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"The Printing Presses are Running 24 Hours a Day" said my Congressman

Profile picture for DebtsNMesses
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Yep, Duncan Hunter Jr (R) said this yesterday when he arrived after the Tea Party I attended. I was discussing the constitutionality of pork and the SOLE responsibility of Congress to coin money when he said this. I was shocked to hear it from a politician and really didn't have a response. What do you say? How do you respond?

I guess in hindsight I should have asked him if he knows that he's risking mass starvation of his constituents? or maybe the total collapse of our currency?

WTH are they doing in Congress?? OMG, I can only laugh thinking of the stupidity, the irresponsiblity, and the gross negligence that our Congress is committing!

I know as a Republican he really has NO say, because the Dems have total charge, but why aren't they sounding the alarm to tell their people they represent HOW to survive through these times?
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July 05 - US

Replies (41)

Profile picture for edtilton
OK Rush Jr. Take your politics elsewhere
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July 05
Profile picture for DebtsNMesses
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Politics? I guess you don't know how it affects YOU, too. Try rising prices of FOOD, rising interest rates, and a slam in the housing market. The printing presses running full steam affect YOU directly.
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July 05
Profile picture for edtilton
This isn't the forum for your political views.
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July 06
Profile picture for BMFPitt
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I know as a Republican he really has NO say, because the Dems have total charge, but why aren't they sounding the alarm to tell their people they represent HOW to survive through these times?

Yes, we all fondly remember the massive surpluses from 2001-06 when the Republicans had total control.  They sure are against big gvoernment and all, because they say so.  Massive bloating of entitlement spending would never happen on their watch.

Politics? I guess you don't know how it affects YOU, too.

This is why they should have kept "Economic Watch" as it was.
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July 06
Profile picture for edtilton
And the point of this Tirade ?
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July 06
Profile picture for mrfnuts
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July 07
Profile picture for BMFPitt
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And thus... even Matthew Lesko is moving to Canada.

It's a conspiracy to make it look like him and Geitner are different people.
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July 07
Profile picture for jkonstant
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The tea parties have largely been ignored by the media or they have been dimissed as a "right wing" , anti-Obama" demonstration. Even here, the original poster has been dismissed rather than discuss the topic. Why is that? The masses will not listen unless things get considerably worse. Until then the presses will roll on. Nobody alive today will experience a zero national debt in the United States and most people don't care. Even today Bill Clinton is erroneously credited with creating a budget surplus. Too many conclusions and too few fact. When Pelosi promised 24 hours to read any bill before a vote, she got press. When she forced a vote on HR2454 (Cap & Trade) just a few hours after the 3:00 AM addition on 300 amendments, the press for the most part ignored it. Why don't people do the Obama/Immelt/GE/NBC math? I wonder if anybody is digging into illegal funding of Iran's uprising. We have no leverage with China to force anything with North Korea. The only way to make any real progress in solving problems or preventing others is to listen to all sides of an issue and have a rational debate. Think about it. How might we feel if we kept being force fed images of polar bears viceously killing and eating baby seals instead of the lone bear swimming in the sea with nowhere to go. Maybe it was alone because it ate it's own offspring. Let's ask our children what they prefer..
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July 07
Profile picture for BMFPitt
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The tea parties have largely been ignored by the media or they have been dimissed as a "right wing" , anti-Obama" demonstration.

Let's be honest, that's what they were for the most part.  They would have never happened with Bush in office even if he passed the exact same pork-filled atrocity.  This is exactly the reason I hate Republicans so much.  They are huge fans of bloated, counterproductive government as long as they're doing it.

Even here, the original poster has been dismissed rather than discuss the topic. Why is that?

Because he was taking Duncan Hunter seriously as someone who cares about the deficit.

Even today Bill Clinton is erroneously credited with creating a budget surplus.

I miss the days when we had that fake Social Security embezzled surplus.  They were good times.

