...this isn't anything new. The fed has tapped into these funds before to keep things operating for a day or two before a budget can be worked out. I have no worries about it.

to help fund the IMF so they can continue funding the Greek bailout. So willy's chopsticks will first be shoved up his ass before he uses them to eat his mushu pork (lol).

Speaking of the IMF, did you hear about the head of the IMF (Strauss-Kahn) being arrested and accused of sexual assault against a maid at a New York hotel this weekend? He was removed from his first class seat on Air France. He almost pulled a Roman Polansky. Strauss-Kahn, a socialist, was going to run against Nicolas Sarkozy. And then Nancy Pelosi threw him under the bus this morning by calling his actions shameful, and that she felt sorry for the victim. He's screwed. The maid got screwed. Greece is screwed.

I say we do a prisoner swap, Strauss-Kahn for Polansky.

...Yes, I have my own TSP. I figure once I bump up a grade or two, I'll switch to maximum contributions. That should leave me just fine for retirement. I also have the luxary in that just about everyone in my family works for the Fed Gov, a private contractor, or have retired from this sort of service. I have more than one millionaire in my immediate family, and my folks had me when they were in their 40's.

Like I've said before, this gives me no real joy. What I wouldn't give to be able to shoot the shit with my father.

It's the only way we will ever make a dent in the trade imbalance.

but somebody was asking why I didn't bother to try to crawl my way to the top of the corporate world to make the big bucks. I was just explaining why I have a very good reason not to bother.

...I don't think devaluing our currency to the level of the Chinese yuan is going to help. Not unless you want your average American living in the kind of luxary that your average Chinese do. We've used trade tariffs before to give ourselves economic indenpendence, we can do it again. Our problem is that our representative democracy has been co-opted by, well, guys like GaG.

Don't worry about it. He passed away almost 10 years ago now. I just wished he'd live long enough to see me do my audio engineering work since he showed me how to play guitar.

For the older gents here, let me just say that if you have frequent problems with heart burn or indegestion, get that shit sorted out right now. Cancer of the esophagus is not a way you want to go out.

I am just smart enough to play the game to win instead of crying foul that the game is rigged.

I've taken nothing and turned it into quite a tidy sum more than once in my lifetime. The playing field is remarkably level, just because you can't figure it out isn't my fault.

I accept that this is the way the game is. But I also know that this isn't how the game always was, and that the more the rules of th game is reshaped for the benefit of people like you, then the more destructive it is to the country I love.

I'm not sure if I could figure out how to play the game like you, but I know for sure that I couldn't look in the mirror every morning.

I pay loads in taxes, make a payroll everyweek that puts food on the table for dozens and I produce a product that is essential for this country. What the fuck do you do?

I have also gone bust on more than one ocassion, never was I deemed "too big to fail", When someone like me goes broke we have to fend for ourselves, as it should be IMO

Now that this bridge has been crossed and seen as a new source for revenue, it will only be a matter of time before it is standard oerating procedure and the Federal retirement plan becomes like Social Security.

No money, just a big IOU that you can not collect on.

THANK GOD I do not work for teh government!!

it's Willy's retirement $$$.  But how the hell are they going to pay it back.  Oh, right, borrow money from the Chinese.  Federal employees better learn how to use chopsticks.

Toward the bottom.  And, yes, he is screwed.

I mean, just how long will Peter take diluted currency to fund Paul's lifestyle?

Sorry to hear that about your DAd and I won't bring it up again.

the same for centuries Willy. Those who work for their daily bread - and by that I mean own their own business(es) - will always have more than those of us who work for the business owners. The guys who sold shovels, pans and food to the miners made more than the miners; which were the smarter of the two? I knew that before I was a provider, and being a provider brought it home in a big way.

If you don't like the way the game is played, then get in there, learn the rules of the game (start your own business) and then change what you think needs to be changed. Until you really and truly PLAY THE GAME, you'll always be the one who complains ABOUT the game. And if you have no stomach to make a successful go at it, then quitcherbitchin'!

Ah trade...ya.

