We help Americans find jobs and prosperity in Asia. For details, visit http://www.pathtoasia.com/jobs/

  • Kevin

    Patriot One

    Your missing my point.

    You think the USA is going to be a prosperous nation with Mom and Pop businesses as it’s backbone? A cottage industry as opposed to economies of scale that big business possesses? You know of a Mom and Pop steel mill? Maybe a Mom and Pop chemical plant going up against the likes of DuPont overseas division?

    We’re focusing on small business because that’s all that is left. It will not maintain the lifestyle the US people have had. The standard of living with Mom and Pop jobs was augmented with massive debt. Small business on it’s own is just that small, small benefits, small paycheck, small pension.

    We over time have accepted the mess we’re in as being normal.

  • Kevin

    Patriot One

    The power elite have got the body politic to re-frame the argument. All I heard about is “Small Business’ in the last few elections when the people should have asked, “What the hell we’re you doing with your policies that chased away big business”. We’re to accept US Steel being gone and replaced by Jones Lawn Care?

  • american

    Peter Schiff republicans caused most of the debt and tanked the economy. Why should we trust another fast talking rich republican?

    Another Palin idiot without any substance

  • Kevin

    American

    The economy tanked with the trade agreements. Debt just masked the problem as industry and it’s associated good jobs we’re leaving. You think the answer to too much debt is more debt?

    Don’t fall for the Republican / Democrat chase your tail in vain syndrome. Remember 80% of US Senate Democrats voted for China Free Trade, a Democrat President twisted arms to get NAFTA through Congress and signed both NAFTA and China Free Trade into law. There went $25 /hr and hello $7.50.

    I’m not hard on the Democrats. The Republicans wanted to do it but they get too much bad press because their owned by business unlike the Democrats that are owned by business.

    Peter Schiff is telling you we’re headed for a nasty fall. You think we’re in recovery? Good luck to you.

  • john

    people, it is over; this was clear some years ago to anyone paying attention. This country will fall apart into another civil war and it will get very ugly.

  • Jos

    So civil war will be the impending doom? This has been lingering above the heads of the working class for decades. We have known about all the greed and rape of our economy for the same amount of time.Decades. We know who are the thieves and we know where they are, and yet we allow ourselves to be in the center of the arena slaughtering each other for there entertainment. I don’t think so. All way of life will end for everyone of us . We will go back to where we came from. What happens then, no one knows.

  • jesse

    Bill Clinton had social security funded until 2050. Bush stole it to give to Dick Cheney’s co. Haliburton, and illegally invade Iraq, and Afaganistan so Bush could go down in history as a “war president.”

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