Debtors slaves to lenders

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Where is the outrage? The Owe-bama administration has been in a full-court press for wealth redistribution since January 2009. Some readers from the South say, “We elected him president.” In the words of the Indian scouts with Custer: What’s this “we” stuff?

Federal Reserve Chairman Ben Bernanke’s term ends early next year. He has done his best to take the wealth of the poor and elderly and subsidize those “greedy” bankers. Taxpayers now own $5 trillion of mostly toxic debt. I have been an investor for almost 20 years, and I would never buy foreclosed or defunct debt for 100 cents on the dollar. The banks may increase lending now that they have fewer “nonperforming assets,” but the 2009 bailout resulted in a massive consolidation and not much lending.

We are forced to give the government our hard-earned resources through government taxes/fees, and borrowing and printing money. There are fortunately enough in government who believe that we have been “Taxed Enough Already” – although they are in the crosshairs of the American Gestapo, the Internal Revenue Service. The world has grown cold to buying U.S. debt. The Fed now buys the majority.

Debasing the currency has been used since the United States became a debtor nation. What cost $1 in 1913 when the Federal Reserve Act was passed now costs $23.49. I have a $100 trillion note from Zimbabwe demonstrating the extreme result of debasing a currency. I also have a 5,000-peso coin from Mexico. President Clinton had to bail out our neighbor during his first term.

We have had two large bubbles burst already this century – the tech bubble and the housing bubble. There are four others set to burst – the dollar bubble, the government debt bubble, the student loan bubble and the personal credit bubble. Many nations want to replace the dollar as the reserve currency with a “basket of currencies” – the dollar, euro, pound, yen and yuan. This would be like special drawing rights from the International Monetary Fund.

The national debt is about $17 trillion. Interest is about $400 billion each year with a two-year Treasury note at 0.3 percent. If the interest rate goes to 3 percent, then the interest will be $4 trillion. The default rate on student loans is often more than 20 percent. Interest rates will be tied to the 10-year rate plus 3.4 percent. This is currently 5.38 percent.

As home prices recover, Americans will again use the “equity value” in their homes as an ATM. It would be a great time to remember that the debtor is a slave to the lender!

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burninater
9680
Points
burninater 06/28/13 - 02:29 am
3
9
Wait, now wealth

Wait, now wealth redistribution is from the poor and elderly to the wealthy bankers? What kind of crypto-Fascist-Muslim-Marxist-Socialist-Cloward-Piven-gold-standard-Sodom-and-Gomorrah-evolution-is-lies-straight-from-the-pit-of-Hell-George-Soros-Climategate-Kenyan-colonial-mentality-War-on-Christmas-Manchurian-candidatism have we got going on here?

Somebody call message control central! Tatum's gone rogue!

Riverman1
86670
Points
Riverman1 06/28/13 - 04:47 am
10
2
Burn, Funny

That was a great, funny post, Burn, but the facts are: "The national debt is about $17 trillion. Interest is about $400 billion each year with a two-year Treasury note at 0.3 percent."

We can't laugh our way around that. Not sober anyway.

RMSHEFF
16606
Points
RMSHEFF 06/28/13 - 06:08 am
8
2
What if we had to finance

What if we had to finance Obama's 17 trillion debt at say 5% instead of 0.3 ? No money left for .........anything! We would have to eliminate the EPA, Department of Education, Interior, IRS and most welfare, oh and ObamaCare. There is always a bright side to every bad situation. Just keep the defense department.

deestafford
28585
Points
deestafford 06/28/13 - 08:04 am
9
3
Awwww come on now Chuck.

You expect the no information voter, the low information voter, the moocher, and the obama worshippers to understand what you are saying or really care? This letter should be on the comics page because it is so funny.

Romney tried during the presidential campaign to get your point across and the voters were so ignorant or didn't care about the case you make that they reelected a man who thinks the wealthy made their wealth by stealing from the poor rather than intellect and hard work.

Our problem is the majority of voters have discovered they can vote themselves largesses from the US Treasury by voting for panderers who dislike what America is and what it stands for. obama is the epitome of what a destroyer of the American ideal, American culture, American strength in the world, and the American social fabric looks like.

carcraft
26901
Points
carcraft 06/28/13 - 08:09 am
7
2
The people that are going to

The people that are going to get smashed by this is the Obama low information voter! Unemployment is about 7.4% and employment is pretty flat. Pass the immigration bill and salaries will go down per the CBO. The size of the American work force has shrunk reducing federal income.

soapy_725
43757
Points
soapy_725 06/28/13 - 08:19 am
1
0
Obama Nation don't care 'bout unemployment. They don't work.
Unpublished

They masticate, urinate, defecate and propagate.

soapy_725
43757
Points
soapy_725 06/28/13 - 08:20 am
1
0
Obama nation don't care 'bout no debt. They got no debt.
Unpublished

They masticate, urinate, defecate and propagate.

soapy_725
43757
Points
soapy_725 06/28/13 - 08:21 am
1
0
Obama nation don't care 'bout nothing. They got nothing.
Unpublished

