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The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday.
"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point."
But he added he was confident in the Americans' ability to take the right decisions and said the country would avoid insolvency.
"I think we are at the beginning of the process and it's going to be very painful," he added.
Originally posted by AnimositisominA
We need to displace that pain onto the fed because they caused it. When people start getting hungry, thats when it will happen.
Originally posted by dawnstar
so.....how much money is a jet fighter worth?? and, well...how many billions of dollars worth of missiles did we throw at libya today??
we ain't "approaching". we are racing to it!!
wonder what kind of trophy we will get if we win the race??
to put it another way......
don't expect me to accept the "pain" when it's the fools in charge that are busy day and night coming up with newer and better ways to create the problems, appearantly, believing that they are immune to the pain!
Originally posted by dawnstar
reply to post by camaro68ss
um...what about welfare, and medicaid???
which, well, if you do away with social security and medicare, is where many of the elderly will go to????
matter of fact, if our gov't wasn't taking care of all these "poor" people, and their kids, well, the ss fund would probably be in healthier shape! after all, there would have been less drain on the fed gov't budget (which well, they chose to meet the demand by raiding the ss fund...but there would more than likely be more people contributing to the fund, higher wages for us, and well, less money going to the upper echelons, thus no taxed by social security....
but well, that is beside the point....
when anyone comes on here complaining about their low wages, not being able to make it, ect...well, the first thing the conservative do is start pointing at how everyone, even the poor has cell phones, computers, the internet, esect.....
only, many times the little money those things cost, wouldn't matter anyways, just like you are stating that the billions going to bank bailouts, or into the wars, and on and on, don't matter either!!
don't sit there and cry proverty to me, then act like you've go a million money trees growing in your yard!!
and by the way, where did I blame the military?? I have a kid, at least for a little while longer, in the military!! if the clowns in gov't want to send them to war, it should at least be something worthwile...not installing "democratic governments" into countries that don't seem to want them, and well, to be honest, I don't think it's really in the US best interest for them to get it, since the first thing the people will probably do, is install a far right religious leadership and sign away their democracy!