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On 05/21/2012 05:55 PM, Scott Lurndal wrote:

Soooo, you agree that California and the US are bankrupt, but it's all Bush's fault.
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"Socialism is a philosophy of failure,the creed of ignorance, and the
gospel of envy, its inherent virtue is the equal sharing of misery"
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"Doug Winterburn" wrote:

Over extended, yes, bankrupt, no.
Bush's fault, that will work for some of it, but Reagan gets most of it.
Lew
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On 5/22/2012 12:00 AM, Lew Hodgett wrote:

Lets not forget Jimmy Carter, the peanut farmer that introduced us to trillion dollar debt!
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Leon wrote:

that was Bushs fault, too
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You're all barking up the wrong tree.
It's easy to blame the current admin, but after reading the Ron Paul book the case for Gold it is clear that this goes way back.
It's been going on in the US since before we were a country. The most egregious thing that occurred in recent time is when Nixon took us off the Gold Standard and money no longer meant anything. Inflation (printing of money basically) went off the charts. This occurred in 1971 and in 1976 was made law.. Before that it was against the law... History shows that every time politicians decided to put aside gold transfer, or to print money that didn't match our gold reserves, we created havoc. The book is a historical walk through very sordid affairs. I have lost all respect for our banking system, which seems to cheat the common man out of money over and over.
As far as modern times Nixon really F'd us up. From there it was a slippery slope, but we were already screwed.
On 5/22/2012 8:01 AM, Leon wrote:

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wrote:

My memory of his is a bit more affectionate, like 15% (and more) interest rates.
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and don't forget the gas lines
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On 5/22/2012 10:46 PM, ChairMan wrote:

Any my all time favorite, America's best days are behind her. What an optimist! To win you have to think like a winner.
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If you'll remember those gas lines were not political in nature, but greedy bastards in the oil industry. What they did was treasonous, illegal.
On 5/22/2012 11:46 PM, ChairMan wrote:

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I particularly liked his gas crises and disavowment of nuclear energy. Whadda maroon!
-- When a quiet man is moved to passion, it seems the very earth will shake. -- Stephanie Barron (Something for the Powers That Be to remember, eh?)
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On 5/22/2012 9:04 PM, Ed Pawlowski wrote:

Hoping you are saying that with tongue in cheek. ;~) 15% interest rates are only good for the wealthy that have more money that they will ever spend. High interest rates are the way the government deals with out of control inflation.
Unfortunately, you have $1000 earning 15% interest per year. At the end of the year your $1150 will now only buy what $900 would have bought 1 year prior.
That was an exaggerated example but high interest rates only attempt to help your money keep its value.
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Neither california nor the US are bankrupt[*]. The current budgetary woes are caused by a combination of the bush tax cuts[**], repeal of glass-steagle and a shitload of deficit spending due to fighting two simultaneous wars.
scott
[*] Feel free to look up the definition of the word bankrupt. Newt just went bankrupt. California is not bankrupt.
[**] for which one must blame both congress and the former president bush.
scott
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On 5/22/2012 11:00 AM, Scott Lurndal wrote:

The current budgetary woes are caused by every one in government office and those that seem to think a particular person is to blame.
When you blame some one else and don't do anything to correct the problem your self you are as much to blame as the problem.
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The whole country is F'd by the ability of the politicians to print money. When the govt is the debtor, and they hold the debt there is something wrong.
Everytime they print money our self worth becomes less. And fixing it becomes less obtainable.
On 5/23/2012 8:56 AM, Leon wrote:

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On 5/23/2012 8:44 AM, tiredofspam wrote:

that. And the Federal Reserve Bank is a private corporation not run by politicians. We're still screwed, but we should be clear about who is the screwer.
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Just Wondering wrote:

If you think the screwer is the Fed (the "Federal Reserve", not the Federal Reserve Bank), you are not paying attention. Although, they deserve some of the credit, in recent years, for articially keeping the Fed Funds Rate (the rate that commercial banks can borrow at)so darn low, which tranlates into 1% rates on CDs, etc.
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Bill wrote:

Don't wish to be nit-picky, but it's the "Bureau of Printing & Engraving", I believe, which prints money. I've seen them do it! They print the bills in big sheets and then cut em up! The tourist is left thinking, "Could I maybe take one home as a souvenir?"
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Yes, a sheet of Woodrow Wilson bills, please! ($100,000 apiece!) http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency
-- When a quiet man is moved to passion, it seems the very earth will shake. -- Stephanie Barron (Something for the Powers That Be to remember, eh?)
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Larry Jaques wrote:

Backed in Gold too! Not sure whether the G'ment had fixed the price of Gold when those bills were circulated (1929). I remember when it was fixed at $20/oz, or so.

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On 5/23/2012 11:17 PM, Bill wrote:

Actually, what the Bureau prints is not money, it's promissory notes issued by the Federal Reserve System. (The Bureau also prints documents (but not money) for the U.S. government.) The Federal Reserve System includes 12 regional Federal Reserve Banks. Those regional banks are owned, NOT by the federal government, but by privately owned national banks and some state banks that meet certain requirements. About 38 percent of the nations more than 8,000 banks are members of the system, and thus own the Fed banks.
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