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Is a U.S. Default Inevitable?

Alan from NJ Wrote: Jan 15, 2010 5:56 PM

like knowing you charged an entire mansion and 7 automobiles on your charge card and the bill has not come. Does this bother liberals or Democrats? I believe Alinsky would approve.
While there seems no remedy, wisdom would dictate to reverse the direction. All we can do is change course, as much as possible. As the indians said 'Pray to God, but row away from the rocks'. To bad half of us are praying and the ones with the oars are still rowing towards the rocks. There isn't another boat to jump into.

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Is a U.S. Default Inevitable?

We were blindsided. We never saw it coming.

So said Goldman Sachs CEO Lloyd Blankfein of the financial crisis of 2008. He likened its probability to four hurricanes hitting the East Coast in a single season.

Blankfein was reminded by the chairman of the Financial Crisis Inquiry Committee, Phil Angelides, that hurricanes are "acts of God." Financial crises are manmade. Yet Blankfein was backed up by Jamie Dimon of JPMorgan, who said, "Somehow, we just missed ... that home prices don't go up forever."