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Kicking the can
Last comment by timeontarget 2 years, 1 month ago.

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When we were growing up we played kick the can.

In recent years the term "Kick the can" has been referred to with regards to our national debt.

It was said that each time we increased the debt limit we were simply kicking the can on down the road.

The debt has grown by leaps and bounds over the past decade or perhaps more. Actually it has been growing fairly steadily for a very long time.

There is approximately two weeks left in this year. We are told that those stingy old Republicans will fold and give in to borrowing more money in order to keep the Federal Government afloat.

I imagine that something like that will in fact take place.

We've been kicking this can on down the road for a long time now.

Matter of fact we've reached the point that we are now trying to kick the can up a hill.

Actually we're trying to kick it up a mountain.

Cutting spending is the only answer.

Increasing taxes to further finance our non essential governmant employees is insane.

I know at least some of you are government employees, in fact I suspect that most of you are.

You might riducule me but you all know that much of what you are paid to do was non essentual.

The only non-essential employees in private enterprise are off spring or in-laws of the principal of the oraginazation.

So much for my rant and thank you for reading if you have gotten this far.

This country is broke and broken as a government.

Someone named Everett Stephenson wrote a letter to the editor and it was published in the Savannah morning news this past Saturday.

I submit it here.
FUTURE BANK BAILOUTS MAY BE IMPOSSIBLE
The FDIC created as part of the Glass-Steagle Act of 1933 to provide insurance for some bank deposits, is funded by premiums paid by banks, based on account values and assigned risk levels.
Up through 2008, 11 bank failures had been managed. From 2008 through 2012, the number skyrocketed to 428. By 2009 FDIC reserve funds fell from over $45 billion, to insufficient funds to bail out one more bamk.
They estimated a need for $100 billion in new funds for servicing banks in the next four years. Banks were required to pre-pay estimated insurance premiums for three years in advance and the FDIC agreed to insure any and all non-interest bearing accounts.
This temporary program was established for the period Dec 31, 2010, through Dec 31, 2012
This tactic by the FDIC turned lemons into lemonade. Corporations sitting on billions in idle cash,rushed to park it in banks,shoring up their financial ratios to tolerable levels.
This allowed the FDIC to collect higher insurance premiums, plus sit on the sidelines keeping its limited powder dry.
The program is being allowed to end; there is no apparent interest in Washington to extend it.
Subsequently, when another failing bank--------there are many and will be more without this crutch-----meets it maker on a Friday afternoon, it will join the double-dip bank crisis that is being scripted to recur.
Any cashiers checks, certified checks, anything over an account aggregate of $250k in the pipe-line that is trapped will simply become wortheless.
Everett Stephenson
Savannah
I TOT do not know if this is all factual or not but the editor of the Savannah paper published it and it sounds plausible to my simple mind.
Also I'd like to point out that the Federal Reserve Bank of America (not a government entity) was chartered on Jeckyl Island in 1913. I've been told that it had a 100 year contract set to expire in 2013. That is next year folks.
Thoughts just thoughts.


Latest Activity: Dec 18, 2012 at 3:54 PM


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gacpl commented on Tuesday, Dec 18, 2012 at 16:21 PM

“Fiscal Cliff” put in a much better perspective.

Lesson # 1:

* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50

Got It ?????

OK now,

Lesson # 2:

Here's another way to look at the Debt Ceiling:

Let's say, You come home from work and find

there has been a sewer backup in your neighborhood....

and your home has sewage all the way up to your ceilings.

What do you think you should do ......

Raise the ceilings, or remove the #$@%?

timeontarget commented on Wednesday, Dec 19, 2012 at 08:02 AM

There should be a corresponding cut in expenditures by government for every dime of tax increase.

Be nice if it could be two to one.

To only increase the tax burden on those who are wealthy serves to take away venture capital for our private industry and from those involved in free enterprise. There fore reducing job opportunities.

up2sumptin commented on Wednesday, Dec 19, 2012 at 19:53 PM

In total agreement Seb but I would add, ALL income needs to be taxed, no matter what the source.

Sheran commented on Wednesday, Dec 19, 2012 at 20:31 PM

Obama, one lie after another!

http://www.youtube.com/watch?v=I0fvjU...

Cut this crap out, we can leave SSI alone...

timeontarget commented on Friday, Dec 21, 2012 at 15:35 PM

One lie after another from our news media is what has really brought us to this situation.

Vladimer Putin Russia's Prime Minister said that Obama and the American Democratic Party are either idiot's or they are deliberately trying to wreak the American economy.

I don't know if it is intentional or not but the economy has never been in this bad of shape in my lifetime.

timeontarget commented on Monday, Dec 24, 2012 at 16:14 PM

Sheran and JMack I wish you both and everyone else who visits this site a very Merry Christmas.

Maybe next year we can become a little more mature in the way we engage in our exchanges of point of view.

MERRY CHRISTMAS

timeontarget commented on Sunday, Jan 06, 2013 at 15:56 PM

Question for the graduate.

Did you read the part about the FEDERAL RESERVE BANK being broke as in out of money???????????????????????????????????

JM what sayest thou?

timeontarget commented on Thursday, Jan 10, 2013 at 12:10 PM

I meant to post that the FDIC is broke as in out of money.

The Federal Reserve Bank can't go broke as in out of money.

All they have to do is print more paper Federal Reserve notes

They have been doing that rather recklessly for some time now.

That is why the credit rating of the US was downgraded a while back.


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