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Sunday, July 24, 2011

Debt Ceiling Rant

I haven't had a good rant in a while, although this one probably qualifies more as low comedy than a  rant. The budget debacle now occuring in Washington has exposed a couple of our leaders as, to use a word from my youth that may best describe them, as "Bozos". First, the President, who told CBS news that he "cannot guarantee that Social Security checks will go out" if the deb ceiling is not raised.  Now, the problem I have here is, Social Security is a separate account, which, according to the last figures I have (2010) is taking in more money than it is paying out, and has a surplus of roughly $2.6 Trillion. So, how is it that not raising the debt ceiling will in any way affect Social Security? Either Obama is ignorant of the Social Security trust fund, or he is trying to scare Social Security recipients into harrassing their Congressmen to pass the raise in the debt ceiling. In other words, there are two possibilitiess: 1) He is at a level of incompetence rivaling his predicessor, or2) He is a lying sack of crap. I don't see any other possibities.

Now, on the other side, we have one Eric Cantor, the House Majority Leader and one of the biggest obstacles in the debt ceiling debate. The problem? Well, it seems he has a rather large investment in an ETF known as TBT, the ProShares Ultra short 20+ years Treasury. If the debt ceiling is not raised, and the U.S credit is downgraded, he stands to make a shitload of money. Jesus Christ, talk about a conflict of interest. He makes Hank Paulsen look like a choir boy.

With leaders like these, you can count on our problems not only not getting solved, but they will just get worse.

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