Is The U.S. Going Broke?


	Is The U.S. Going Broke?

Andrew Farrell

9-12-2008 9:50 AM

1290 views

Andrew Farrell says:

It's a shame how little attention this issue is getting in the Presidential election.

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10-8-2008 11:28 PM

sunnydays140

who audits the government books? This is what the American people want to see at election time. It should be public information.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/66566b60-9fe2-4375-854d-6682752b98c4/76358564-BDD4-4A72-BC8C-D0FB0F67A124/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html" href="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html" style="font-size: 11px;">www.forbes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html"><B>Is the U.S. Going Broke?</B></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html"><H4>Now that the federal government has bailed out Fannie and Freddie, who's going to bail out the federal government? </H4></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html"><P>The federal government's takeover of Fannie Mae and <B>Freddie Mac</B>
    (nyse:
      <A class="maintkrlink" href="http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=FRE">FRE</A> -
	<A href="http://www.forbes.com/markets/company_news.jhtml?ticker=FRE">
       news
    </A> -
    <A href="http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=FRE">
       people
    </A>) represents a huge financial tremor. These two institutions now issue 70% of Americans' mortgages. Their failure would have triggered a complete meltdown in housing and financial markets. So now Uncle Sam is on the hook for $5 trillion, consisting of corporate debt owed by those two institutions and mortgage debt guaranteed by them.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.forbes.com/businessinthebeltway/forbes/2008/0929/034.html"><P>If only the government's total debt were that low. Uncle Sam, for all his righteous indignation, is, in fact, the father of all deceptive accounting. The government has arranged its budgeting to keep the great bulk of its liabilities off the books and out of sight.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/76358564-BDD4-4A72-BC8C-D0FB0F67A124/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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