By Bill Glynn
Contingent Liabilities Add up to Almost $30 Trillion
How's that! Someone telling the truth. Better than my economic bulimia. The figures are out and just the bank bailout program alone will equal more than ONE THIRD of the U.S. economy. And, yes, there is more to come - commercial real estate and jumbo loans - so it's not over yet. But I think some real business people are realizing that Congress has no clue how much money is being spent (whoops! borrowed to be spent), how much it is costing, and, oh, by the way, all those financial commitments to Freddie and Fannie and a host of others. If you add all that to the $111 trillion of unfunded liabilities of the government, we start to see the picture they don't want us to see. "The Full Faith of the U.S. Government" is backing up all these commitments, liabilities, contingent liabilities and the world's investments in our country.
Oh, and add a $2 trillion deficit this year and over $1 trillion for healthcare reform. So, in a nutshell, our sovereignty has been forfeited to foreign nations, we are bankrupt at best, we've got rampant moral and social decay, uneducated and ignorant voters, sub-par education for our children, and a nuclear economy. It is true that I am a radical thinker but it doesn't take any education to see all the cave drawings on our wall. You tell me if I am wrong. [more...]