Gregg: 'This country will go bankrupt'

[Panameno718]

From CNN Associate Producer Martina Stewart


GOP Sen. Judd Gregg warned Sunday that the country might be headed for a fiscal crash if spending isn't controlled.
WASHINGTON (CNN) – Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.

Watch: Gregg warns of fiscal 'crash'

“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”

Gregg, known as one of the keenest fiscal minds on Capitol Hill, also told CNN Chief National Correspondent John King that he thought it was “almost unconscionable” for the White House to continue with its planned course on fiscal matters with unprecedented actual and projected budget deficits in the coming years.

“It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”


Despite his criticism of Obama’s approach to the long-term finances of the country, Gregg praised how Obama’s top economic lieutenants are trying to get the sick banking system back to health.

“They’re doing the right things,” Gregg said about embattled Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers. “They haven’t done it as definitely as they should have . . . but they are moving in the right direction and the Fed is moving in the right direction,” Gregg said on CNN’s State of the Union.

Gregg broke ranks with some of his fellow Republicans and said he did not think Geithner should step down from his Cabinet post.

On the recent scandal of more than $150 million in bonuses paid to the AIG employees whose work pushed the financial giant to the brink of collapse, Gregg criticized the plan afoot on Capitol Hill to tax those bonuses at very high rates. But, Gregg pointed out that the Obama administration and, to some extent, the Bush administration before it failed to “discipline” the bonuses paid out by AIG, which is now 80 percent owned by the federal government.

The Republican senator was appointed to be Obama’s Commerce Secretary but then bowed out unexpectedly, citing policy differences with the Democratic administration




http://politicalticker.blogs.cnn.com/2009/03/22/gregg-this-country-will-go-bankrupt/

 

[michigantoga]

I agree with everything He's saying. None of the shit They doing is creating Jobs. Giving Banks Money, What the fuck for? Would've been better off giving Companies that's stable funds, so They can build more & create Jobs. Give Walmart 30 Billion & watch what happens. I would've rather They gave GM, Ford, ETC. a shitload of money to build more Plants, but put in a stipulation with no offshore or over country building or Their shit will be seized. The shit They're doing doesn't create but temporary Jobs that isn't many. How You gonna lend some money when Mutha Fuckas ain't working?

 

[michigantoga]

Also We need to do & put more into research to make better products. It could be something as little as a Bath Towel. Most of every trinklet in Your House is made in China or Japan! A damn Coffee Cup is a Bad Mutha Fucka these Day's. Multiply that by about 400 Billion Cups.

 

[Gifted&Afrikan]

The U.S. has been bankrupt since House Joint Resolution 192 and if you read HJR 192 it clearly states the U.S. is in bankruptcy. In 1933 everyone was told turn in your gold and the gold clause was completely removed by Nixon while he was in office. This goes into how federal reserve notes aren't "lawful" money but are recognized as legal tender. Money and credit are created from the borrower's signature. Banks don't actually loan money or credit therefore the system is set up for debt and to fail. It's a deep hole it leads down but common sense will tell anyone who's in the know that paying interest on fiat money and credit to the fed when it's suppose to be YOUR central bank is absurd.


"When the Federal Reserve Banks and National Banks acquire United States Bonds and Securities, State Bonds and Securities, State Subdivision Bonds and Securities, mortgages on private Real property and mortgages on private personal property, the said banks create the money and credit upon their books by bookkeeping entry. The first time that the money comes into existence is when they create it. The banks create it out of nothing. No substantial fund of gold or silver is back of it, or any fund at all . . ."-- Judge Mahoney

"Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries." -- Modern Money Mechanics Workbook,
Federal Reserve Bank of Chicago, 1975

"The Federal Reserve Banks are not federal instrumentalities..." -- Lewis vs. United States
9th Circuit 1992

"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239
9th Circuit 1982

"This year, I authorized the issuance of United State Notes. They are the same appearance except for the heading at the top. The difference is that we pay interest to the Federal Reserve on their notes, whereas we pay no interest on United State Notes." President John Kennedy (He was assassinated 10 days later)