They masticate, urinate, defecate and propagate.

soapy_725
43757
Points
soapy_725 06/28/13 - 08:24 am
1
0
Emancipation only enlarged the "plantation". PBS said so.
Unpublished

Only the "masters' changed.

soapy_725
43757
Points
soapy_725 06/28/13 - 08:51 am
1
0
A Cracker. Before that term was abducted to mean slavers,
Unpublished

it described the tone of ill educated, inarticulate, irritating, never ending rambling dialog, broken-crackling speech of the Southern Scots-Irish. Akin to the "high lonesome sound" of Blue Grass music.

itsanotherday1
45230
Points
itsanotherday1 06/28/13 - 08:54 am
8
0
Carcraft

It is the middle class person who will be slammed. If a person with $100 in the bank loses 80% of its value, he has $20 left. If a person with assets of $500K loses 80% of his, he only has $100K left, not enough to generate any appreciable income. The $100M guy still has $20M, quite enough to live comfortably.

So, in the first case nothing from nothing leaves nothing. He was probably getting housing and food at taxpayer expense and will continue to do so. He won't see much difference.

The second case is the one who will lose everything because they are already retired and can't find work.

d1zmljqg
936
Points
d1zmljqg 06/28/13 - 09:04 am
3
7
RMSHEFF

Why is the 17 trillion debt you mention solely Obama's? I'll bet you had no problems with the Reagan, George H.W. and George W. Bush add-on's, which too were quite hefty with dire consequences contrary to Cheney's "deficits don't matter."

myfather15
55764
Points
myfather15 06/28/13 - 10:11 am
7
2
So YES!! Bush and Obama have

So YES!! Bush and Obama have BOTH been the WORST Fiscal President's this Country has ever seen!! Would any of the liberals on here like to ADMIT that Obama is AWFUL fiscally??? Or are you scared to say anything bad about the Obamasiah??

myfather15
55764
Points
myfather15 06/28/13 - 10:12 am
3
2
SEAN MOORES

Can I get an explanation why my posts about gay marriage are being removed without notification????

Sean Moores
700
Points
Sean Moores 06/28/13 - 10:21 am
7
1
@ myfather

It's not just your comments that are being removed. The arguing and insults have gotten out of hand lately. I'm removing any post that looks anything like an attack or insult. If we have time, we send a warning. We don't always have time.

Sean Moores
700
Points
Sean Moores 06/28/13 - 10:22 am
7
1
I don't care what the topic

I don't care what the topic is or how strongly people may feel about it. I'm not going to let the conversation degrade into petty bickering.

RMSHEFF
16606
Points
RMSHEFF 06/28/13 - 12:42 pm
6
0
D1

Its not all Obama, he is just by far the worst offender. Bush did more than his share also. I would just point out Obama's hypocrisy when he was running in 2008 and said Bush was immoral because he increased the debt by 2 trillion in 8 years. Bush took out a credit card in the name of our children from the bank of China...etc. If Bush was immoral for 2 trillion what does that make Obama?

Dixieman
15839
Points
Dixieman 06/28/13 - 03:33 pm
6
0
My petty bickering will start now

Um, I am having a hard time connecting two consecutive sentences in this stream-of-consciousness letter to the editor. This is one of the stranger ones that I have seen published in the AC. I think it was delivered by FEMA agents rappelling down from a black helicopter.

corgimom
33859
Points
corgimom 06/28/13 - 06:38 pm
2
4
You won't be bickering with

You won't be bickering with me, Dixieman, I feel the same way.

It's getting to be the norm, not the exception.

And it's the same people over and over again, writing the same things.

If these are the letters that they print, I'd hate to see the letters that they don't print.

nocnoc
44684
Points
nocnoc 06/28/13 - 08:23 pm
5
1
A positive thoughtful comment with just facts no petty bickering

The Average America pays over 20% in hidden or built-in Fed Taxes.
The Average American Taxpayer pays another 25-28% in Fed Income taxes.

The Average American Taxpayer therefore is working 45 to 48% of their lives for the Federal Government.

Now add in state, and local taxes. 7 to 15%
So now you are paying 52% to 63% out of your life.

There is a Word for this....
When a person works more for another person than themselves that person is called a SLAVE and the receiving person is called The MASTER.

nocnoc
44684
Points
nocnoc 06/28/13 - 08:30 pm
2
0
SEAN IS BACK

RAW HIDE.
When the wrong music is played,
Sean will step in and get the players straight.

http://www.youtube.com/watch?v=F5N35kQAPv0

Note: a person named Sean Moore in the Comments☺

"Sean Moore 2 weeks ago
Rawhide I Love That Song Also My Wife Kayla Hassall Love That Song"

nocnoc
44684
Points
nocnoc 06/28/13 - 08:34 pm
1
0
A special Dedication to

A special Dedication to Sean
http://www.youtube.com/watch?v=HCTJeT2i9QU

☺☺☺☺☺

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