bills_fan

Sure, don't doubt that. But he was implying the creditors (banks) rated the securities AAA, when, in fact, it was the agencies that did the rating. For a fee, of course. And never botehred to look at the underlying mortgages or even question them.

No, the ratings agencies gave them the rating. Loathsome entities that they are.

I do like the Plus One idea, take the top 4 teams, use the current major bowls and rotate. Yes, you will have arguments about who is in that top 4, but less than who is in the top 2. The system has worked ok the last couple of years, but remember undefeated Auburn a couple years back, or having to watch Oklahoma get pounded by USC when LSU-USC was the game everyone wanted to see? Plus One deals with that problem pretty nicely.

True, but I think that, given my age/horizon, I'd rather be in a fully funded 401(k) before a Roth right now and piggyback off any legislative, populist reforms the boomers may push through in the neext 15 years. You and I don't like being forced to take RMDs, neither will the boomers. And they ahve the legislative clout to push through politicians that protect their interests. Once the cash is gone, as in a Roth, you won't get it back. But if its still there, as in a 401(k), you may get to keep more of it. Of course, after a 401(k) is fully funded, a Roth is great idea.

Funny, you say that. About a decade ago, I was walking around Vegas with a buddy and we saw an older casino that was closed down (can't remeber which one) but still in seemingly decent shape. We both remarked that a great business idea would be a casino that catered to gays/lesbians...plenty of discretionary income.

This is a very good read on the history of this. Thanks.

Now is that even a challenge? Good for some easy laughs on a Monday morning, but c'mon, its barely sporting.

You know, I'd rather wait to pay the taxes. Given the boomer retirements and dependency on 401(k)s, I could see a populist movement over the next decade to reduce the rates you are taxed to capital gains rather than ordinary income. That has always been my contention why a 401(k) was a superior investment option to a Roth, and should be maxed before even considering a Roth.

I thought you were talking about the impending currency crisis in Europe...the bursting of the emerging credit market bubble (much bigger than US housing). The real other shoe... http://www.telegraph.co.uk/finance/comment...s-meltdown.html

I like your ideas, but if anything, distribution age will be raised...keep people working longer. Lover the Children's Roth idea...how about a $5k limit?

Thanks beerball, I plan to do a little celebrating!

Thank you. You are right.

I'm speechless.....that is such an incredibly bad !@#$ing idea and they haven't even won yet? What a disaster this country will be in 4 years.

Listen to DC Tom....good post.

I think you get views from multiple cross sections of the country, from people in different walks of life and a little perspective. Not a bad thing to step outside of your own little circle and ask for anonymous, outsider perspective.

You have no idea what you are talking about.

Who will they sell to...anyone who will buy. The what will they buy instead is commodities. You are right, there is no sovreign bond out there, which is why CHina is on record as calling for a world currency. If that happens, we are in trouble. I don't think it will, I think we will inflate for a while, but not enough to truly piss off the Chinese, then drain the system of capital. Gas will be $5.00 a gallon, gold $1400 an ounce, milk/bread/eggs 30% above our current price and our debt more manageable. We will start a wage/price sprial, then raise interest rates to correct it. Volcker showed you how to kill inflation, thats the model. The higher interest rate will appease the Chinese/Russians/Middle East and we will inflate out of the housing crisis.

If you are truly serious here, you MUST arm yourself. I know you may be against it, but you gotta do what you have to do. A shotgun and a pistol will make him think twice before coming over your place. Tell her you bought a couple of guns and let her break it to the SOB. Be prepared, son, be prepared. Also, please take a lesson in firing the things....they are not as easy as they look on TV.

Can't happen. Double the national debt every 8 years and nothing happens? What would you do if you were an investor? Obama is not offering spending cuts/balanced budget.

Of course, people will not accept a lower standard of living, so you have massive tax increases until we truly are a socialist country. Would you go to work, and work 12-15 hours a day, so you could take home a fraction of what you used to bring home? Neither would I, innovation would be dead, no incentive. Right now, I'm in the inflate your way out is the most likely scenario camp.

Well, there area few outcomes... 1- The US gets responsible, balances the budget and uses surplus from tax increases/tax revenues from economic growth to pay it off. 2- The US continues spending wildly, increasing the debt. Even with the existing $10.2 trillion we have a problem. A- More and more of the Federal budget each year is used to pay interest on the debt. That leaves less money for Medicare/Social Security/Military etc. Expect a far lower standard of living. B - Default. Global anarchy. 3- The Fed decides not to drain the M1 that it is greasing the economy with after the economy recovers. Due to a fractional banking system, inflation spikes wildly. Inflation helps those with fixed rate debt payments such as homeowners, people with student loans and the US Govt. Foreign debt holders realize the payments they receive on US debt are worth far less than when they bought it due to inflation. Dollar is debased and new world currency comes into effect. US is reduced to third world nation, albeit with best military technology. 4- Massive REAL economic expansion makes debt far less of a concern. As a % of GDP, debt becomes very low and not a worry. Increased revenues help US pay down debt.

I'm with the Chef. I understand trying to help a friend and all (and especially if there is a romantic interest there), but if this guy is that nuts, he really may end up getting a gun and coming after you. Based on his charges, he may take himself out of the picture very soon. Then she is free.

You're right, Iraq is not the only reason (although it is the major reason). I know we have to finish the job there...but damn our spending is so out of control. Bush is truly up there with the unholy trinity of worst US Presidents ever (Coolidge, Harding and Carter). The national debt will either stop the next US President's policies cold, or the Obama tax plan he already showed is only part 1 of 37 tax raises he will unveil.

He realizes that the spending from Iraq is the reason the national debt went from $4.9 tril when Clinton left to its present $10.2 tril disaster right? And if he continues spending like a 16 year old girl at the mall with Daddy's credit card, we're all !@#$ right?

Drink her skinny?