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<blockquote data-quote="wkmac" data-source="post: 686717" data-attributes="member: 2189"><p>I second that! </p><p> </p><p>A private person faces a personal economic crisis by max'ing out the credit card, borrowing 120% of home equity and leveraging all other means of value in their life into debt to maintain lifestyle is considered a complete fool and is chastized for not cutting back lifestyle to meet the new standard. The arguement is that the crisis has made it impossible to meet current debt obligations and then borrowing even more money to service current debt only moves the implosion off to some future date. <a href="http://www.counterpunch.org/cooke02092010.html" target="_blank"><span style="color: red">Armaggedon</span></a> may be closer than you think. Now watch the threats to 401k & IRA's and even private pension plans. OH WE'LL NEVER! Really? They said the same about even thoughts of cutting SS too but here we are. I hope like hell they grab it all and spare nothing. Time for a sing a long. </p><p>Bye-Bye Miss American Empire!</p><p><img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /> I'm loving it!!!!!!!!!!!</p><p> </p><p>But the difference of the private person and gov't is that gov't can create money out of thin air and then get the poor sap, the private person, to pay 2 forms of taxation, inflation and taxes for debt service to foot the bill. Even worse is the fact that the poor sap I speak of hasn't even been born yet!</p><p> </p><p>So much the myth of gov't providing for "the general welfare!"</p></blockquote><p></p>
[QUOTE="wkmac, post: 686717, member: 2189"] I second that! A private person faces a personal economic crisis by max'ing out the credit card, borrowing 120% of home equity and leveraging all other means of value in their life into debt to maintain lifestyle is considered a complete fool and is chastized for not cutting back lifestyle to meet the new standard. The arguement is that the crisis has made it impossible to meet current debt obligations and then borrowing even more money to service current debt only moves the implosion off to some future date. [URL="http://www.counterpunch.org/cooke02092010.html"][COLOR=red]Armaggedon[/COLOR][/URL] may be closer than you think. Now watch the threats to 401k & IRA's and even private pension plans. OH WE'LL NEVER! Really? They said the same about even thoughts of cutting SS too but here we are. I hope like hell they grab it all and spare nothing. Time for a sing a long. Bye-Bye Miss American Empire! :happy-very: I'm loving it!!!!!!!!!!! But the difference of the private person and gov't is that gov't can create money out of thin air and then get the poor sap, the private person, to pay 2 forms of taxation, inflation and taxes for debt service to foot the bill. Even worse is the fact that the poor sap I speak of hasn't even been born yet! So much the myth of gov't providing for "the general welfare!" [/QUOTE]
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