60 Minutes: Fiscal day of reckoning is here

60 Minutes runs an extensive report on how state and local governments have major deficit problems just as the federal government does. They feature both Meredith Whitney, one of the most respected financial analysts on Wall Street and Governor Chris Christie. Both are good picks because they both tell the truth about how bad of a financial crisis we are in. Whitney even says that in the next 12 months there are going to be many governments defaulting on loans all around the country. This is terrible news and will likely bring about a financial meltdown sooner than later. Even a few honest senators, including DeMint, believe this will all come tumbling down in couple of years if we don’t do something about it.

This report from 60 Minutes is definitely worth the watch but it may leave you with a bit of a sick stomach.



I know this problem is bigger than Obama, but geez, how can the MSM do fabulous reports like this and not see that the whole trillion dollar stimulus was just a load of crap. It did nothing more than grow our debt, and all the money that was given to state and local governments has now run out. Just like GM, after taking tax payer money several times and finally having to go bankrupt to fix their core problems, state and local governments will have to do the same. It’s ridiculous that they just continue to let Obama and crew lie about this when the facts are staring them right in the face!

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32 thoughts on “60 Minutes: Fiscal day of reckoning is here

  1. A Pension loan is a cheap easy alternative to an unsecured loan, and unlike an unsecured loan there are no credit checks carried out on you. This means that you could have missed payments, defaults, CCJ’s and still be accepted for a BBR +5.5% loan.

  2. Obama does not do any thing about it because destroying the United States and its economy is his goal. That was obvious even before he was elected to those who did any investigation of his background and his backers.

  3. Excellent clip. Many of us on the Right have been warning about this for years though – most notably Ron Paul. However, it’s great to see everyone else waking up.

    It will be interesting to see what happens when heavily bankrupt states, like California, demand another bailout next year with Obama all for it – only for the new Republican congress to stand in their way.

    The New Republicans need to be strong an resolute in tackling the spending & debt crisis. The media, Democrats, unions and so on will attack them hard, so they must be ready to calmly and clearly explain the reality of the situation.

  4. Ah, nothing like the news media on the case!!Always getting in their with the big scoop before anyone else!! Thank God for CBS!!

  5. Here is a link for more 60 Minute videos including the one on here. They are downloadable with Mozilla FireFox with dl helper. This link will take you to unemployment 99ers, but there are other videos available. The 99er vid shows the future for this country with Obama in power. Obama promotes unions even though they are a major part of the problem.

    http://www.youtube.com/user/60minutes#p/f/37/CwpdGyIY2fQ

    1. Guys like Max Keizer, Gerald Celente, and many more have been calling these financial meltdowns for years. They predicted the 08 crisis, and are saying that we don’t have a lot of time left. Peter Schiff is another one who has been calling it ahead of time. These guys are all on youtube. Ron Paul has been singing the tune for a long time also.

      1. Can’t go wrong with Austrian economics. Ludwig Von Mises called the crash of 1929 while John Maynard Keynes lost his fortune. They then subsequently predicted the way the economy would behave post WWII.

        The best part of it is that Keynesianism, for all their models centered around predictions as validation fail while Austrian Econ REJECTS predictions as validation and gets it right.

  6. One day the country will wake up and see a 9/11 financial crisis. China will say we will no longer buy you debt. Then OPEC will say that your dollars are no longer accepted here. Bailouts only make the dollar less valuable. Ladies and gentleman buy gold and silver ASAP!

  7. One day the country will wake up and see a 9/11 financial crisis. China will say we will no longer buy you debt. Then OPEC will say that your dollars are no longer accepted here. Bailouts only make the dollar less valuable. Ladies and gentleman buy gold and silver ASAP!

  8. One day the country will wake up and see a 9/11 financial crisis. China will say we will no longer buy you debt. Then OPEC will say that your dollars are no longer accepted here. Bailouts only make the dollar less valuable. Ladies and gentleman buy gold and silver ASAP!

  9. One day the country will wake up and see a 9/11 financial crisis. China will say we will no longer buy you debt. Then OPEC will say that your dollars are no longer accepted here. Bailouts only make the dollar less valuable. Ladies and gentleman buy gold and silver ASAP!

      1. Get your bullets while you can. They won’t get any cheaper. They will be as good as gold, if you want to trade in the black market.

      2. Get your bullets while you can. They won’t get any cheaper. They will be as good as gold, if you want to trade in the black market.

          1. I remember the stories that my great grandfather told me about trading food for bullets in the depression. He was a farmer, who shot deer for meat. Didn’t need much more back then.

          2. I remember the stories that my great grandfather told me about trading food for bullets in the depression. He was a farmer, who shot deer for meat. Didn’t need much more back then.

    1. China and Russia recently agreed to a bilateral trade agreement that involved getting out of the dollar. It is already happening. China has been calling for a new reserve currency. Europe is going down in flames, and the world banks are just milking it for all its worth until it collapses on everyone.