When Pelosi promised 24 hours to read any bill before a vote, she got press. When she forced a vote on HR2454 (Cap & Trade) just a few hours after the 3:00 AM addition on 300 amendments, the press for the most part ignored it.

I would say the amount of press recieved for each of those things was roughly the same.  Which is sad and pathetic, but I have no expectations that anyone other than Jon Stewart will call out any politician on their shennanigans these days.

Why don't people do the Obama/Immelt/GE/NBC math? I wonder if anybody is digging into illegal funding of Iran's uprising.

You might want to put away the tinfoil.  There are enough problems with real collusion in the government to bother making up fake ones.

How might we feel if we kept being force fed images of polar bears viceously killing and eating baby seals instead of the lone bear swimming in the sea with nowhere to go. Maybe it was alone because it ate it's own offspring. Let's ask our children what they prefer.

Here's a tip on rational debate.  If you want to try to make a case that X isn't happening, you should probably use lines of argument other than, "But X is a good thing, anyway!"
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July 07
Profile picture for Pasadenan
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First, I don't doubt that the printing presses and minting machines are run 24 hours a day; I don't think that is a "change".  We have to replace currency that is taken out of circulation due to "wear" or "collectors".  The machines sitting idle only cost money with no productive benifit, thus it makes sence to pay for multiple shifts of employees rather than to have to have more machines taking up more space and requiring more service.

Second, as people are becoming "afraid" of credit or unable to get credit, more people are choosing to use cash, thus a SLIGHTLY higher percentage of trade is done by cash rather than electronically or "checks".  Still only about 5% of actual transactions, but a small change does require more "currency".

THIRD, the purchasing power of "home equity" put a lot more "fake money" in circulation than any "deficit spending" the federal government is doing now.  The government is only trying to make up for the constriction of money circulation that occured from the collapse of home equity heading back to where it should be.

Forth, the Federal Government proved some time ago that it never has any intention of paying back what it borrows, but only intends to borrow more to cover the interest on the debt.

Fifth, as with ALL countries (and states, and cities...), the laws only get more combesome and longer, and the tax rates only increase (except in rare cases of the people passing legislation like Proposition-13 in California), thus eventually most of the "work" goes to the "government", and the only solution is the collapse or restructuring of the government.  Usually, this occurs about every 200 years.


I really don't care how much money is "printed".  It is only "paper", and only represents what people want it to represent.
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July 07
Profile picture for Pasadenan
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As to this thread being place under the "buying" catagory instead of elsewhere, that is ZILLOW'S fault for moving the "economic watch" catagory (where it should have been posted) AND renaming it "HOUSING MARKET".

Of course the economy is important to buying houses, but one cannot call the economy "HOUSING MARKET".

Zillow really needs to correct this error, but as they won't, all the ECONOMIC information HAS to be posted in the "BUYING" catagory.

(Where else would you want the Zillow moderators to move it???)
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July 07
Profile picture for BMFPitt
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First, I don't doubt that the printing presses and minting machines are run 24 hours a day...

"Printing presses" is generally understood to be a metaphor.  Much of the money created by the Fed is purely electronic.

Forth, the Federal Government proved some time ago that it never has any intention of paying back what it borrows, but only intends to borrow more to cover the interest on the debt.

This is what I care about and people at Tea Parties pretend to care about.  We need to stop that.  We're not going to, but we need to.

I really don't care how much money is "printed".  It is only "paper", and only represents what people want it to represent.

Those of use whose savings are dollar-denominated care about such things.

Of course the economy is important to buying houses, but one cannot call the economy "HOUSING MARKET".

