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Posts posted by madmikeisback

  1. Default is not going to happen. But you cannot continually and habitually borrow 40 cents of every dollar of spending. And borrow it from Red China. Further, without considering the unfunded liabilities that are Medicare and SSI, our national debt now exceeds 100% of GDP for the first time. Keynesian economics is officially dead, except in the White House and at the NY Times opinion page. It has nothing to do with politics. It's math.

    Medicare is the biggest driver of the long term debt and something is going to have to be done to control costs in health care. I don't think anyone is saying otherwise but Medicare also is more efficient than private insurance and is solvent for something like 15 more years so again, this is a long term problem, not something that had to be done today and it's COMPLETELY caused by health care costs. Social security doesn't add one dollar to the defect and is solvent for 50 years and can pay out at something like 70% for 15 more.

    Do you know who owns the majority of our debt? It's not the "red chinese" heh, it's Americans and there is a huge appetite for more. China owns something like 8% of our debt. Look how well Austrian school economics is working out in the UK where their economy is pretty much at a standstill. The idea that you can austerity your way to prosperity defies all logic. This is 1932 Hoovernomics all over again.

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  2. Thats correct. This did happen just yesterday, however, it only takes the first domino to fall.

    This is a whole bunch of bunk. The debt is not a major issue in 2011. It's a long run issue and was being treated as such until a bunch of crazies in congress invented a crisis by taking the debt ceiling hostage. He's saying that they shouldn't have have raised the debt ceiling and should have made up for the shortfall in cuts which would've been borderline criminal in a time of 9.1% unemployment, JP Morgan says even the cuts in this deal will shave 1.5% off of GDP in 2012d. BTW S&P says nothing about the cuts in the deal beating real or not real. If anything they say more about out political system being unable to respond to anything which is probably the most convincing argument for the downgrade. That being said there was never a danger of a default and the idea that New Zealand bonds are safer than T bills is farcical. Just look at the rates. His argument that the market for T bills is going to crater for some reason sounds like wishful thinking to me.

  3. That statement I do agree with. But not taking them seriously isnt the point here, what the down grade means when it comes to borrowing money from other countries at an higher interest rate means something. Thats not being clueless, thats seeing the obvious.

    That's assuming that this downgrade leads to higher rates. I'm not sure I believe that's whats going to happen. If Moodys and Fitch follow S&P and pension funds have to divest of treasury's that will happen but we aren't there yet.

  4. The rating agencies are incompetent jokes. Anyone that takes them seriously is clueless. Maybe the government should pay them for their rating like the banks did to give their garbage CDO's AA scores. The idea that incompetents like that could have that kind of power over the economy is pretty damn infuriating.

    The idea that they are worried about a default when the market has priced 10 year treasury rates at 2.5% is laughable.

    BTW this is all you need to know about S&P:


  5. RichCimini Rich Cimini

    Ex-Jet Jerricho Cotchery will have no comment today on his release, according to a team spokesman. #Jets

    Someone is taking the high road.

    And the Jets aren't taking the high road? They gave him what he wanted even after trying to talk him into coming back.

  6. I wanted the guy back, but clearly there's somethig going on here behind the scenes. He's one incident away from a four game suspension and/or jail time. Given his one car accident and bar brawl in recent weeks, he really doesn't seem like a guy who understands the concept of consequences.

    The jets just gave 50 million to a guy who could be suspended too. Point?

  7. Looks like the entire league, including the team that signed him, cares.

    If he wasn't an immature drunk, he would've landed a 5yr/$40M contract without trying.

    Group think at it's best. The 9ers are gonna be very happy with their money spent. Thats a hell of a WR corps they have if you count Davis.

  8. There is 0 guaranteed, that 1 mil is just the base salary. The 9ers can cut him before the season start if he starts acting up and lose nothing. That's sad for a player who is supposedly so amazing.

    Did you watch him last year? It's a joke he couldn't get more money than that.

  9. That's never mattered to you before. You're always about what guys are doing right now. Except when it doesn't fit with your anti-Red Sox agenda I guess.

    You really think he's going to be this good for the rest of his career? He's having a great year no doubt but you should know he hasn't been a good player before this season.

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