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VodkaPundit

Quote of the Day

March 1st, 2013 - 1:05 pm

Mayor Mike says “Remain calm!” Because we have an infinite amount of money. No, really:

“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

How many 20-oz sodas did he have to drink before he became this stupid?

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All Comments   (9)
All Comments   (9)
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I am not familiar with the linked site. PLEASE, in the name of all that is holy, tell me it is SATIRE!!!
1 year ago
1 year ago Link To Comment
"How many 20-oz sodas did he have to drink before he became this stupid?"
None, it is in his genes.
1 year ago
1 year ago Link To Comment
I have a solution, though.

Let's cut through the bullspit and frack the heck out of our natural resources., produce our own energy and charge $1 for each of the first 20 trillion gallons in national sales tax. It would still be LESS than we are paying at the pump now and we could eliminate the debt, reduce the influence of foreign oil nations and build a surplus for our children.
1 year ago
1 year ago Link To Comment
And it's not the fall that kills you, it's the landing. Mayor Humpty Dumpty may believe you can keep building up debt higher and higher, but we are going to get worse terms and worse ratings and our children are going to be left with our deadbeat debts.
1 year ago
1 year ago Link To Comment
Taking fiscal advice from New York is like taking traffic design lessons from Los Angeles. The only reason to believe they know anything, is because they have done everything possible...wrong.

1 year ago
1 year ago Link To Comment
actually we're buying our own debt. (Cries.) A lot of people have told me this same stuff on my blog, though, when I post about any economic issue, so I think it's a thing.
1 year ago
1 year ago Link To Comment
That is correct. The Treasury issues debt and the Fed Jedi mind-melds money into existence to buy it back. This is supposed to goose the economy by raising the price of bonds (thus lowering the yields) which, when combined with the near-zero short term interest rates, will chase capital out of bonds and into other venues in order to earn SOME kind of return.

Q: Does it work?
A: Does it LOOK like it's working?
1 year ago
1 year ago Link To Comment
I think it was the bath salts he put into the sodas.
1 year ago
1 year ago Link To Comment
"And that’s a problem for the lenders. They can’t stop lending us more money.”

Uh, Mike, I hate to bust your bubble but they HAVE stopped lending us more money. Japan and China have been reducing their holdings of US debt for over the past year. The primary lender of new cash right now is the Federal Reserve. We are printing dollars and lending to ourselves. How long do you think that can go on?

"How many 20-oz sodas did he have to drink before he became this stupid?"

Never mind that! How did he ever build up the premier business news network with such an addled mind?
1 year ago
1 year ago Link To Comment
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