But... But... I Want Out of the Debt Box. *cry*
(h/t WC Varones)
Market Ticker has a picture that I think might be worth looking at. It's not funny, it doesn't have an LOL phrase superimposed on it in oversized Impact and it doesn't involve a wild Google image search. Go on, go look.
There Is No Way Out Of This Box....
Go ahead folks - tell me how we can simply ignore this.
How we can pretend that the outstanding debt does not have to come back down to reasonable levels.
That these levels are "reasonable" - and that these rates of growth are "reasonable."
This is the "magic of compounding" writ large - and in a fashion that is going to inflict severe pain on our population - and the longer we wait to deal with it, the worse it will be.
Bernanke, who was at The Fed during Greenspan's time there, should have used his "education" - his claimed knowledge of economics - to make a lot of noise about this and demand that interest rates NOT be lowered to further encourage more debt-based consumption.
He did exactly the opposite.
Worse, he continues. That bastard knows better - he has to - but I don't think he believes he has a choice. Call it pressure, call it expectation but Ben Bernanke can't back out of this now, no matter how many fancy degrees he's got.
Oh and as far as this image goes? Ouch. Big fat scary ouch.