Friday, January 7, 2011

Treasury Secretary Timothy Geitherner Admits We Are Bankrupt

For those 17% of people who think the economy is in recovery and the other 33% who believe it will happen soon, we point you to the latest statement from current Treasury Secretary Timothy Geitherner, who outlines the severity of the problem in a January 6, 2011 letter to Congress writes:
I am writing in response to your request for an estimate by the Treasury Department of when the statutory debt limit will be reached, and for a description of the consequences of default by the United States.
Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs. Even a very short-term or limited default would have catastrophic economic consequences that would last for decades. Failure to increase the limit would be deeply irresponsible. For these reasons, I am requesting that Congress act to increase the limit early this year, well before the threat of default becomes imminent.
Treasury would prefer not to have to engage again in any of these extraordinary measures [suspension of the issuance of certain types of government debt and government investment vehicles]. If we are forced to do so again, these measures could delay the date by which the limit is reached by several weeks. Once these steps have been taken, no remaining legal and prudent measures would be available to create additional headroom under the debt limit, and the United States would begin to default on its obligations.


  1. Wow I really like the little widget on the front page of this site that tries to lure you into your facebook and twitter, bottem right hand side, a visitor from so and so has joined from ect oh, and by the way, where do you live? what are your friends nicknames? ip address?, mothers maiden name?, facebook is a FBI / CIA ORGY!!!

    take out that part of that widget please, I didnt realize this site was like that?...or is it.!

  2. Since we have passed the point of no return quite some time ago, the US is going to default regardless of any debt ceiling. Its game over!

  3. Glasphemus, thank you for your useless, irrelevant comment. We invite you to comment further - NOT!

  4. Maybe Timothy Geitherner needs to read the article below this one called:

    Ron Paul: U.S. Government Must Admit Bankruptcy and Stop Cheating People with Devalued Money

    Obviously as Treasury Secretary, Timothy Geitherner is not doing his job for the American public but did he not used to work for Goldman Sachs so maybe he is really still woring for them and the Fed.

  5. why would there be a nsabook logo on this site? All spybook is a database for govt, spying and corruption.

  6. The sooner we default, the sooner we can start over with a real POTUS and a new Congress staffed by newly elected members. The old members will naturally be unavailable as they will all be serving time in prison for treason.

    I have no debt. I pay my bills with cash. I own gold and silver and LEAD. My car is 18 years old. Future generations have nothing to look forward to, unless we act now.

    Don't blame the baby boomers, nor generation x, or y or z. This economic mess was caused by Congress. Even if Clinton was who thought to give mortgages to people that would never qualify, it was Congress that agreed. It was the banks that gladly granted those home equity loans when everyone used their homes as ATM machines. The banks never thought the market would ever bust. I did.

  7. And exactly how do our Congressmen and women there?


    You gotta dig a little deeper if you wanta place blame pilgrim.

  8. the plan was a slow controlled collapse not a fast one so they must raise the debt ceiling to continue the slow controlled collapse. mentioned a big loss of we've again slowly and under control lost..a big number of jobs, the higher paying manufacturing left slowly since 80's, still leaving

  9. 3:41,

    Congress? But you're neglecting the reality of how they pushed drugs, stupidity, and immorality into the generations sequentially and encouraged drug use, human brutality, and the glorification of being as dumb as possible through television shows, radio funny guys like Stern, movies, and video games. This along with the breakdown of the family unit is how we've really decayed.

    Now today's youth are glued to their texting, it's norm to be an alcoholic or have a drug problem, people don't read but watch six hours of television instead, and if a father dares discipline his children the CPS will be there to take them away.

    The government, politicians, and bankers collectively, only make up half the problem.

  10. And the blame game continues. Television is to blame. Consider the show Married with Children, dad is a complete asswipe and has little or no authority in his own house. Contrast that to Father Knows Best, from the 1960's. Everyone in the family understood that father was the head of the house and he was to be respected.

    Education is to blame. Kids are simply stupid and in a few short years, they will be adults, running the country. They send text messages, rather that actually talk to someone. Thay can't spell and they deliberately sPeLl wOrDs tHiS wAy because it somehow looks kOOl!

    Churches are to blame for not teaching morality and honor. Instead they use the Bible as their excuse for fleecing the flock of every dollar they can get.

    The government is to blame for all the wasteful spending.

    The Border Patrol is to blame for not securing our borders from the illegal alien invasion from Mexico

    We could do this all day long and this list would never end.

    This country is going to fall flat on it's face and nothing will stop it. I want to believe that the Feds would never take our guns, because we will need them to fight the Chinese when they invade the land to take what they believe is theirs. After all they own most of our debt anyway. Actually the Feds will take our guns so ww can't fight the invaders, whoever they may be.

    I have been stocking up on extra food since last year. My wife always quietly called me an ass for doing so. English is her second language, so all of her TV news comes from Univision and Telemundo. They are first to report about the latest image of the Virgin Mary on a tortilla or the latest cancer cure from a remote village in Mexico. Last night she came to me and suggested I buy keep buying that extra food. Finally, a year or two late, this pointless, Spanish news finally reported the truth of the coming food shortage and inflation. As for her, it was not true if I said it, now it's true because Telemundo and that nut Walter Mercado said so.

  11. Go back to the early 1960's then. Go back to a numbed out, asleep reality where you can exist in the fake american dream, where exists only perfect church going families on 3 channels of tv and blacks can use separate toilets and water fountains, baby boomers spread like wildfire, and all US wars are considered righteous.


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