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March 10, 2011

The Most Predictable Financial Crisis In History

All too true, alas. We crouch in the middle of the highway like a terrified rabbit, watching the oncoming car in a deadly kind of paralysis: we know it's going to kill us if we don't move...but sill we don't move.

Pull quote:

s Sen. Tom Coburn (R., Okla.), who served on the deficit commission and supported its recommendations, pointed out at a press conference this week, the United States has, historically, paid an average of 6 percent interest on its debt. It currently pays about 2 percent. If rates were to return simply to that historical average, it would involve an increase to our overall interest bill of $640 billion — to be paid immediately. “An impossible situation,” in Coburn’s words.

Doom! DOOM! DOOOOOOOOOOM! Flee! Run for your lives!

[EDIT]

President Obama is set to give a press-conference tomorrow to discuss oil prices. Either he's getting some disturbing vibes from the situation in Saudia Arabia, or he suddenly had another brainstorm on how high-speed rail will save us all.


[UPDATE]
I almost forgot -- I promised lauraw that every time I post a DOOM thread, I'd also post a picture of a cute little kitty to ease the burn.


digg this
posted by Monty at 08:37 PM

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