Sunday, March 03, 2013

It's Preposterous

Mayor Bloomberg on spending money we don't have:
"We are spending money we don’t have," Mr. Bloomberg explained. "It's not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it's preposterous to think that they would stop selling us more. It's the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that's a problem for the lenders. They can’t stop lending us more money."
So that's how it works, eh. Well, since we're talking an infinite amount of money, how about giving all of us a million dollars a year? No more poor! Imagine! It's preposterous to think that would be a problem.

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