'As the Bush administration proposes backstopping mortgage giants Fannie Mae and Freddie Mac with a $300 billion line of credit and Congress contemplates another economic stimulus, the question is who will bail out the government?

"People seem to think the government has money," said former U.S. Comptroller General David Walker. "The government doesn't have any money."

A rare consensus has developed across the political spectrum that the government's own fiscal affairs are precarious, with an astonishing $53 trillion in long-term liabilities, according to the Government Accountability Office.

To put that number in human terms, the debt has reached $455,000 per U.S. household. As that debt grows, the United States increasingly relies on foreigners, including China and Middle East oil producers, for financing.

"The factors that contributed to our mortgage-based subprime crisis exist with regard to our federal government's finances," said Walker, now head of the Peter G. Peterson Foundation, a group established to raise alarms about the nation's budget. "The difference is that the magnitude of the federal government's financial situation is at least 25 times greater."

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So what we have is again a pay-it-backward loan against our future, and again, a
huge transfer of public-wealth-to-private-coffers, after all, the gravey train of
public-to-private grift hasn't stopped since Dick Cheney started his 'little war'.

But back to the 'anchor'...

With mortgages now guaranteed by a Federal government borrowing against our future,
if indeed Congress is so prurient as to gift our blood to the vampiroyals of usury,
can you imagine the looming food-energy-housing neutron bomb that it will create?

bernard's burning out...

send him some love

~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~