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WSJ: Fed Buying 61 Percent of US Debt
The Federal Reserve is propping up the entire U.S. economy by buying 61 percent of the government debt issued by the Treasury Department, says Lawrence Goodman, a former Treasury official and current president of the Center for Financial Stability. He warns that if the situation is not "normalized" the whole economy risks a severe shock.
Go to MoneyNews and read the rest of the story.
1 comment:
Sharing this, someone sent it todya, something to really think about, our government, what a sin!
How your are getting the shaft from our “Elected Officials”
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> Subject: SOCIAL SECURITY-NOW CALLED 'FEDERAL BENEFIT PAYMENT/ENTITLEMENT!
>
> This was sent to me. I am forwarding it because it
> does touch a nerve in me.
> SOCIAL SECURITY NOW CALLED 'FEDERAL BENEFIT
> PAYMENT/ENTITLEMENT!
>
>
> Have you noticed, your Social Security
> check is now referred to as a "Federal benefit payment"?
> I'll be part of the one percent, to forward this.
>
> Our government gets away with way too
> much in all areas of our lives, while they live lavishly on
> their grossly overpaid incomes!
>
> KEEP passing THIS AROUND UNTIL EVERY ONE
> HAS READ IT..... !
> SOMETHING TO THINK ABOUT...........
>
> THE ONLY THING WRONG WITH THIS
> CALCULATION IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED
> BEFORE THEY COLLECTED THEIR SOCIAL SECURITY!!!! WHERE DID
> THAT MONEY GO?????????????
>
> Remember, not only did you contribute to
> Social Security, but your employer did too. It totaled 15%
> of your income before taxes. If you averaged only $30K over
> your working life, that's close to $220,500.
>
> If you calculate the future value of
> $4,500 per year (yours & your employer's contribution) at a
> simple 5% (less than what the government pays on the money
> that it borrows), after 49 years of working, you'd have
> $892,919.98.
>
> If you took out only 3% per year, you'd
> receive $26,787.60 per year and it would last better than 30
> years (until you're 95 if you retire at age 65) and that's
> with no interest paid on that final amount on deposit! If
> you bought an annuity and it paid 4% per year, you'd have a
> lifetime income of $2,976.40 per month.
>
> The folks in Washington have pulled off
> a bigger Ponzi scheme than Bernie Madhoff ever had.
> Entitlement my foot, I paid cash for my social security
> insurance!!!!
>
> Just because they borrowed the money
> from the fund - which was promised never to happen - and
> never paid it back, doesn't make my benefits some kind of
> charity or handout!!
>
> Congressional benefits ---- free
> healthcare, outrageous retirement packages, 67 paid holidays
> (WHAT?), three weeks paid vacation, unlimited paid sick
> days....... now that's welfare and they have the nerve to
> call my social security retirement entitlements?
>
> We're "broke" and can't help our own
> Seniors, Veterans, Orphans or Homeless.
> In the last months, we have provided aid
> to Haiti , Chile and Turkey and now, Pakistan ......home of
> bin Laden. Literally, BILLIONS of DOLLARS!!!
> Our retired seniors living on a 'fixed
> income' receive no aid nor do they get any breaks, while our
> government and religious organizations pour Hundreds of
> Billions of $$$$$$'s and Tons of Food into Foreign
> Countries!
>
> They have the unmitigated gall to call
> Social Security and Medicare an entitlement
> even
> though most of us have been paying for it all our working
> lives and now when it's time for us to collect, the
> government is running out of money. Why did the government
> borrow from it in the first place?
>
> Imagine if the *GOVERNMENT* gave 'US'
> the same support they give to foreign countries.
>
> Sad isn't it? 99% of people won't have
> the guts to forward this.
>
> I'm one of the 1% -- I Just Did.
> Pass it on......................
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