I think they wanted these types of threads to just go away and they thought renaming the category woul do that.  I'm not saying this was a rational belief.
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July 07
Profile picture for Caveat Emptor
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if the dollar falls a peg or two we will survive... if unemployment goes past... about 12% many wont survive, (the unemployment is calculated differently than it has been in the past, and as scary as 1:8 out of work might be, try 1:6) so im sure that if president obamas plan works and the GLOBAL economy doesnt collapse you will be there to complain about how we did too much... but considering that the unemployment rate is at 9.5% already, i think its clear that something needs to be done...

stimulus? perhaps not. i think that the answer probably lies in trade, make it cheaper for china and europe to buy from american companies... forget protectionism, redo NAFTA, create new trade agreements.

but we have a globle oversupply so even that might not be enough... who knows .... i know for a fact that letting the economy slide back to where it was a year ago isnt the answer
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July 07
Profile picture for DebtsNMesses
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First, I am a girl! lol 

Second, due to these posts and this type of info, many people reading them have battened down the hatches, which is prudent.

Third, I'm an independent. If you want to keep in the minority party of the dems or reps, do so, but don't label me either party pls. Nationwide, registered voters go as follows: 39% Independents; 33% Dems; 22% Reps, and 6% Other.

Lastly, the people are waking up, with the rude awakening that Dems and Reps belong to one party... called Politicians. Honestly, it's Congress that rules the currency and makes the laws, not Dems, not Reps, and not the President. Congress needs to start working for the people, not for themselves, and not for their 'party'.
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July 07
Profile picture for Caveat Emptor
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I really don't care how much money is "printed".  It is only "paper", and only represents what people want it to represent.

Those of use whose savings are dollar-denominated care about such things.


why does anyone have dollar denominated savings anymore... you should have a petty cash that is easy to get you, but your actual savings should be in assets of some kind... some should be in dollar denominated warrents and bonds of course, i personally keep a sizable amount in FDIC insured ginnie maes, but you should diversify your savings... Iron, Copper, Coal(especially coal) and natural gas are all undervalued inflation hedges which have substantial value on world markets. and international securities have a subtantial value IN OUR market. now granted not everything in life is FDIC insured, but you really shouldnt have a substantial dollar denominated savings.
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July 07
Profile picture for Caveat Emptor
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Nationwide, registered voters go as follows: 39% Independents; 33% Dems; 22% Reps, and 6% Other.

on paper maybe... independent sometimes just means "likes to argue"
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July 07
Profile picture for BMFPitt
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but considering that the unemployment rate is at 9.5% already, i think its clear that something needs to be done...

I'm always afraid when I hear the phrase "something needs to be done."  That something is rarely, if ever, a thing that should be done.

i think that the answer probably lies in trade, make it cheaper for china and europe to buy from american companies...

You make it cheaper to by our stuff by our currency worth less.  So if you aspire to be what China is now, then that's a great plan.

forget protectionism, redo NAFTA, create new trade agreements.

What do you want to redo about NAFTA?  Why do I have a strong suspicion that it involves protectionism?

Nationwide, registered voters go as follows: 39% Independents; 33% Dems; 22% Reps, and 6% Other.

I go by words and not actions.  A majority of those who call themselves independent vote exclusively for one party.  What we need are actual independents that are capable of voting for candadites based on things other than who they'd rather have a beer with.

but your actual savings should be in assets of some kind... some should be in dollar denominated warrents and bonds of course, i personally keep a sizable amount in FDIC insured ginnie maes, but you should diversify your savings... Iron, Copper, Coal(especially coal) and natural gas are all undervalued inflation hedges

My retirement fund is 100% in US government debt and will be until the market gets at least as far as the March lows, as that is the only fixed income option available to me in my plan.  Not that there are tons of attractive alternatives, anyway.  What else would I buy, EU debt?  I played a lot with copper & gold miners with my house fund over that last 3 years, but that's all in cash right now.
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July 07
Profile picture for Pasadenan
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Taxing foreign labor at the same rates that it is taxed here, and taxing environmental abuses at the same rate that they are taxed here, is not "protectionism".  To not do so only encourages U.S. companies to continue to ship jobs overseas and exploit workers in foreign countries and to exploit the resources of the world that should belong to others with no consideration for sustainability.


