Posted on 04/26/2011 6:09:57 AM PDT by Walter Scott Hudson
We've all known people who just couldn't handle money. It slips right through their fingers. They're not just living check-to-check, but check-to-scheme. They're always in debt, and always in crisis. They constantly need another loan to cover the last. They play silly little tricks, like cashing a check with insufficient funds, gambling that it won't bounce before they can make a deposit. It's a way of life where, no matter how much money they have at any given time, they are predisposed toward broke.
It's bad enough when a friend or family member is that way. Unfortunately, we've got a federal government just as ghetto.
The Huffington Post recently reported that "conservative strategists" are advising the GOP to soft-pedal resistance to raising the debt ceiling. They warn that the consequences of a protracted fight could be adverse.
If the markets get spooked, U.S. treasury bond yields will spike, driving up interest rates and increasing the price of borrowing money for everyone from the federal government to municipalities to consumers, [former Treasury and White House official in the Bush administration Tony] Fratto warned. The cascading effects on the economy would be severe and long-lasting.You don't understand. I have to take out another credit card. If I don't, I won't be able to make payments on the five I already have out. I won't be able to pay my other bills either. I'll have to sell my car, find a cheaper place to live, get another job...
Where are the grown-ups here? Where are the "strategists" pointing out that an economic contraction is inevitable? Where are the "strategists" saying it should cost more to borrow money when the investment carries greater risk?...
(Excerpt) Read more at newsrealblog.com ...
Ghetto Fabulous, I love it!!!!
Considering that most people in this country live the same way the federal government operates, it should come as no shock that there are many, many people who wish to see the status quo maintained.
Raising the debt limit is a tax on all who hold dollars.
Gas and other items aren’t going up, the value of the dollar is going down.
If someone stated printing up trillions of Babe Ruth baseball cards, the value of those out in circulation would go down.
Same with paper images of dead presidents.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.