The problem is that the US economy is entirely smoke and mirrors. There's nothing backing it other than the agreement among the international banks that our reputation or credit is good. IIRC there isn't enough gold in the entire world to cover our national debt. It's all fiat currency and electrons. That can't last forever. You cannot borrow your way to prosperity if you never pay the money back. Thats about where we're at now. I really don't know why it hasn't collapsed yet.
As far as "too big to fail", that's a whole 'nuther issue. Mismanagement is not a reason for gov't to step in and bail anyone out. Stupidly generous union contracts that cripple a company are not a reason. Yes, the ripple effect would be serious and in at least one case the loan has been repayed. The problem is that the precedent is set and now the expectation of a gov't bailout is a real thing. People seem to forget that every dollar "the gov't" spends comes from your pocket and mine. gov't has no money of it's own, not one red cent. That particular chicken is going to come home and roost pretty soon. The uber wealthy are protected, the poor are provided for. Those of us in between are stuck with the bill. If you're making over $35 or 40K a year on up into a few million you are in the same boat. The class warfare minions will tell you that "the rich" need to pay more. Well, the really rich are never going to pay in the same terms as we do. Warren Buffet doesn't even consider taxes except as a tool to be used. fact is that there is no way to fund the gov't in perpetuity at the present rates of spending. So keep supporting the idea of bailouts and stupid gov't "investment" (ie- payback for campaign contributions) and all the other ideas where "the gov't" pays for it. In the end you or your kids or grandkids will get the bill.
This post was edited by Bret4207 at 05:09:55 01/12/15.
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