Unfortunately we have no leverage with them until we stop borrowing ie, needing their cash. Even a hint of tarriff talk and they just stay away from the next auction a few extra days. It will be interesting to see what happens now that the FED isn't there buying 70% of the T-bills already with printed $$.

All they need to do is help develop alternative markets for their shit and then what?

and we borrow their money to finance it.

Never before have we been so dependant on their purchase of our T-bills.

Just wait till June and see who has leverage over who.

Actually, another way of making your point the way it was taught to me is that "you've got to have some skin in the game".

I agree with your assessment.  Now let's all agree that our current economic dilemna is being caused primarily because our elected officials are spending money we just don't have.  Sure, solving world hunger, healthcare for all, food for all, etc... are noble causes when you can afford it, but we can't.  And just in case you were tempted to tell me about raising my taxes, I already pay way more than I should.  Instead, let's just stop spending money on every worthwhile cause that someone can dream up.  Let's get back to requiring folks to support themselves.

On taxes, it's hard to get a good fix on what the real numbers are. I know there is a TON of demagaugery on the issue. Everyone wants to focus on the headline federal # but that's an incomplete picture. Total tax burden is what is important.

That said, I think we are at a point of no return frankly. The genie is out of the bottle and the masses are now in concert with the political class to just demand more in exchange for votes. And the politcos do their part. We just continue to amass more future obligations and pay for it with printed money.

The can is being kicked down the road. The $$ may not collapse but it will at least continue being devalued till our creditors say "no more"! I think they'll just wait until they have developed other markets for their goods. Then it's game over.

The gravy train has left.  We can argue about who's more responsible for the fiscal mess we're in, but I'd say it's both parties.  Everyone thinks Big Government is bad but we all want our piece of the pie.  Dems spend too much on social programs, Reps give too many tax breaks to the wealthy.  I say cut all of it and, yes, raise taxes on the wealthy as well.  Not because it will solve all our problems but because everything has to be on the table and everyone has to sacrifice.
Thus, the real battle will be not over whether to balance the budget, but how.
I hate it when people yell about how bad Big Government is but then whine when it cuts something they think they're entitled to.  If you want Welfare, tough titty.  If your house got flooded and you didn't buy insurance, don't ask Uncle Sam to bail you out.  Don't shake your fist about the deficit and hold the other out for Federal help.

there is little doubt we need to raise more money but doing it just to the rich is not the answer. The bush tax cuts went to EVERYONE and if the Bush taxcuts were the problem then everyone should give them back.

too many have no skin in the game. ask willy if he'll let his pay float with GDP....or rise with a declining deficit, IOW, greater government efficiency. (sorry willy, but you are the proxy for the government class as GAG is for "the rich").

I think we've reached a point of no return though and are headed for uncharted water. GOP will only grudgingly raise taxes and Obama will only do pissy, inconsequential cost cutting. That's the political reality so there will be many more QE's to come.

is that they have a greater ability to pay.  That's why we have a progressive tax system.  Yes, it needs reform but it's what we've got now.  Also, there's irrefutable evidence that the rich have gained more under the present code than anyone else and now hold a  stupefying amount of the nation's wealth.  And I am NOT saying Obama's plan to increase taxes for everyone making more than $250K is the way to go.  But we can certainly find some higher compromise figure and also make  sure it doesn't hurt small businessmen.

reasons "the rich" do better than the poor. The rich tend to be  people who believe in self-suffiency so they spend their time making money and building businesses.

The poor tend to be people with negative attitudes, not the least of which is envy and self pity.

Now, regarding taxes. I have no problem with a progressive tax code. It makes sense. What I said was that far too many pay nothing and demand much. Plus we have the government class burrowing itself into the public wallet.

I would'nt feel I was being lied to if Obama was demaguaging about tax cuts for millionaires and billioniares and proposing legislation that we tax THOSE incomes higher. But he's swiping at millionaires while taxing $250,000iares.

Its simply dishonest. Not to mention there's not much there, there. (See Eat The Rich video)