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THE END IS NEAR
boblonsberry.com ^ | 03/01/10 | Bob Lonsberry

Posted on 03/01/2010 6:39:45 AM PST by shortstop

The other week, while you were watching “American Idol,” Greece went bankrupt.

Not all the way, but pretty close.

And people have been rioting in the streets.

See, the government had been financing things for years on end with debt. The government was taxing and spending, of course, but it was also borrowing. A lot. A staggering amount.

So much that the people who do the lending decided they’d had enough. Which left Greece insolvent. Which brought the economy to collapse.

Which created a crisis for the European Union and for its currency, the Euro.

Which made the world jittery.

Which endangered you.

But Germany and France bailed the Greeks out, so now you don’t have to worry anymore.

Except, of course, for the fact that the United States is in the same position. America is only a half a step behind Greece.

Our politicians are as stupid as theirs, our policies are as unsustainable as theirs, our peril is as great as theirs.

The simple fact is that the American economy can collapse at any moment, because of the suffocating load of federal-government debt. That is not a political opinion, it is not a talking point, it is not the ranting of an alarmist. It is a simple economic truth. We are living beyond our means and money does not grow on trees. The simple truths that govern family budgets apply as well to the affairs of nations.America is bankrupt.

And the only thing that keeps our entire economy from disintegrating is the fact that there are still people and nations who will loan us money. But as they increasingly realize that there is no honest way we can pay them back, their willingness to give us their money will evaporate.

And then we will riot in the streets.

Because our money will become valueless, the government trough will be empty, our jobs and savings will be lost, and we will go hungry.

In the end, nobody is too big to fail.

Not even us. Not even the United States.

And the current policies of the United States government, building on some 70 years of fiscal foolishness, destine the nation for failure.

Let me repeat: We are destined for failure.

It is not a question of if, it is a question of when.

Unless a dramatic and painful sea change is made, our financial doom is certain.

Here’s why.

Our annual budget deficit for the foreseeable future is in excess of a trillion dollars. More than a trillion dollars of new borrowing every year.

On top of the other trillions we’ve already borrowed.

That poses two immediate threats.The first is that our creditors will recognize that we are a bad risk – that we are sub prime. That will hurt our credit rating and, consequently, increase the interest we have to pay.

That’s kind of what happened to the Greeks. It would be devastating to us, as the cost of government – already unsustainable – would jump dramatically.

Which would come out of our hide.

The other threat is that the government will try to cheat its way out of debt. It is called monetizing the debt. The government can simply print more money and make its payments that way.

Doing so, however, would cause inflation. That would be good for the government, as it would be paying debt with devalued dollars. It would be terrible for us, because the true value of our paychecks, investments and savings would plummet.It would force an overlay of poverty upon the nation, devaluing not only possessions but dramatically lowering lifestyles.

We would all be poor.

Our economy would not work.

Our prosperity, our security, our freedom and even our existence would be jeopardized.

It’s not a matter of opinion, it’s a matter of natural law. You can’t spend what you don’t have, and if you try, it’ll come back to bite you.

We’re about to get bitten.And neither we nor our politicians have the stomach for the austerity necessary to avert catastrophe.

On the contrary, our dependent class demands more, our politicians want to spend more, our greed lusts for more. Our culture has become drunken on entitlement and government beneficence.

At first, politicians promised beyond their means because they knew they wouldn’t be around to pay the bill and clean up the mess. Now, it seems, they promise beyond our means because the want to hasten and benefit from the ultimate collapse.

And so they promise more benefits and take over more of the economy, further enmeshing the nation’s wealth in their failed and immoral policies.

That will soon end – either by our wiser choices, or by our nation’s economic collapse.

Welfare and entitlement programs must be gutted or scrapped. All citizens must be brought into the shared burden of income taxation. We must return to the understanding that the only American entitlements are those listed in the Bill of Rights. Politicians must stop bringing home the bacon, and realize that they never should have taken it away from there in the first place.

The government must get its hands and its snout out of the economy.

Or it will kill the economy.

Something which, as the Greeks could tell us, is horrifyingly close to happening.


