Saturday, January 24, 2009

This from The Daily Reckoning - - -

The real truth is that our nation’s financial condition is even worse than advertised...
The Treasury has already lost $64 billion of our dollars in the TARP program by giving it to bankrupt banks...they’ve stolen our hard earned money to make sure the Detroit CEO’s continue to work...and they’ve already earmarked another $825 billion to “stimulate” the economy. The federal government will go $1.2 trillion deeper in the red this year alone. If consumer’s aren’t borrowing and spending...and corporations are laying people off and closing up stores...the government, the conventional wisdom says, is the only entity that can bail the economy out.
At some point, you have to take a step back and wonder, “Hmmmm...where’s all of this money coming from?” This government, like so many others in history, is trying to print their way out of trouble. “Hyperinflation” no longer seems like an “if”, but a “when.” And most people are blissfully ignorant...and believe someone in Washington or New York is smart enough to figure all this stuff out.

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