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| User Info | Gregg: US on the way to be a banana republic in forum [NotSoBreaking] | |||
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Mtgspy Posts: 6121 Incept: 2007-10-27 
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Let's see how many use this as their tagline: "You talk about systemic risk. The systemic risk today is the Congress of the United States" http://politicalticker.blogs.cnn.com/200.... ======= WASHINGTON (CNN) – A leading fiscal mind on Capitol Hill and a one-time Obama Cabinet pick sounded the alarm Sunday over the projected long-term financial challenges the country faces. “This deficit is driven by us,” New Hampshire Republican Sen. Judd Gregg candidly said Sunday on CNN’s State of the Union when asked about the federal government’s projected $1.42 trillion operating deficit for the 2009 fiscal year. “You talk about systemic risk. The systemic risk today is the Congress of the United States,“ the Ranking Republican on the Senate Budget Committee told CNN Chief National Correspondent John King, “that we’re creating these massive debts which we’re passing on to our children. We’re going to undermine fundamentally the quality of life for our children by doing this.” “Now you can’t blame that on [former President] George [W.] Bush,” Greg said, noting that using the Obama administration’s projections the budget deficit for the next ten years is $1 trillion per year. And Gregg said that during the same ten-year period, public debt as a percentage of gross domestic product would increase from 40 percent — which Gregg called “tolerable but still too high” — up to 80 percent. The figures, Gregg told King, “mean we’re basically on the path to a banana-republic-type of financial situation in this country. And you just can’t do that. You can’t keep running these [federal] programs out [into the future] and not paying for them. And you can’t keep throwing debt on top of debt.” “Standards of living will drop if we keep this up,” Gregg also said. After repeated promises from the White House that the final health care reform bill will be deficit neutral, Gregg said a Democratic plan to avoid otherwise automatic Medicare cuts without having a funding source for the projected expense of $250 billion over the next decade was “gamesmanship.” Asked about criticism leveled Sunday by former Republican-turned-Democrat Sen. Arlen Specter of Pennsylvania that Republicans were being obstructionist in the health care reform debate, Gregg replied, “Well, I suppose he has to call us something now that he’s left the party.” Responding to the Democratic charge that the GOP is “the party of ‘no,’” Gregg pointed to Republican health care reform proposals including his own and another co-sponsored by Republican Sens. Tom Coburn and Sen. Richard Burr, as well as a bipartisan proposal put forward by Sens. Ron Wyden (D-OR) and Robert Bennett (R-UT).” Gregg said the versions of health care reform voted out of the Senate Finance Committee and the Senate Health, Education, Labor and Pensions Committee would amount to “a huge expansion of government.” “You’re talking about taking the government and increasing it by $1-$2 trillion over the next ten years,” Gregg said. He added that he thought growing government at that rate would have a “very debilitating effect” on the overall economy and the ability of Americans to get health care in the future. At one point earlier this year, Gregg, who is not seeking re-election to his Senate seat in 2010, was President Obama’s choice to head the Commerce Department. But the fiscal hawk removed himself from consideration because of differences with the new administration on several policy issues. ---------- It sounds antiquated, merchantilistic - until you figured out that I was hoarding for war. Last modified:
2009-10-19 10:24:33 by mtgspy
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Guydaley Posts: 10915 Incept: 2007-07-10
Missouri & Wyoming Online
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What constitutes a banana republic? We were broke, long, long ago. Its just that we have others conned into loaning us money for perpetuity. Whats the hamburger eating friend of Popeye? Wimpy? Here a video of Wimpy the Moocher. http://www.youtube.com/watch?v=Tashk4iD0.... Substitute the stripes on our flag with an engorged Wimpy and I think that's about right. ---------- 2/17/09 = Hogzilla bill was signed = THE POINT OF NO RETURN = Cheers to the Reset, LONG LIVE THE UNDERGROUND ECONOMY! STARVE the BEAST! Adopt a J6P.
2009-10-19 10:35:15
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J0nx Posts: 1452 Incept: 2008-08-12 
Cubs Win!! Cubs Win!!
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On the way??
---------- Work is for suckers. - Resistance
2009-10-19 10:43:35
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Doctorbob Posts: 812 Incept: 2009-06-03 Gusher of black gold
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Banana? More like taco/pockchops/geltefishee...
2009-10-19 10:46:13
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Widgeon Posts: 6525 Incept: 2007-08-30
OK Online
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I guess we can see why Gregg walked from that PBO cabinet appointment.
2009-10-19 10:55:58
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Cash-out Posts: 2343 Incept: 2007-10-23
Live Free or Die - NH
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He wants THE job... (2012-16) Asshat.. ---------- More prepared than ready.