TOPICS: Editorial; News/Current Events
KEYWORDS: bankruptcy; bloggers; economy; eotw; globaleconomy; greece; lonsberry
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Is there anyone out there who doesn't believe that Obama is purposefully and systematically destroying our country?
1 posted on 03/01/2010 6:39:45 AM PST by shortstop
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To: shortstop

One FReeper said it best, invest in tangibles. And I don’t mean gold.

That said, I believe the U.S. is still more resilient than other countries.

It was tough during WWII, the difference is that our tolerance for pain was greater then and people were more self sufficient.

Only time will tell...


2 posted on 03/01/2010 6:44:11 AM PST by TSgt (RE-ELECT NOBODY - VOTE THEM ALL OUT!)
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To: shortstop

I for one don’t.

I think he’s doing it out of hubris and stupidity.


3 posted on 03/01/2010 6:45:09 AM PST by JusPasenThru (Why won't those knuckle-dragging tea-bagging right-wing bastards just negotiate with me?)
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To: shortstop

I was not aware that Greece had been bailed out...


4 posted on 03/01/2010 6:45:37 AM PST by ltc8k6
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To: shortstop

This awful truth invades my thoughts all the time. I believe that in the next year the United States will not exist as we have known it.


5 posted on 03/01/2010 6:46:41 AM PST by Empireoftheatom48 (Zero will never be my President, never!!!!!)
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To: shortstop

Soros is making a move to destroy the Euro. The dollar will be next.


6 posted on 03/01/2010 6:47:43 AM PST by bgill (The framers of the US Constitution established an entire federal government in 18 pages.)
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To: shortstop

When the welfare and social security checks vanish or the payments stay low during hyperinflation, thats when the rioting starts.

Entitlements have to end, that is simply a fact. Funding for crap pet projects and Planned Parenthood and ACORN also has to end.

And it will.

The longer it takes the US to adjust to this reality the harder its going to hit.


7 posted on 03/01/2010 6:48:10 AM PST by GeronL (Political Philosophy: I Own Me (yep, boiled down to 6 letters))
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To: shortstop

You would be amazed at how many otherwise intelligent people have convinced themselves that our national debt is not important, and that we can simply grow our way out of it in time.


8 posted on 03/01/2010 6:48:24 AM PST by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: MikeWUSAF

Invest in land in the country that you can grow food on, gold and silver can help pay those taxes I guess.


9 posted on 03/01/2010 6:48:51 AM PST by GeronL (Political Philosophy: I Own Me (yep, boiled down to 6 letters))
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To: MikeWUSAF
One FReeper said it best, invest in tangibles.

Something I've been saying, though I don't know if you were referring to me.

Beans, Bullets, and Bandaids: Capabilities Checklist

10 posted on 03/01/2010 6:49:08 AM PST by MrB (The difference between a humanist and a Satanist is that the latter knows who he's working for.)
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To: ltc8k6

I guess Bob is assuming that France and Germany will finally bail out the Greeks. I doubt they do, they’ll ask the IMF (us) to do it.


11 posted on 03/01/2010 6:49:59 AM PST by GeronL (Political Philosophy: I Own Me (yep, boiled down to 6 letters))
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To: andy58-in-nh

We might (longshot might at that) be able to grow our way out of it if we had a government that did not choke and stifle the economy. A small chance at that.


12 posted on 03/01/2010 6:51:17 AM PST by GeronL (Political Philosophy: I Own Me (yep, boiled down to 6 letters))
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To: shortstop

Before a nation goes financially bankrupt, it must first go morally bankrupt.........................


13 posted on 03/01/2010 6:51:30 AM PST by Red Badger (Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
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To: shortstop

There’s still time to prevent this, providing we get a President who’s unafraid to do what must be done - reduce taxes, cut entitlements and lift the suffocating red tape from the necks of businesses so that they can once again pursue profits without fear of government.


14 posted on 03/01/2010 6:51:31 AM PST by reagan_fanatic (Our politicians are stupid and our policies unsustainable)
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To: MikeWUSAF
That said, I believe the U.S. is still more resilient than other countries.

