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Thread: US close to NATIONAL bankruptcy

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    Elite Member Grimmlok's Avatar
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    Exclamation US close to NATIONAL bankruptcy

    The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Tyche, told CNBC on Thursday.

    "We expect a depression in the United States. We expect a depression, very possibly, also in Europe," Hennecke said on "Worldwide Exchange."

    The estimated $300 billion cost of the Fannie/Freddie bailout will probably be considered as a loss that the government will have to take, therefore passing it on to taxpayers, he explained.

    "We already have $3 trillion of debt, as far as the U.S. government is concerned. These debt figures across the U.S. economy are rising very sharply."

    When the government can no longer pass the United States' "immense debt" on to taxpayers, it will turn to the holders of U.S. dollars, leading to the eventual downfall of the currency, Hennecke said.

    "Definitely, it (the dollar) is not a safe place to be invested in, as real inflation is closer to 10 or 11 percent than the actual inflation numbers given by the U.S. government," Hennecke said on "Worldwide Exchange".

    Investors should avoid exposure to debt and stay away from leveraging on any investment or asset, including property, Hennecke advised, adding that "banks have been too highly leveraged in the past, private households, everybody."

    Hennecke's stock allocations are mainly Asian-based, especially in the Chinese market as the country's government has a large amount of cash and the macroeconomics are fundamentally strong.

    He also suggested investing in gold, despite the recent fall in price.

    2008 CNBC.com
    Ze shit is hitting the fan folks.

    I work with this junk every day, and the last deadline we had EVERYBODY is pulling their money out.. a deadline where we usually see 100 redemption transactions saw us ram through 400 of them.. and not piddly little amounts of stock either.. we're talking hundreds of thousands of shares at a time. People are taking their money and ripping it out of the market, shoving it into euros, hiding it under their beds..

    Now with Merrill Lynch gone (so many idiots i wont have to deal with anymore, YAY!) and Lehman.. the spiral is accelerating.

    The republican financial circle of death, folks. If you have money in hedge funds or any high risk stocks, pull em out now.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member McJag's Avatar
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    Son of a bitch.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member kingcap72's Avatar
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    And this is the legacy of George W. Bush. He really will go down as the worst president in U.S. history, not that it was ever in doubt.

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    Silver Member betagrl's Avatar
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    Holy f*&K!! I just read somewhere that AIG is asking for $40 billion in federal loan guarantees!!

    And this is really, really rich. In a Washington Post Op-Ed today a McCain adviser writes that the economy is not as bad as people are making it out to be. WTF!

    A quote from the article "McCain campaign adviser and former U.S. senator Phil Gramm was right in July when he said that our current state "is a mental recession." Maybe he was out of line when he added that the United States has become "a nation of whiners." But when it comes to the economy, we have surely become a nation of exaggerators."


    I'm sorry, but this mismanagement has to stop. I hope all of you who voted for Bush cause he seemed like a good guy to have a beer with think long and hard before you vote for more of the same. Honestly, I don't think we will survive.

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    Elite Member Grimmlok's Avatar
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    uh, that quote is from the man who singlehandedly created the sub-prime mortgage mess.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Gold Member ymeman's Avatar
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    $250 million a month, every month, in Iraq.


    This is the plan repukes have had since day one, completely bankrupt the treasury and get rid of every single so-called 'entitlement' in this country so they can turn this country into a fiefdom. No medicaid, medicare, disability, workman's comp, wic, social security, food stamps, zero, zip, zilch, nada, no money for the po but solamente for the war. We'll be back to a serfdom, ragged beggars holding our bowls out to the super-rich and they speed by us into their gated communities. It's not an accident they threw a war, any war, and sent the economy into the toilet at the same time.

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    Elite Member Rondette's Avatar
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    I bet Bill Clinton's pissed, all that good work he did in the nineties down the crapper. (or that's my understanding of it anyway, as a limey)

    Makes me a little glad about living in the UK, at least we have some sort of welfare system (even if it is abused to buggery) and the NHS, who do what they can once you cut through the layers of red tape...

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    SVZ
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    yay...all my money is in US currency :/

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    Elite Member celeb_2006's Avatar
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    Thanks george

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    Elite Member HWBL's Avatar
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    Quote Originally Posted by Rondette View Post
    I bet Bill Clinton's pissed, all that good work he did in the nineties down the crapper. (or that's my understanding of it anyway, as a limey)

    Makes me a little glad about living in the UK, at least we have some sort of welfare system (even if it is abused to buggery) and the NHS, who do what they can once you cut through the layers of red tape...
    No, you're right. Bill was a blessing for the hole in the economy caused
    by Reagan and Bush sr. After all the hard work bringing the deficit back
    to zero, this jackass drove us to the brink of bankruptcy for about
    twice the amount his old man. Why oh why can't we get Bill back?!
    Warren Beatty: actor, director, writer, producer.

    ***** celeb

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    Elite Member McJag's Avatar
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    Quote Originally Posted by HWBL View Post
    No, you're right. Bill was a blessing for the hole in the economy caused
    by Reagan and Bush sr. After all the hard work bringing the deficit back
    to zero, this jackass drove us to the brink of bankruptcy for about
    twice the amount his old man. Why oh why can't we get Bill back?!
    We sort of can-IF Obama wins and he drafts Bill to fix it AGAIN.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member cmmdee's Avatar
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    Quote Originally Posted by kingcap72 View Post
    And this is the legacy of George W. Bush. He really will go down as the worst president in U.S. history, not that it was ever in doubt.
    Once again, King, you took the words out of my mouth.

    $3 trillion?! It's insane. I don't understand how anyone can ever consider voting for McSame.

  13. #13
    Elite Member yanna's Avatar
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    At least George didn't get any blowjobs. That's all that matters.

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    Elite Member cataroo's Avatar
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    Quote Originally Posted by yanna View Post
    At least George didn't get any blowjobs. That's all that matters.
    Maybe he should have ...

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    Elite Member McJag's Avatar
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    All in favor of BJ's for Presidents say aye! AYE! Maybe that makes them focus!!
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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