“The Fed is hiding the insolvency of banks. They, along with their handmaidens in Congress (which is where you work Mr. Sanders) even went further and twisted the arm of FASB to legalize intentional accounting distortions that I argue amount to fraud.

The truth of what has been done keeps peeking around the corner in the form of bank failures and FDIC deposit insurance fund losses, with the latest charade being Colonial Bank that was carrying assets thirty seven percent above where its acquiring bank believes is a reasonable mark on the day prior to being taken over, and which in the FDIC’s last published release was considered “well-capitalized!”

These losses and the costs of this cover-up are being forcibly extracted from The American People literally at gunpoint through the issuance of hundreds of billions of Treasury Debt which we, our children and grandchildren will have to repay – a staggering total that the CBO and Obama Administration now admit will total nine trillion dollars over the next ten years.”

Read that last paragraph carefully folks. Many bankers, politicians, and regulators need to be in prison.

by 2019…. 14.4 trillion debt
ms on August 26, 2009 at 11:16 AM

This is the number I’m hearing everywhere today and I plan on checking with the MSM tonight to see if it will be reported.

This is COMPLETELY unsustainable…no question,no dispute on that fact. If this is true, we are headed toward total economic collapse and down the same road as the former USSR.

It is now time for some hardcore political activism. We need mass demonstrations in Washington.

Probably true as well.

The fox is already in the hen house and devouring chickens as we speak. The founding fathers would have rallied the troops by now if this government were in power back then.

That happens when they finally raise the interest rate and consumer credit becomes unpayable

All depends on whether some nation bolts and decides to intiate the next world war. If war waits too long, the second housing collapse comes as the boomers fall off their houses by debt or aging and the market exceeds population. Those houses were supposed to be money in the bank for old age as boomers replaced the concept of ‘inheritance’ with ‘consumption’

I had an argument a few years ago with an economist who prepared analyses for one of the Big Three. He argued we should simply cancel our national debt. I took the other side. Now, I concede he was onto something. The national debt is on track to being reset to zero by depreciation of assets and financial collapse.

…

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http://www.concordcoalition.org/learn/budget/concord-coalition-plausible-baseline

How is it that these radicals are allowed to remain in office? Big money = Political Power

With today’s release of new budget projections from the Obama administration showing deficits totaling more than $9 trillion over the next 10 years, The Concord Coalition said that cost control must be the primary focus of health care reform and called for a bipartisan deficit reduction plan. Furthermore, the administration’s numbers are optimistic when compared to what would occur if we simply extended current policy. The Concord Coalition Plausible Baseline, created using the Congressional Budget Office’s (CBO) updated projections, shows that current policy would lead to $14.4 trillion in deficits over the next 10 years.

Concord Coalition

Life would be so much better for all of us if Obama had just pretended to play weather person instead of president. That way he would only mess up a picnic or two.

Geochelone on August 26, 2009 at 3:12 AM

But they are firmly convinced of the accuracy of this latest estimate. That is the right one.