More tellingly, lost in all the hoopla about Greece is the fact that it's economy is the same size as the economy of Massachusetts.

15 posted on 03/01/2010 6:53:53 AM PST by tx_eggman
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To: bgill

Soros is making a move to destroy the Euro. The dollar will be next.

I think I've seen this movie before.............

16 posted on 03/01/2010 6:53:54 AM PST by Red Badger (Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
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To: shortstop

as much as I dislike fubo, he is not the only one in on this, he may merely be the last...this has been going on for so long, by every administration, for generations...


17 posted on 03/01/2010 6:56:12 AM PST by joe fonebone (CPAC.....Commies Playing At Conservatism)
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To: bgill
Soros is making a move to destroy the Euro. The dollar will be next.

Why? What would he gain from that?

18 posted on 03/01/2010 6:57:02 AM PST by ShadowAce (Linux -- The Ultimate Windows Service Pack)
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To: ShadowAce
Why? What would he gain from that?

An open field to start a global monetary system.

19 posted on 03/01/2010 7:02:52 AM PST by MamaTexan (I am not a administrative, corporate, collective, legal, political or public entity or ~person~)
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To: MrB

bttt


20 posted on 03/01/2010 7:03:55 AM PST by sweetiepiezer (I have a Pal in Sarah)
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To: shortstop
Great summary of the predicament we are in. Too bad that very few people realize it (maybe 5% if we are lucky). I have been having a difficult time just getting the people around me to even admit that we are in some sort of trouble. When it does fails it is going to be extraordinarily painful!
21 posted on 03/01/2010 7:04:01 AM PST by 2001convSVT ("Only Property Owners that pay taxes should have the right to Vote")
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To: MamaTexan

And that’s what they’ve had a hard on for for 10 forevers.


22 posted on 03/01/2010 7:04:13 AM PST by norraad ("What light!">Blues Brothers)
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To: shortstop

>> The other week, while you were watching “American Idol,” Greece went bankrupt.

Its always good to start off with an insult aimed at your readers.

SnakeDoc


23 posted on 03/01/2010 7:04:22 AM PST by SnakeDoctor (Do you know if the hotel is pager friendly? [...] I'm not getting a sig on my beeper.)
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To: SnakeDoctor

The truth hurts.


24 posted on 03/01/2010 7:06:08 AM PST by dfwgator
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To: JasonC

Ping.


25 posted on 03/01/2010 7:07:36 AM PST by houeto (Remember in November!)
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To: norraad
And that’s what they’ve had a hard on for for 10 forevers.

Yep! Today's prostitution of our economy to support the current federal reserve won't be anything compared to the IMF/Soros Cabal.

-----

Howdy, norraad! How ya doin', Hon?

26 posted on 03/01/2010 7:11:25 AM PST by MamaTexan (I am not a administrative, corporate, collective, legal, political or public entity or ~person~)
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To: shortstop
The way out:

Repeal, Repeal, Overturn, Overturn ... the entire 'progressive' agenda heaped upon America for the last 100 years, starting with Amendment XVI.

27 posted on 03/01/2010 7:11:49 AM PST by bassmaner (Hey commies: I am a white male, and I am guilty of NOTHING! Sell your 'white guilt' elsewhere.)
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To: shortstop

This isn’t about Obama....

It is about the overall decline in America and its values. It is about socialism, the belief that government is supposed to take care or everyone and that you can put wars on the credit card.

Obama reflects the ills of society, nothing more, nothing less.


28 posted on 03/01/2010 7:11:58 AM PST by misterrob (Have you tea bagged a liberal today?)
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To: SnakeDoctor

He speaks the truth though. Most people in America know a ton about pop and sports culture and know very little about what is going on around them that will spell their doom.


29 posted on 03/01/2010 7:14:08 AM PST by misterrob (Have you tea bagged a liberal today?)
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To: shortstop
Welfare and entitlement programs must be gutted or scrapped. All citizens must be brought into the shared burden of income taxation.

Says it all.