    1. I think there’s a deal in the works to trade Califruityland to Mexico for a case of Corona Extra and some Frijoles. I think we should hold out for a marimba band, but that might be pushing it. What do you think?

      1. There may be a lot of people living on the beach in the next couple of years. Hopefully the fishing is good, and there is lots of drift wood. If you want to get into a winner of a business, maybe someone could buy a bunch of those porta potties and contract with the gvnmt to supply them along the beaches and in the tent cities. I’m sure they will want to keep the beaches clean and green.

        1. Hold on – remember this is Califunnyland. First off, you’ll need to file environmental impact statements for each porta pottie, purchase permits, licenses and bribe the necessary politicians and inspectors – then build a containment structure to retain efluent in the event of a pottie tank failure. Then you need the Teamsters Union to bring in the equipment and materials, United Brotherhood of Excremental Workers to assemble the potties and SEIU to change the toilet paper every ten to twelve minutes. Then you need to install flatulance arrestors and purchase $6000 carbon offset credits per pottie per day. Oh, and people can’t sleep on the beach. It would disrupt the Sea Turtles nesting habitat.

          A better plan may be to buy desert land in Arizona and wait for the Goricle cataclysmic ocean rise – then you’ll have beach front property there!

  10. As I have said before, the state and local gvnmts will be suffering greatly. When the real estate values drop drastically, local governments will really get hit. It will take a year or two to effect property taxes, but it will finish off the local governments. If the federal government hadn’t been bailing the states out, we would already be further along. When we see hyper inflation and the sever devaluation of our dollar take place, our economy will be done. Pension plans will evaporate, and social services will basically end. No amount of bailouts will help.

    If anyone thought that governments can’t sell out to corporate interests, literally, then this is proof of the contrary. Crime will increase, and local law enforcement will suffer even more from city financial failure. The feds will seek to take even more control, and the national guard will get involved in local law enforcement.

    Like they said in this clip, “people won’t accept it until they have to”. A collapse is coming. Get ready. Get out of 401ks before you lose it all. Convert cash assets to gold, silver, and practical means of survival. Don’t bother with gold or silver that you don’t hold in your hand. The reserves are not there to back what they are selling.

    Good luck.

    1. I don’t think most people will handle a collapse very well. Our ancestors were self sufficient with regards to hunting and raising crops. Hell my grandparents didn’t have meat for dinner unless my dad or uncles went hunting. Look at any major power outage or ice storm results. I’ve witnessed customers who can’t fathom why their credit card doesn’t work without electricity. I don’t relish a collapse, but my family owns a lot of farm land. I won’t starve.

      1. Good to hear. My family owns a small commercial farm, and I live on 2.5 acres. I planted my own wheat recently. I canned 350 quarts of food this summer, and have a freezer full of home raised beef, venison, and steelhead fish. I have eighteen chickens that I started raising for the first time. I am trying to get rid of the meat so I don’t have to worry about running the freezer.

        You are absolutely correct about the larger part of our population. They won’t handle it well. I have friends that are coming around, but some just brush it off. All those guys on Alex Jones’ show have been saying this for a long time. When it became clear that they were right, I started working on it. It takes time, and money to get set up for canning and such. I ordered five buckets of wheat, and bought a grain grinder. I am changing my lifestyle now, so it won’t be too much of a transition. I am a lot more healthy for it also. Eating whole wheat foods, home grown veggies, and eggs caused me to lose about fifteen pounds with no other change. I can actually see my abs now. That is probably too personal.

        1. Im very new to this but is there a website or something detailing what/when/how to store food for long periods of times, what type of food/containers. How to can and store food?

          Basically a how-to guide that gives very detailed instructions.

          1. This was my first year. I just bought a canning book, and canned over one hundred quarts of green beans, the same in peaches, and a mix of apple sauce, tomato sauce, pickles, and jams equaling about 350 quarts. I picked up a pressure cooker at Goodwill, and many used jars at Salvation army. The rest I bought new. Garage sales are good, and so is Craigs List. The book will tell you detailed instructions, and you might even find it at Salvation Army.

            I bought five 45# buckets of wheat, and then picked up a wheat grinder. I bought the grinder new, because they are hard to come by used. Look into stone grinders. Mine is the Wonder Mill. Medium price, good quality. Grain stores for many years. You can get double sealed lids to help keep air out. I actually grind and make my bread. Bread is a good staple food with up to 14% protein.

            I also picked up about 200# of rice and beans. I bought them at my local grocer for an average price of $13 for 25lbs. I just have them in a garbage can, but plan on putting them in buckets with sealed lids and a desiccant to keep them dry. Rice has carbs, and beans have good protein.

            These are the cheapest ways to go that I could find. You can also look up storable foods online, such as dried meals. Survival type stuff in this form is expensive. Hundreds per weeks supply. It takes time and money, but if you start now and accumulate it week to week, and month to month, it will add up. Growing your own food is, of course, the cheapest way to do canning.

            Good luck.

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