"First, I would repeal the Federal Reserve Act of 1913, which created what l believe is the privately owned central bank of the United States government and which confiscates the incomes of Americans and gradually transfers them into the accounts of the ruling class. I would replace the Fed with a model based on the only state-owned banking system, the Bank of North Dakota, because it creates wealth for the people. Second, I would reduce the reach of the Fed's collection agency, the IRS, by assigning it the task of managing a state-run national sales tax. Third, I would make sure every home in America has a computer, so that every child has a future-and every adult an information technology skill and a job."-- JFK jr. in George, Oct98, Vol. 3 Issue 10, p136, 1p, 1c, 1bw. Item Number: 1158252

 

[Lamarr]

We'll never go broke, China needs us! Don't worry, China got us

 

[Bain316]

So Where was he when Bush passed a huge budget Trillion dollar budget with the Irag/Afghanistan wars?

Saw clips of him supporting that budget and screaming bloody mary for the dems questioning it.

Now they all woke up to vote no since the spineless Dems don't know how to scare Repubs.

 

[Cruise]

The U.S. has been bankrupt since House Joint Resolution 192 and if you read HJR 192 it clearly states the U.S. is in bankruptcy. In 1933 everyone was told turn in your gold and the gold clause was completely removed by Nixon while he was in office. This goes into how federal reserve notes aren't "lawful" money but are recognized as legal tender. Money and credit are created from the borrower's signature. Banks don't actually loan money or credit therefore the system is set up for debt and to fail. It's a deep hole it leads down but common sense will tell anyone who's in the know that paying interest on fiat money and credit to the fed when it's suppose to be YOUR central bank is absurd.


"When the Federal Reserve Banks and National Banks acquire United States Bonds and Securities, State Bonds and Securities, State Subdivision Bonds and Securities, mortgages on private Real property and mortgages on private personal property, the said banks create the money and credit upon their books by bookkeeping entry. The first time that the money comes into existence is when they create it. The banks create it out of nothing. No substantial fund of gold or silver is back of it, or any fund at all . . ."-- Judge Mahoney

"Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries." -- Modern Money Mechanics Workbook,
Federal Reserve Bank of Chicago, 1975

"The Federal Reserve Banks are not federal instrumentalities..." -- Lewis vs. United States
9th Circuit 1992

"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239
9th Circuit 1982

"This year, I authorized the issuance of United State Notes. They are the same appearance except for the heading at the top. The difference is that we pay interest to the Federal Reserve on their notes, whereas we pay no interest on United State Notes." President John Kennedy (He was assassinated 10 days later)

"First, I would repeal the Federal Reserve Act of 1913, which created what l believe is the privately owned central bank of the United States government and which confiscates the incomes of Americans and gradually transfers them into the accounts of the ruling class. I would replace the Fed with a model based on the only state-owned banking system, the Bank of North Dakota, because it creates wealth for the people. Second, I would reduce the reach of the Fed's collection agency, the IRS, by assigning it the task of managing a state-run national sales tax. Third, I would make sure every home in America has a computer, so that every child has a future-and every adult an information technology skill and a job."-- JFK jr. in George, Oct98, Vol. 3 Issue 10, p136, 1p, 1c, 1bw. Item Number: 1158252

These are a lot of great quotes.

But, the US government goes bankrupt every time it gets into an extended war... from the American Revolution to Iraq/Afghanistan.

Personally, the government has no business printing money. The government should mint, not print.

Printing should be left to the private markets, which means everyone can do it (not just Wall Street).

 

[Gifted&Afrikan]

These are a lot of great quotes.

But, the US government goes bankrupt every time it gets into an extended war... from the American Revolution to Iraq/Afghanistan.

Personally, the government has no business printing money. The government should mint, not print.

Printing should be left to the private markets, which means everyone can do it (not just Wall Street).

I feel you on the extended war tip but my point is to show that whether we were at war with Iraq & Afghanistan the U.S. would still be bankrupt. I'm with you on the people being able to print money.