30 posted on 03/01/2010 7:15:00 AM PST by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: shortstop

Unfortunately, there are still too many - including prominent Republicans - who insist that Obama is acting in good faith toward the nation. Those who believe that Obama is tearing down the nation to build a new one as a lib-left-socialist-progressive utopia, are accused by the “mainstream” Republicans as alarmists and/or kooks. How quickly they’ve forgotten Obama’s own words from the election:

“We are five days away from fundamentally transforming the United States of America.” ~ Barack Hussein Obama, Missouri, October 30, 2008

Those who ignore Obama’s promise are the same ones who don’t believe Iran’s Ahmadinejad, when he says he wants to destroy Israel. They are wrong on both counts.


31 posted on 03/01/2010 7:15:21 AM PST by littleharbour
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To: MamaTexan
An open field to start a global monetary system.

Again--what would he gain from that? He's already got a lot of control over the current system. He's got wealth in any currency he chooses.

I still don't see where he'd gain if we all just started over.

32 posted on 03/01/2010 7:16:37 AM PST by ShadowAce (Linux -- The Ultimate Windows Service Pack)
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To: ShadowAce
I still don't see where he'd gain if we all just started over.

Not just him.....

Answer me this-

If someone borrowed [and agreed to pay back later] a LOT of something from someone else, what happens when that payback time rolls around but that something that was borrowed no longer exists?

33 posted on 03/01/2010 7:20:01 AM PST by MamaTexan (I am not a administrative, corporate, collective, legal, political or public entity or ~person~)
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To: shortstop
But as they increasingly realize that there is no honest way we can pay them back, their willingness to give us their money will evaporate.

He lost me right there. I'm not sure the folks who finance this abomination care whether they are paid back in a "honest way". They are buying slaves and they know it.

Is there anyone out there who doesn't believe that Obama is purposefully and systematically destroying our country?

Precisely! It's the 21st century slave trade.

34 posted on 03/01/2010 7:21:39 AM PST by Theophilus (Shall the throne of iniquity have fellowship with thee, which frameth mischief by a law?)
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To: shortstop

bump


35 posted on 03/01/2010 7:23:46 AM PST by gibsosa
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To: shortstop

I don’t. I wish that Limbaugh would get off of that stupid talking point. It makes him sound like a truther or Roswell adherent. Obama sincerely believes that socialism will work, if given good intentions and performance. But he is a half-bright character like many highly-educated people that I personally know: misguided and not WELL-educated in business experience.


36 posted on 03/01/2010 7:25:46 AM PST by qwertypie
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To: shortstop
Doing so, however, would cause inflation. That would be good for the government, as it would be paying debt with devalued dollars. It would be terrible for us, because the true value of our paychecks, investments and savings would plummet.It would force an overlay of poverty upon the nation, devaluing not only possessions but dramatically lowering lifestyles.


37 posted on 03/01/2010 7:26:01 AM PST by mvpel (Michael Pelletier)
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To: GeronL

If it gets that bad we won’t be paying taxes.


38 posted on 03/01/2010 7:26:24 AM PST by US_MilitaryRules (Become a monthly donor or FR won't be here for you!)
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To: mvpel

Wheat, beans, rice, canned soup/meat, rifles, bullets, medical supplies -

these don’t “inflate”.


39 posted on 03/01/2010 7:27:33 AM PST by MrB (The difference between a humanist and a Satanist is that the latter knows who he's working for.)
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To: GeronL
We might (longshot might at that) be able to grow our way out of it if we had a government that did not choke and stifle the economy. A small chance at that.

That's not technically impossible, but highly improbable given Congress' refusal to cut spending. To the contrary; they wish to increase it dramatically. The mathematics involved at this point is daunting, even if Federal spending and interest rates were frozen at current levels, neither of which is going to happen.

As an example: for GDP to double (from approx. $14T to $28T), it would need to grow at 6% annualized for 14 years... which ain't happening. The national debt, assuming a ridiculously low fixed interest rate of 3% over the same period would increase by 42% (adding more than $5T in new debt). But, only a small percentage of GDP growth could possibly be applied to reduce the debt... which still does not include the unfunded mandates of SocSec, Medicare & Medicaid (to the tune of $107.6T and growing very, very fast).

