Debt, deficit…what would Canada do?

While this country is involved in discussions (held mostly in secret) concerning our ever increasing debt, and ever increasing spending, perhaps we should look to what the liberals in Canada did.  Yes, you read that correctly, the liberals. Read more

What the debt negotiations aren’t

The negotiations on spending cuts and deficit increases (somewhat of an oxymoron) are basically being conducted in secret.  This alone conjures up visions of Obamacare, which, now that we can see what’s in it, is becoming more and more unpopular.  But, even though the “negotiations” are being held behind closed doors, we have learned what the President will not talk about. Read more

Interest payments or kick-backs? US provides foreign aid to countries who buy US debt

Really now… what else could it be? Certainly the United States is the undisputed champion when it comes to providing foreign aid to countries in need, but if those countries have the resources to lend the United States a few million here or a few million there, why is this exchange happening?

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Michael Walsh: Time to end the spending shell game

Michael Walsh is in-studio today and we’ll be discussing his New York Post article out this morning. He’s also promoting the release of one of his earlier novels available for your Kindle and Kindle apps.

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Obama administration sells a tale: “We’re not adding to the debt”

Oh come on now. President Obama’s own budget clearly shows there will be a deficit for years to come. For the next couple of years, we’re talking about $1 trillion-plus each year. Somehow, the president and Jay Carney, the new White House spokesperson, wants you to believe those future deficits do not mean they are adding to the national debt!

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Perhaps there is a victory in the Obama Tax “Compromise”

I alluded to this at the very end of the show, so perhaps I should post on this. There was one point during the “angry” Obama announcement from last night, Obama was forced to admit that fiscal conservatives were indeed right. Raising taxes costs jobs, not just people’s income. But that’s not all. Read more

Bi-partisan commission on reducing the debt – draft report

With the federal legislative session not exactly in full swing, you have plenty of time to review President Obama’s bi-partisan commission’s “how to reduce the debt” draft report. Unfortunatley, I don’t have time to read much this evening, but I wanted to provide you a link to the PDF for your reading pleasure.

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The stark reality of our national debt

Reams have been written about extending, or not, the Bush tax cuts. Many in Washington claim, now that the election is upon us, that something must be done to reduce the deficit, and, we are presumably led to believe that increasing taxes on the very wealthy is the answer. Read more

TARP Transparency – $ Update

It looks like the Obama administration is actually releasing documentation on where $293 billion of the Troubled Asset Relief Program (TARP) money is going.

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If You Can’t Afford It…

The Hartford Courant – along with a bunch of other MSM outlets – released an AP news story detailing how more and more people are falling behind on their credit card debt.

The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP. That represented more than 4 percent of the total outstanding principal balances owed to the trusts on credit cards that were issued by banks such as Bank of America and Capital One and for retailers like Home Depot and Wal-Mart.

At the same time, defaults — when lenders essentially give up hope of ever being repaid and write off the debt — rose 18 percent to almost $961 million in October from a year ago, according to filings made by the trusts with the Securities and Exchange Commission.

Serious delinquencies also are up sharply: Some of the nation’s biggest lenders — including Advanta, GE Money Bank and HSBC — reported increases of 50 percent or more in the value of accounts that were at least 90 days delinquent when compared with the same period a year ago.

Of course…

Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for an already sputtering economy.

Yeah right. Now that the people – who were not smart enough to realize what an ADJUSTABLE rate mortgage is – got the government to force banks to cut them a break, they figure now is the time to start complaining about the high interest and payments that they have on their credit card debt.

Borrowing words from James Tolkan’s character Stinger in Top Gun, “Son, your ego is writing checks your body can’t cash.”

And as Michelle Malkin has stated.

Suck. It. Up.

Right on. Maybe these folks should just stop spending money that they don’t have.  All indicators tell us there will be a federal bailout coming to cover the credit card payment crisis that is most certainly around the corner. Start spending now!