Say what? A debt crisis on the horizon??

[Dengineer]

Bernanke delivers blunt warning on U.S. debt - Washington Times

With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.

[VivaciousJewelz]

Your third topic today? Who needs CNN!

[VivaciousJewelz]

So what does this mean? Come on, Den, don't make me READ it!

[Dengineer]

So what does this mean? Come on, Den, don't make me READ it!

If Bernanke is saying we're in trouble, we're in trouble.

Of course Bernanke saying it is like an executive of a company making some very bad decisions regarding the company, and then running to the employees and stockholders and saying "Guys, you're in trouble. I don't know what you all are going to do about this."

[Dengineer]

Your third topic today? Who needs CNN!

I don't have much going on today, just hanging around here trading and looking for deals.

[VivaciousJewelz]

If Bernanke is saying we're in trouble, we're in trouble.

Of course Bernanke saying it is like an executive of a company making some very bad decisions regarding the company, and then running to the employees and stockholders and saying "Guys, you're in trouble. I don't know what you all are going to do about this."

So break it down for me, what is going on in Greece that he is saying is going to happen here?

[joshmamabear]

This is what it means to me, the only thing that is holding our economy afloat right now is availability of credit courtesy of CC companies. IF, one of these days we go shopping and swipe our CCs at POS and they don't work, that is the start of armageddon. I'm not sure what will happen first ~ a bank run or CC companies suddenly pulling the rug under our feet. Meantime, I think it's a good idea to keep some bills under the mattress or spare change in a jar just in case

but don't mind me, I'm not an economist

[CW&M Mom]

Isn't it about the Feds credit...technically not ours...which well China owns...isn't that what's he's meaning??

[Dengineer]

So break it down for me, what is going on in Greece that he is saying is going to happen here?

The Greek government is deeply in debt and is out of money. They don't have quite as good a credit rating as the US so they have been unable to borrow any extra funds to bail themselves out. They have instituted "austerity measures" which consisted of things like cuts in government services and pay, and increases in fuel taxes. The place has gone nuts! Government workers unions are now on strike and are rampaging through the streets breaking windows. Not pleasant.

[bigsweetie]

If you want to truly see where our economy is headed, look at Iceland.