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The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.
The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.
Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.
I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support....The bald fact is that the combination of ignorance, negligence, and ideology that permitted the crisis to happen still prevails and is blocking any remedy. Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector. Paul Craig Roberts was Assistant Secretary of the Treasury www.countercurrents.org...
Originally posted by marg6043
The plan is to kill the dollar, warrenb to prop a new currency.
“The problem with parasites is not merely that they siphon off the food and nourishment of their host, crippling its reproductive power, but that they take over the host's brain as well. The parasite tricks the host into thinking that it is feeding itself.”
Something like this is happening today as the financial sector devours the industrial sector. Finance capital pretends that its growth is that of industrial capital formation. That is why the financial bubble is called "wealth creation," as if it were what progressive economic reformers envisioned a century ago. These reformers condemned rent and monopoly profit, but never dreamed that the financiers would end up devouring landlord and industrialist alike. Emperors of Finance have trumped Barons of Property and Captains of Industry alike.
representatives of foreign interests lobbying in the US for trade policies that benefit companies in other countries at the expense of America's factories, workers, companies, communities and economic power. It is to be expected that a country will work to increase manufacturing within its borders – even if we don't – and these firms helping the efforts of other countries are required to register with the Department of Justice as “foreign agents.” I traced an anonymous comment left at my own blog back to one of these, after I wrote about President Obama's upcoming "China tire case" trade decision.
Originally posted by marg6043
reply to post by warrenb
Just understand that we are now dealing with a new generation one that have no clue about American history and that our educational system has failed.
This new generation is the one that is more mailable and susceptible to deception.
Anybody born before the or in the seventies are not so easily fooled.
Originally posted by marg6043
Why will a government do that to its own people? because it has to be an agenda behind all of it.
Back during the heyday of the credit bubble, they were the financiers who earned huge bonuses for creating, trading and investing other people's money in those complex securities that resulted in trillions of dollars in losses and brought global financial markets to their knees. And now they're out there again hustling for investors and hoping to make another score buying and trading the same securities.
Like golfers who treat themselves to a second drive after hooking the first one deep into the woods, these guys play on without apology or penalty. The maddening thing is that they're getting away with it and nobody seems to care.
Pearlstein shows time and again how high-level executives engaged in terrible business models without assessing the risks, and then walked away. Now, they are back in the financial sector doing the same thing they did a few years ago. The financial system is on the rise, banking stocks are gaining value, and the intent of the Treasury and Federal Reserve is to rebuild the bubble which existed in 2006 and 2007.