Bernanke to Congress: We're much closer to destruction than you think

[rockerrockstar]

This just adds more validity to my fears of a default or high inflation. Of course meaning also the fear that soon we will have higher taxes and interests on loans too. Scary to think that interest rates could be high as they were in the early 80s again. Like 20% for a car or home. The prime rate in 1981 was 20%. Inflation in 1980 was 14.8%. We could get tax increases like Grease maybe an increase of 30% more in taxes. It could be a disaster and make things even worse for our economy and life. This will stall or majorly lengthen the time to any recovery.

[LibertyEagle]

Wasn't there a thread on this story yesterday? It seems to be gone.

Yes, it was my thread and I asked for it to be removed. I saw the story come across Facebook from a RP grassroots group and assumed it was current. It is not. The article is 1 year old.

Published: Wednesday, 9 Feb 2011 | 11:09 AM ET

[oyarde]

" Mucho closer to destruction than I think " ?? Nah , I think we are closer than he does ....... , but for Liberty Eagle , I have reserved , one bottle of good wine in my stash of 15 bottles, behind my home canned green beans .

[rockerrockstar]

Hope we are not close to destruction but I fear we are. I really want us to have a good recovery.

[DamianTV]

Hope we are not close to destruction but I fear we are. I really want us to have a good recovery.

Everyone wants to recover from this Financial Armageddon. We just want the Recovery to be on OUR Terms, not the Banksters!

[oyarde]

Hope we are not close to destruction but I fear we are. I really want us to have a good recovery.

Me too , but the writing is on the wall , look at the CBO numbers for projected debt , and remember those are based on a false , unattainable growth , under real numbers for social security , medicare , medicaid , obamacare , pensions , then , remember that 36 % of US business is currently consumed in taxes and dollars spent to meet regulation , then remember that half of America pays no Fed tax , and that half will continue to vote for those that will give them some " free " shit . Disaster , nearly irreversible at this point ... If I am wrong , and still alive in 2029 , I will buy you a $100 beer , that will be the going rate probably , for the cheap shit , if you can get it...

[John F Kennedy III]

wandering space is a lot cooler than having to think about national debt and deficits.

I agree.

[John F Kennedy III]

Everyone wants to recover from this Financial Armageddon. We just want the Recovery to be on OUR Terms, not the Banksters!

In other words, a genuine recovery.

[oyarde]

In other words, a genuine recovery.

Yes , chances though , grow worse each day with inaction of spending cuts .

[Bern]

From the report in the OP:

From Bernanke's prepared remarks:

By definition, the unsustainable trajectories of deficits and debt that the CBO outlines cannot actually happen, because creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit. One way or the other, fiscal adjustments sufficient to stabilize the federal budget must occur at some point. The question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people adequate time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will come as a rapid and painful response to a looming or actual fiscal crisis.

This is the same thing Ron Paul has been saying for years. $1T mofos. Who's serious now?