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B4 The Bell Frieday September 10


Hiding Bear

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Treasury Sec. Snow on "Fox & Friends" this a.m. There he was treated to interrogators who had neither the background nor the inclination to challenge anything he said:

 

1. Economy growing quite rapidy, fastest growth in years, in fact.

 

2. Unemployment now lower than it was during the last presidential election. (Here, he smiled, as he uttered this nonsense, and added "Although I'm not participating in the election campaign.")

 

3. They're going to "simplify and streamline" the tax code, which will be a source of real comfort to taxpayers.

 

4. The Treasury is on the job, using asset forfeitfure to shut down terrorist cells.

 

5. Is there anything he's "concerned" about? Well, just the annoying little matter of that federal deficit. Seems it's tad higher than they'd like.

 

Couple of days ago, Machinehead linked to an article that shows that, applying GAAP to the fedgov's statement of receipts and disbursements, and including accrued liabilities for Social Security and Medicaid, the official statement of the '03 deficit, $374 bil, is understated by.....ah.....errr...ten-fold. http://www.gillespieresearch.com/cgi-bin/s/article/id=278

 

That's right: the real '03 federal deficit was $3.7 trillion.

 

The "Fox & Friends" morning crew passed up the opportunity to explore the implications of that figure with the ever-smiling Treasury Secretary.

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Treasury Sec. Snow on "Fox & Friends" this a.m.  There he was treated to interrogators who had neither the background nor the inclination to challenge anything he said:

 

1.  Economy growing quite rapidy, fastest growth in years, in fact.

 

2.  Unemployment now lower than it was during the last presidential election.  (Here, he smiled, as he uttered this nonsense, and added "Although I'm not participating in the election campaign.")

 

3.  They're going to "simplify and streamline" the tax code, which will be a source of real comfort to taxpayers.

 

4.  The Treasury is on the job, using asset forfeitfure to shut down terrorist cells.

 

5.  Is there anything he's "concerned" about?  Well, just the annoying little matter of that federal deficit.  Seems it's tad higher than they'd like. 

 

Couple of days ago, Machinehead linked to an article that shows that, applying GAAP to the fedgov's statement of receipts and disbursements, and including accrued liabilities for Social Security and Medicaid, the official statement of the '03 deficit, $374 bil, is understated by.....ah.....errr...ten-fold.  http://www.gillespieresearch.com/cgi-bin/article/id=278

 

That's right:  the real '03 federal deficit was $3.7 trillion.

 

The "Fox & Friends" morning crew passed up the opportunity to explore the implications of that figure with the ever-smiling Treasury Secretary.

John Snow reassures me that there is no public faux pas too great to be instantly ignored or forgotten. Still supporting that "Strong Dollar", John? You know, the one that's resistant to counterfeiting?

 

What a complete fornicateing idiot.

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Is the US an import or export driven country?

I would say neither ... it's a credit-driven country. ;)

 

The importing and exporting stuff is like a pizza biz that fronts for the heroin-dealing operation in the backroom ... a 'loss-leader.' :lol:

At at the nucular center of this "credit" ecconomy is the largest "coin and coupon clipping" enterprise the planet has ever known aka Wack Street! :lol:

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