The common workers and small businesses in foreign countries never asked for NAFTA; it was the U.S. mega corporations that pushed for it for their own personal profit.


Besides, the biggest violation of NAFTA is the U.S. subsidy of CORN in the United States, and the Farm Bill was just renewed by Congress this past year, continuing to subsidize U.S. corn production at about 25%.

Get rid of NAFTA, AND get rid of U.S. subsidies to all businesses.  Tax foreign products at the same level that the locally produced products are taxed locally.
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July 07
Profile picture for real estate mike
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Some financial professor once told me inflation isn't half the problem deflation is in a capitalistic system. My opinion on the problem with our government, lawyers(mostly lobbyists) and insurance companies that should have been bankrupt and allow for competition to surface. Continually rising budgets for 99% of all government until something recessing or depressing comes along. A twenty year old government office or school is considered obsolete? What the *&@!*
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July 07
Profile picture for BMFPitt
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Besides, the biggest violation of NAFTA is the U.S. subsidy of CORN in the United States, and the Farm Bill was just renewed by Congress this past year.

If elected President, I would strong arm Congress into repealing the Farm Bill fast enough to have it to sign while finishing the Oath of Office.  I'd shut down the government if they didn't comply.
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July 07
Profile picture for Pasadenan
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In this area, the voter registration is distributed as follows:
Democrat:                     49.9%
Republican:                   31.5%
Decline to State:            14.26%
American Independent:    1.27%
Green:                            0.93%
Peace and Freedom:       0.54%
Libertarian:                     0.53%
Independent Republican:   0.34%
Natural Law:                     0.28%
Reformed:                        0.26%
Non Partisian:                  0.06% (should be decline to state)
Human Justice:                0.009%
Roman Catholic????:        0.009%
Socialist:                          0.007%
Communist:                      0.003%

Other:                              0.073%  (likely typing errors)


None of the Parties promotes small business; the Republicans cater to the Mega "for profits", and the Democrats cater to the Mega "Non-profits".  And both those parties dump a fortune into the "war machine" outspending any other country on a per-capita basis by many times, all for the sake of the mega corporations.
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July 07
Profile picture for edtilton
The government will never pay the debt, they will grow the money supply until the debt is managable (Robert Mugabe School of Finance). The price of everything will be four or five times what it is now. Salaries will also be four or five times what they are now. Cash in the Bank will be totally eroded. When it hits I'll double down and borrow against the houses I bought for cash to buy more. Just like the Carter years. There really isn't a dimes worth of difference between Republicans and Democrats.
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July 07
Profile picture for Pasadenan
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Salaries are not going up by a factor of 4 as long as the jobs in that skill range are still being shipped over seas.  There is no way that U.S. workers can compete with $1 per hour overseas labor.  So, even if the value of the dollar declines, (which it continues to do in the medical and education sectors), most people cannot expect wage increases anytime this decade.  Nor will rents increase as long as there is a saturation of housing compared to the number of households.

Sure, prices of houses will continue to fall, and prices of some imported toys will continue to fall, and prices of automobiles will remain about stable, and food and energy prices will fluxuate wildly, but in general, prices will rise while income drops or remains stable.

I tried to adjust billing rates proportional to inflation and only lost clients as a result.  I put rates back at the rates of a decade ago, and now I'm told I'm not charging enough, but income went back up.  There is a very delicate balance in price setting, and it is not just determined by statistical averages or norms.  Part of it is just being flexable and knowing the market while continuing to provide outstanding service.
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July 08
Profile picture for Orin Sherman MBA
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I'm feeling left out of this discussion.  I think M.J.'s financial management sums it up.  Put yourself in debt to suckers that will give you money and protect the good stuff for your legacy.  Finally, just go away, die, file bankruptcy, take your pick.
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July 08
Profile picture for space_acer
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Democrats cater to the Mega "Non-profits". 
Clinton, then the president, made a point to visit my neck of the woods 6-7 times as I recall.  Each time, he met with the big heads of local tech corportions, asking "what can goverment do for you", meeting with his Venture funds friends who were inflating the Tech Bubble at the time,  Not to mention sleeping over at his buddy's (Steve Jobs) house in Palo Alto, . LOL!   Slick Willy gets into bed with everyone !

