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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (147989)	3/23/2011 7:34:29 AM
From: ChanceIs	1 Recommendation Read Replies (1) \| Respond to of 206200

RE: Deficit Reduction I think this topic relevant to the board since what impacts the total economy, and hence the dollar and hence the crude price affects our interests. Several thoughts: 1) The/an acid test that Congress has no intention of acting is the current debate (Donnybrook) over cutting some $80 billion(?) from the current, '11, budget. $80 billion is in the noise yet they still gouge each others eyes over it. 2) President Clinton and President Bush each had special Social Security commissions during their "by-years,' '94, '98, '02 and '06. We had 16 years of acknowledging there was a crisis and four special commissions. The results....as we all well know....zero, zip, nada. President Obama, currently in his by-years is now gearing up his version - which basically seems to be to punt to Congress. 3) A large part of the current spike in deficits comes from bailouts - writing checks to Fannie/Freddie, to all manner of banks ($20 billion to Goldman through AIG), to TARP, etc. We also have emergency spending for food stamps etc. The bailouts are not likely to be repeated, although I see that the movement for "Build America Bonds" has been given new life. I called my Congressman yesterday to attempt to squash that. I have previously called him to urge a default on the Feddie/Freddie "obligations." Those guarantee were always implicit, and in fact explicitly not guaranteed by the federal government (vice agencies) on the front cover of each. The federal government had no obligation on those. A free gift o those who were stupid to lend to Fannie/Freddie at the top of the housing boom. Having said all of that, I confidently predict that Congress will let the system crash as opposed to taking preemptive action now. There will be no "grand bargain." That takes some individual responsibility. A complete reversal of 60 years of giving away things Congress never had, and then taking them back. One doesn't get reelected that way. A more enlightened, less spoiled electorate would return true leaders to office. Walter Mondale campaigned on raising taxes. Have I made my point?

To: Bearcatbob who wrote (147989)	3/23/2011 8:12:16 AM
From: Fiscally Conservative	Respond to of 206200

Deleted eom

To: Bearcatbob who wrote (147989)	3/23/2011 8:22:48 AM
From: not_prudent	3 Recommendations Read Replies (1) \| Respond to of 206200

Well I'll be damned. I have read so many posts of yours that I thought you'd never change. Congratulations.