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-- America's Debt = "We're Screwed!"
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Anyone seen this, about the stimulus. How viable is this?

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Three contractors are bidding to fix a broken fence at the White House. One is from Chicago , another is from Tennessee , and the third is from Minnesota . All three go with a White House official to examine the fence. The Minnesota contractor takes out a tape measure and does some measuring, then works some figures with a pencil. "Well," he says, "I figure the job will run about $900: $400 for materials, $400 for my crew and $100 profit for me." The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700: $300 for materials, $300 for my crew and $100 profit for me." The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700." The official, incredulous, says, "You didn't even measure like the other guys! How did you come up with such a high figure?" The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence." "Done!" replies the government official. And that, my friends, is how the new stimulus plan will work.

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Originally posted by Krypton Anyone seen this, about the stimulus. How viable is this?

it's called kickbacks! it's all an unfortunate part of the game. Depending on who is dolling out the money it could either be a pretty big factor or a relatively small factor. This was huge in the Dubya white house with one contractor bids for friendly companies. kickbacks aren't always direct monetary compensation, but many times favors and future employment. shit like that.

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Originally posted by jerZ07002 The property tax on my property is $12,000 a year!!!!!!!

WOW
I hope it's a mansion, I'm at $7,800 a year for 2300sq.ft. and a couple of acres, I thought I had it bad.
I think that escrow should not be done for taxes (I don't do escrow) If everyone has to go down to the tax collector and write a huge check every year, the Libertarian Party would grow overnight! Or at least people (like us) would participate in the system, instead of being asleep for the past 10 years.

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Originally posted by zookeeper Or at least people (like us) would participate in the system, instead of being asleep for the past 10 years.

There's a very strong link in academic literature between taxation and the formation of national identity and civic engagement. If you look at a place like Africa where tax code is mostly non-existent and unevenly enforced where it does exist, you can see that no taxes means no rooted identity, no civic participation, and no accountability of the state for public service delivery. Indirect sources of income promote corruption. So I agree - I think everyone should have to write a big old check every year.

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Originally posted by zookeeper WOW I hope it's a mansion,

Nope - just a modest city dwelling.

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Originally posted by zookeeper I'm at $7,800 a year for 2300sq.ft. and a couple of acres, I thought I had it bad. I think that escrow should not be done for taxes (I don't do escrow) If everyone has to go down to the tax collector and write a huge check every year, the Libertarian Party would grow overnight! Or at least people (like us) would participate in the system, instead of being asleep for the past 10 years.

the problem is that lenders aren't willing to risk you NOT paying taxes. Since property taxes take first priority, the banks claim against property (i.e., the mortgage) could be impaired if a property owner fails to pay taxes and the city or county has to foreclose.

All the rage today. Rick has been saying this for months, but today he got a lot of attention.

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Originally posted by Shakka All the rage today. Rick has been saying this for months, but today he got a lot of attention.

I think he's right though. If you can't afford the mortgage, then you should foreclose. It's not the bank's fault you are defaulting.

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Originally posted by Shakka All the rage today. Rick has been saying this for months, but today he got a lot of attention.

i absolutely HATE this foreclosure bailout plan!!! at the very least, the homeowners receiving the bailout should be required to hold onto the property until there is enough equity in the house, then they should be required to pay the government back, even if it means selling the property.

fyi - i don't know the terms of the plan, i'm just against any plan that rewards poor behavior.

since the title of this thread is about the debt, I thought I'd post an update:



http://www.brillig.com/debt_clock/

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Originally posted by jerZ07002 i absolutely HATE this foreclosure bailout plan!!! at the very least, the homeowners receiving the bailout should be required to hold onto the property until there is enough equity in the house, then they should be required to pay the government back, even if it means selling the property. fyi - i don't know the terms of the plan, i'm just against any plan that rewards poor behavior.

I agree. At least with the other bailouts, taxpayers capture the upside. They get preferred dividends (plus share value increases) from Wells Fargo, but the people with Wells Fargo mortgages get a handout for buying homes at the wrong time.

Meanwhile, I've been renting for 6 years, trying to pay off loans and save to eventually put down money for a home. And some of that savings has been wiped out by the falling markets. Where's my portfolio bailout for buying energy companies at the height of the bubble? They lost more percentage-wise than someone's house?