We might yet be able to use Zimbabwean-style inflation to reduce the future value of our current obligations, but that tends not to work out real well for the average Joe and Joanne...

40 posted on 03/01/2010 7:31:03 AM PST by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: dfwgator; misterrob

It is unlikely to be true about anyone that would be reading this article ... it was a shot at his readers (”you”), not the general public.

SnakeDoc


41 posted on 03/01/2010 7:31:43 AM PST by SnakeDoctor (Do you know if the hotel is pager friendly? [...] I'm not getting a sig on my beeper.)
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To: MikeWUSAF

I don’t understand your optimism. Modern Americans are not like past ones. Too many of them have been conditioned by the media to demand a government paycheck or subsidy. Whole farms states, populated with otherwise personally responsible people, live on subsidies. In addition, there have been two generations who have lived in the credit card era, a shocking cultural transformation from the time when I was a younger person instilled with thrift.

There is a litmus test for when you will recognize that a U-turn is in progress: Republicans will honestly be calling for severe cuts in Federal outlays, and not just nibbling.

I have one thing to say about that: don’t hold your breath.


42 posted on 03/01/2010 7:33:24 AM PST by qwertypie
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To: andy58-in-nh

Great post. Anyone who can do a spreadsheet knows that the numerical obstacle is just about impossible to surmount. In fact, given the sorry state of the citizenship, I will declare that it IS impossible.


43 posted on 03/01/2010 7:36:36 AM PST by qwertypie
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To: qwertypie
So we're all gonna die.

Great.

:(

44 posted on 03/01/2010 7:37:24 AM PST by Lazamataz (Seriously. The only way Obama can possibly pull this out is to declare Martial Law before November.)
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To: bgill

LOL.. He is an old man who will be dying soon. What is he going to do with all his wealth? Take it with him in his casket!


45 posted on 03/01/2010 7:37:25 AM PST by US_MilitaryRules (Become a monthly donor or FR won't be here for you!)
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To: qwertypie

My 5th grader has been dumbed down tremendously by government provided skewls. Get a bad grade? Take the test again. Want a good score on Standards of Learning? Test the kids all year long on the same stuff they will see on SOLs. Homework? If she gets 30 minutes a night then that’s something. When I ask her to think through something she claims that the teachers don’t force them to do it in a way that requires effort. Year after year of learning about the Virginia native population and topography but you can forget math, financial basics or civics.

It’s like this everywhere. Meanwhile all the Indian and Paki families have their kids at Kumon on the weekends to max out the learning potential so they can get ahead.


46 posted on 03/01/2010 7:43:24 AM PST by misterrob (Have you tea bagged a liberal today?)
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The problem I see is that no matter what you do to prepare yourself and your family for the SHTF, you still have to be able to defend your supplies from the mobs. There is no practical way to do that on your own. If you live with a day’s walk of a large city, forget all the normal rules of civilization. The “entitled” will pour out like a wave of army ants devouring all in their path and your careful preparation will be swept away. Whoever is left will best be served by a fuedal system.

Laugh if you will, but the best scenario analogy may be a zombie infestation. Large hungry mobs roaming aimlessly only looking to bite.


47 posted on 03/01/2010 7:44:26 AM PST by Gnomad
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To: Lazamataz

It’s not dying that’s going to happen, only relative impoverishment. When national income is growing at 1-2% and the debt is growing at 8-10% annually, the divergence between the two graphs has reached runaway proportions. What if YOU were getting 1% raises and your spouse was racking up credit card bills by 10% annually, how long would you last financially? You wouldn’t die immediately, but you would feel like killing someone probably. And not just your creditors that are forsaking you.


48 posted on 03/01/2010 7:47:43 AM PST by qwertypie
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To: misterrob

How long are you going to let that go on?

Consult your local homeschool association for help.


49 posted on 03/01/2010 7:50:01 AM PST by MrB (The difference between a humanist and a Satanist is that the latter knows who he's working for.)
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To: MrB

Homeschooling is not an option

The personalities involved would result in mass destruction!


50 posted on 03/01/2010 7:53:17 AM PST by misterrob (Have you tea bagged a liberal today?)
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