2009-10-19 10:59:48
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Laswyguy Posts: 5627 Incept: 2007-07-25
Orange County, CA
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let grannie die kill ssi gut the military, problem solved, ooh but there will be a revolution. ---------- positive alpha - bitches!
2009-10-19 11:37:30
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Mtgspy Posts: 6121 Incept: 2007-10-27
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---------- It sounds antiquated, merchantilistic - until you figured out that I was hoarding for war.
2009-10-19 13:46:14
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Ghost Posts: 143 Incept: 2008-03-01
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This from Gregg the biggest Republican cheerleader for TARP. **** him.
2009-10-19 15:06:32
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Financeguy Posts: 4946 Incept: 2007-08-10
Charlotte Online
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Banana Republic Checklist- No rule of law- check Collapsing currency- check Oligarchy in control or Authoritarian regime- check Massive gap between rich and poor- check ---------- "Granted, if you are not into Barbara Streisand and creme brulee, South Beach could be a tad lonely." Eleua
2009-10-19 15:11:18
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Fortune Posts: 1455 Incept: 2008-04-21 A deep dark place...scary
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"let grannie die kill ssi gut the military, problem solved, ooh but there will be a revolution." Before this is all over, we will move very much towards these outcomes, and yes, here will be IMO massive social upheaval and millions in the street. FUGLY. Uncle Sam is broke and no politician has the balls to take the medicine it seems to address the situation. ---------- It's a toss up. It is the Rule of Law that transforms assets into money: Martin Armstrong Math IS: Karl Denninger
2009-10-19 15:23:10
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Ark Posts: 453 Incept: 2009-07-10
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We passed the Banana Republic Milestone a couple years back. the only thing that's different now is too many foreigners are starting to realize it- big time. Unfortunately, Congress is doing everything they can to bring it into sharper view for all- americans and foreigners alike. How about that news today about Hawaii schools cutting back to a 4 day week? Banana Republic... and beyond.
2009-10-20 00:12:12
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Luckylee Posts: 1139 Incept: 2008-04-05
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?? What are you guys talking about? US currency hasn't collapsed yet. AUD, CAD, NZD, and GBP still below where they were in 2007/2008. So far the decline has been orderly. You wanna see collapse see GBP/JPY or GBP/AUD. Now that's a collapse. USD is still far superior than GBP so far. And yes it's quite a short squeeze as you can see it below. Always a short squeeze before further collapse.  Quote:
---------- Lucky Lee * Bulls and bears will be slaughtered, but pigs will be bailed out. Last modified:
2009-10-20 00:43:58 by luckylee
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Trader_kid Posts: 4012 Incept: 2007-09-27
You sounded a little taller on radio
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gregg is absolutely right. the problem is that he has played a hand in getting us there. he likes deficits, just so long as they are ran up by people with an "R" past their name. ---------- "People have predicted the end of America in the past and been wrong. But let's face it: If you're trying to borrow $9 trillion to save your financial system, and already half your public debt held by foreigners, it's not really the conduct of rising empires, is it?" - Niall Ferguson
2009-10-20 00:55:33
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Grifter Posts: 237 Incept: 2008-02-07 USA
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Being a banana republic happens when the rest of the world calls your bluff. We might have been broke a long time ago, but nobody was going to do it then. Now they will. Flatter the leader, give him a peace prize, that's the ticket....
2009-10-20 01:04:01
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Duc888 Posts: 757 Incept: 2008-11-06
CT, USA
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"You talk about systemic risk. The systemic risk today is the Congress of the United States" ______________________________________________________________ Bull****. The systemic risk is the FED / GS. Congress isn't even in the game. Get real. Who's a broke ass muthaphucka? Last modified:
2009-10-20 01:31:05 by duc888
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Ajc1970 Posts: 1049 Incept: 2008-03-05
bangkok, thailand
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Quote:This from Gregg the biggest Republican cheerleader for TARP. Yeah, I find it ironic that the GOP didn't start making sense until they were out of power. In power, they destroy the country. Out of power, they criticize the Democrats who are destroying the country. They're ****ing useless whether they're in or out of power. A curse on both their ****ing houses.
2009-10-20 04:30:07
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Laura Posts: 3153 Incept: 2008-05-05
Florida Space Coast
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Duc +100
---------- Karl's just a shill for Big Math. 1LumpSum Honey, where's the AK ? Tyler Durden My Ford focus can get me from point A to point B just as good Tigger's Cadillac. And my back door window is not broken. Mliu
2009-10-20 05:11:48
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Iflyjetzzz Posts: 5164 Incept: 2007-07-29
San Antonio, TX
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Ghost, thanks for pointing out that this piece of feces pushed the TARP through, all the while holding millions in BAC stock. http://pfds.opensecrets.org/N00000444_20.... ---------- Debt is slavery. If you can't pay cash, you can't afford it. Starve the beast!
2009-10-20 05:54:48
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