postmortemIA
Diamond Member
- Jul 11, 2006
- 7,721
- 40
- 91
Agree with Chuck, we are digging hole - not just keeping digging it, but doing it faster and faster.
Government has no balls to tell us we're screwed, it would create such panic that market would totally crash. At this point we are probably past point of no return. And it does not take economist to see this.
At some (soon) point, one of two will happen: we won't be able to buy more debt, like when you try to open 10th credit card and you have maxed out 9 already; or we'll fail to make payments on existing debt.
And this is somewhat due to us can't resist to buy cheap useless stuff from China. Almost nobody wants to pay extra for US made thing anymore. Or retailers don't carry it anymore - anywhere.
Government has no balls to tell us we're screwed, it would create such panic that market would totally crash. At this point we are probably past point of no return. And it does not take economist to see this.
At some (soon) point, one of two will happen: we won't be able to buy more debt, like when you try to open 10th credit card and you have maxed out 9 already; or we'll fail to make payments on existing debt.
And this is somewhat due to us can't resist to buy cheap useless stuff from China. Almost nobody wants to pay extra for US made thing anymore. Or retailers don't carry it anymore - anywhere.