Our financial system is crumbling this week.

[planet planet]

Friend posted on Facebook:

can't believe they sent my Census form back!
The Census Bureau didn't like my answer to, 'Do you have any dependents?'
I answered . . . '12 million illegal immigrants, crack heads, unemployable bastards, 140,000 people in the penal establishments, leftovers from Hurricane Katrina, half of Mexico, some of the Congress, most of the Senate and one Sorry Ass President!'. . . Apparently it was not an acceptable answer.

[Freed Roger]

Friend posted on Facebook:

can't believe they sent my Census form back!
The Census Bureau didn't like my answer to, 'Do you have any dependents?'
I answered . . . '12 million illegal immigrants, crack heads, unemployable bastards, 140,000 people in the penal establishments, leftovers from Hurricane Katrina, half of Mexico, some of the Congress, most of the Senate and one Sorry Ass President!'. . . Apparently it was not an acceptable answer.

Last time I heard that joke I thought it was funny, until I fell off Glenn Beck's dinosaur's back

[SHOW]

oh noes, not the katfishing forum too!

[planet planet]

Friend posted on Facebook:

can't believe they sent my Census form back!
The Census Bureau didn't like my answer to, 'Do you have any dependents?'
I answered . . . '12 million illegal immigrants, crack heads, unemployable bastards, 140,000 people in the penal establishments, leftovers from Hurricane Katrina, half of Mexico, some of the Congress, most of the Senate and one Sorry Ass President!'. . . Apparently it was not an acceptable answer.

Last time I heard that joke I thought it was funny, until I fell off Glenn Beck's dinosaur's back

[SHOW]

oh noes, not the katfishing forum too!

I hadn't heard that one before. It's even worse now that I know it's not original. I should have posted in my OPQ rant.

[Freed Roger]

Friend posted on Facebook:

can't believe they sent my Census form back!
The Census Bureau didn't like my answer to, 'Do you have any dependents?'
I answered . . . '12 million illegal immigrants, crack heads, unemployable bastards, 140,000 people in the penal establishments, leftovers from Hurricane Katrina, half of Mexico, some of the Congress, most of the Senate and one Sorry Ass President!'. . . Apparently it was not an acceptable answer.

Last time I heard that joke I thought it was funny, until I fell off Glenn Beck's dinosaur's back

[SHOW]

oh noes, not the katfishing forum too!

I hadn't heard that one before. It's even worse now that I know it's not original. I should have posted in my OPQ rant.

I think I heard it first from a speaker at some CPA seminar. We are a funny funny bunch.

[vinsanity]

I watched that too and I think they overlooked some big things. Obama is different because he's black, which scares the hell out of all the backwoods republicans. All the Teatards think he's Muslim which scares them, most of that same group doesn't believe he was born here despite overwhelming evidence in the contrary. Basically this all can be boiled down into one concept which is this country is full of hillbilly backwords ignorant asses who believe what Fox News says more then they believe in the bible.

Oh well I didn't really care about any of that. It was just making me think what was actually unique about the situation we were in. Kind of a stream of consciousness. I started thinking that H.W. and Reagan both had raised taxes which kind of made Bush different and it went on from there.

I'd really be curious to know the last time a full termed president didn't raise at least one portion of taxes.

[longhornbaseball]

The largest problem with the debate surrounding this "crisis" is complete ignorance (from both sides) of how the government deficit works to offset the positive savings of the private sector. In order for households and businesses to save more than their income, the government needs to run a deficit. The only way both sectors can be net savers is if you run a current account surplus (meaning more foreign money is flowing into your country than is flowing out) sufficiently large enough to offset the positive balances of both sectors. This is true by the accounting identity:

Private Sector Surplus or Net Saving = Government Deficit + Current Account Balance

Clinton was heralded for balancing the federal budget, but the government surpluses of the late 90's plunged the private sector into debt, causing it to spend more than its income. Any time the government takes in more money than it spends, this money comes from the private sector, who hold a fixed supply of dollars. Any time the private sector takes in more money that it spends, this comes from the government who, as a monopoly supplier, holds an unlimited number of dollars. It is impossible for the government to default on its debts (unless we choose to).

A "strong" government balance sheet means a weak private sector balance sheet. If only our President understood this and was able to articulate it to the American public.

[SHOW]

[vinsanity]

Market took a big ole [expletive] today.

Investor confidence is high on the debt deal eh?

[TimeForGuinness]

Awesome

http://www.theonion.com/articles/drunke ... hoo,21059/

[planet planet]

Awesome

http://www.theonion.com/articles/drunke ... hoo,21059/

Good stuff, TFG.

A drunken Bernanke attempts to find the Aerosmith song "Back In The Saddle" on the bar jukebox.

[heyzeus]

Is it clear yet that we're [expletive]?