 Good old Al Gore is a member of the Board of Directors of Apple Inc., + senior advisor to Google  +  partner in the venture capital firm, Kleiner Perkins Caufield & Byers  =  Thats a heck of non-profit to be in!


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July 08
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China isnt what it used to be, sure its still a manufacturing powerhouse that sacrifices quality and cuts corners, but a very strong buisness culture and an even stronger balance sheet, ignoring them as a player or dismissing them would be foolish...

likewise, suggesting that the only difference between us and china is the fact that we have a ridiculous amount of costs and taxes associated with international trade is idiotic for oh so many reasons. our companies need to have the freedom to compete with companies based elsewhere without sacrificing quality. the taxes we charge on exports and on the imports of raw materials are two very valid areas that add cost to buying american.

welfare needs redoing too, it should be trimmed by some 95% and replaced with a newer temporary unemployment program, preferably something with a 5 or 10 year memory...

NAFTA should be expanded, the biggest reason that it failed to do what it was supposed to do was because mexico never stepped up to become a source of trade in its own right. this drove waves of immigrants across our borders and what not. the EU has a far superior model in this reguard. at some point we ought to do what we can to improve mexico's economy and infrastructure... but this needs to be done slowly and cheeply, probably by incentivising trade rather than huge amounts of foriegn aid to mexico. in the mean time, a transnational rail project would be nice^_)^ transcontinental did wonders for us last time^_)^
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July 08
Profile picture for DebtsNMesses
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Tax China, not USa!
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July 08
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How can we "tax china" when they own us? The sheeple here don't mind increasing taxes as long as government gets bigger but I doubt china would stand for it; and why should they? LEVERAGE.
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July 08
Profile picture for Pasadenan
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China doesn't even come close to owning the U.S. Federal Government.

Perhaps you need to check the Federal Government assets and net worth again?

1) National Parks and National Forests
2) Federal Coastal waters
3) Federal Highways
4) 3 BILLION tons of Nuclear War heads
5) Missles and Rockets for delivering the Nuclear Weapons
6) GPS satalite system and other communication and surveillance satalites
7) Federal buildings, including court buildings, post offices, social security buildings, imigration/naturalization, legislative buildings, test labs, Minting facilities...
8) Military Bases around the world including Army, Navy, Air Force, Marines, Coast Guard, National Guard, National Reserve, Calvory...
9) Inteligence operations and structures for both the FBI and CIA
10) Huge fleets of equipment, including military, space, ocean/weather, and all other government departments
11) Gold reserves
12) Uranium and Plutonium stock piles
13) Oil and other energy reserves
14) Food stock piles
15) State of the art "spy" equipment and weapons
16) IRS super computers, NASA super computers, and Pentagon super computers
17) Huge databases and clasified documents
18) Antiques known as "national treasures"
19) Tax "accounts receivables"
20) Federal Aviation towers and radar network
and the list goes on...

The U.S. can pay off all its debt anytime it wants to with selective collateral, or could even provide short term leases on Federal assets to cover the debt.  But it is to the government's interest to have individuals and other governments have a finacial stake in the federal government as it discourages "overthrow" since anything "invested" in the Federal government would be "lost" if the government was overthrown.

I still say dismantle the Nukes and sell them off piecemeal to qualified responsible buyers to pay off the debt, but the politicians would rather see increased debt and a foreign terrorist blow us up with our own weapons.
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July 08
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Debt is a lady having 2 childred. and bought a house in San Diago.
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