Bill Gross says US at ‘tipping point’ for new recession
Posted on 03 August 2011 with 4 comments from readers
Bill Gross told Bloomberg Television’s Carol Massar yesterday that the debt-ceiling deal is a ‘Republican Tea Party victory’ and distracted from the fat that we are at a ‘tipping point’ in terms of a recession.
He noted: ‘Very few people have focused on liabilities over the longer term. We have a $10-12 trillion debt, but basically, we also have $60 trillion present costs in terms of future liabilities. We are talking about Medicare, Medicaid and Social Security. I call those debt-men walking.
‘That means in addition to paper, we have 330 million people who are walking around as future liabilities for this country. To the extent that we have promised them entitlements through health-care and Social Security, that total is $60 trillion, six times the existing debt.
We have a whale of a program to go, not just in terms of this particular targeted program, but in terms of forward years, where $1trillion to $2 trillion has to come from the budget every year in order to maintain the semblance of a AAA country.’
4 Comments posted by readers:
While it’s always interesting to listen to Bill Gross, it’s even better to listen to a “Ben Bernanke” after he has had too much to drink, and who then begins to “tell the truth” about how screwed the US economy truly is.
Those of us who are regular readers of ArabianMoney.net already know that the real unemployment rate is much higher than what the government says, and we already know the US economy is screwed for at least the next 10 to 15 years (though at the bar, Bernanke said “for the next generation”).
I consider this to be a “must read”:
Go here: http://www.theonion.com/articles/drunken-ben-bernanke-tells-everyone-at-neighborhoo,21059/
It’s sad, but at the same time, you gotta smile when you read what he had to say!!!
Want to see who messed up the US economy? Watch the Oscar
- nominated 2010, documentary, ‘INSIDE JOB’
Note how fabulously rich they got while doing it.
@ Bill, near I-12, Outside of Slidell, Near the Elementary School:
No doubt, those crooks benefited mightily (and they’ll make sure Obozo gets massive campaign contributions for his 2012 re-election … probably over $500M again!). But there were a great many others on Wall St. and at the big banks that also became mega-millionaires . . . too many to name!
I was thinking about what Bernanke said the other evening (“we’re totally screwed . . .”) when he got stone-drunk!
Speaking of Being Screwed:
Global stock markets sold off big time today, with the US stocks down by almost 5%!!! Think about this for a moment.
The cash position of US mutual funds is at an all-time low of approx. 3.5%, yet they’ve absorbed huge paper losses today; this means that they’ve effectively lost their capital buffer . . .
and that means they’ll have to make big liquidations tomorrow, along with lots of other folks, like the hedge funds, etc.
Massive Government Intervention Tomorrow:
Friday, 5 August is gonna have massive government intervention in the stock markets, brought to us by Timmy’s Plunge Protection Team (PPT), as well as the Bernanke FED.
methinks tomorrow or next Monday may be a good time to buy more physical silver.