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Originally posted by Shakka All the rage today. Rick has been saying this for months, but today he got a lot of attention.

Later in the day, similar, but with more focus on helping younger people that could help GDP down the road

http://www.cnbc.com/id/15840232?video=1040027101

I'm all for homeowners who get bailed out to have to pay the government back. This country isn't the Soviet Union FFS...

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Originally posted by Groundhog Boy Later in the day, similar, but with more focus on helping younger people that could help GDP down the road http://www.cnbc.com/id/15840232?video=1040027101

I think i said this before, i'm not sure which thread. For me it's all about sending the right message and NOT rewarding foolish behavior.

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Originally posted by jerZ07002 I think i said this before, i'm not sure which thread. For me it's all about sending the right message and NOT rewarding foolish behavior.

"Wrong incentives produce wrong results."

-Warren Buffett

Well kids, it's been about 3 years since I started this little thread.
I saw it coming and didn't do much about it, now I'm FUCT.
I am now an American statistic and it really sucks ass.
I have stopped watching TV, because I can't stand having the media tell me how bad it is, because now I'm living it.
I can hope that things will get better, but right now I don't believe it will, possibly for many years.

My Grandmother used to tell me stories about the Great Depression, when I was a child.
I was in awe of way people dealt with grim circumstances.
In the future, I now may have some stories for my grandchildren.
I think that old cliche' applies to me now, "what doesn't kill you, makes you stronger".

I wish all of you the best of luck in this time of dread,
see you in the soup & bread line.

$11 trillion should be here in a few weeks..

Then govt. is going to start spending their $3.6 trillion budget which will knock it up to $12 trillion+ by the end of the year..

hold on to your seats!

Whilst I agree with the sentiments of this thread that our debt will indeed eventually screw us (I was a huge advocate of reducing our debt during the good times of the Bush administration to prepare for bad times) we have the good fortune of dodging that temporary hurdle in that the global recession/depression is truly global in nature. As such the US dollar has dominated all other currencies as the "flight to safety". As such investments normally diverted abroad will flow to us and we have uniquely cheap financing of our deficits at this time period.

You personaly in debt to foreign creditors over a 35 000 $
We in Russia live with no debt and bankers.

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Originally posted by Shakka All the rage today. Rick has been saying this for months, but today he got a lot of attention.

I don't see how people in finance can say they don't want others bailed out.

Supporting the homeowners is better than supporting people who were paid billions yet didn't do thier job.

The video also highlights one of the problems, the majority of people don't understand economics. Bernanke has been doing what he would have recomended they do early in the depression.

$11 trillion.

Congratulations America!
http://www.brillig.com/debt_clock/

Love how when the poor receive anything it's wasted money, but when the rich receive help from the government it's for the sake of the nation as a whole. This country has way too many parasitic forces on it and judging by what the government is doing, it isn't trying to remove them. In any other country there would be a class war and these guys would probably be dead already.

Ok everyone, I feel that I must give a warning to any and all Americans who are thinking about trying one of these "Debt Settlement" companies, that you hear on the radio (usually on "conservative" talk radio..go figure)

DON'T F'ING DO IT!! IT IS A SCAM OF MAMMOTH PROPORTIONS WITH EPIC FAIL WRITTEN ALL OVER IT!!

What they do is tell you to stop paying your bills and force your creditors to make a "settlement" with you. But when AND IF, the creditors give you a "settlement" you will find it is NOT the .25 cents on the dollar that the "company" promised you would get.

There is a new breed of financial predator out there, preying on people who are trying to find a quick solution to their debt problems.

DO NOT FALL FOR THIS SCAM! YOU HAVE BEEN WARNED

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Originally posted by mndeg Love how when the poor receive anything it's wasted money, but when the rich receive help from the government it's for the sake of the nation as a whole.

Rich people hire others to do all the work they're too lazy to do.

Poor people buy cigarettes and lose at Bingo.

PS: Where'd juzfugen go?

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Originally posted by Spam Where'd juzfugen go?

I think I saw him outside, flying past my 16th story window

Is it any wonder that they're calling for a global curreny now?



Ron Paul was the only one who had a clue or at least was the only one who really cared.



RON PAUL - Audit the Federal Reserve!!! HR 1207

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