That the US is in the grip of the sub-prime credit problem and that there is even talk of the possibility of a recession in the country, is in the news daily. The ripples of the greed of bankers and their associates is sweeping around the world. Stock markets are down, severely etc. etc.
Scott Horton , writing in Harper's Magazine, "Obligations Ignored" says that the dross in the daily media has basically ignored reporting this critical piece of information:
"For the 11th year in a row, the U.S. Government Accountability Office (GAO) was prevented from expressing an opinion on the consolidated financial statements of the U.S. government--other than the Statement of Social Insurance--because of serious material weaknesses affecting financial systems, fundamental recordkeeping, and financial reporting."
If that wasn't bad enough, as Horton records from the relevant report:
“Until the problems outlined in our audit report are adequately addressed, they will continue to have adverse implications for the federal government and American taxpayers,” Walker said in a letter to the President and Congress. “The federal government’s fiscal exposures totaled approximately $53 trillion as of September 30, 2007, up more than $2 trillion from September 30, 2006, and an increase of more than $32 trillion from about $20 trillion as of September 30, 2000,” Walker said. “This translates into a current burden of about $175,000 per American or approximately $455,000 per American household.”
Horton comments:
"With the arrival of George W. Bush, all proper stewardship of the economy has been thrown to the winds in favor of a quick joy ride for a team of power-crazy leaders. The cost of this presidency, put in dollars and cents through today, is $32 trillion dollars. That’s a 150% increase in exposure since the reins of office were handed to George W. Bush."
Have people like Fox News or the WSJ reported on all of this? Nah! - as supporters of the Bush administration the topic has been kept under the radar. Just watch out for much more financial troubles in the US, and perforce, around the world
Scott Horton , writing in Harper's Magazine, "Obligations Ignored" says that the dross in the daily media has basically ignored reporting this critical piece of information:
"For the 11th year in a row, the U.S. Government Accountability Office (GAO) was prevented from expressing an opinion on the consolidated financial statements of the U.S. government--other than the Statement of Social Insurance--because of serious material weaknesses affecting financial systems, fundamental recordkeeping, and financial reporting."
If that wasn't bad enough, as Horton records from the relevant report:
“Until the problems outlined in our audit report are adequately addressed, they will continue to have adverse implications for the federal government and American taxpayers,” Walker said in a letter to the President and Congress. “The federal government’s fiscal exposures totaled approximately $53 trillion as of September 30, 2007, up more than $2 trillion from September 30, 2006, and an increase of more than $32 trillion from about $20 trillion as of September 30, 2000,” Walker said. “This translates into a current burden of about $175,000 per American or approximately $455,000 per American household.”
Horton comments:
"With the arrival of George W. Bush, all proper stewardship of the economy has been thrown to the winds in favor of a quick joy ride for a team of power-crazy leaders. The cost of this presidency, put in dollars and cents through today, is $32 trillion dollars. That’s a 150% increase in exposure since the reins of office were handed to George W. Bush."
Have people like Fox News or the WSJ reported on all of this? Nah! - as supporters of the Bush administration the topic has been kept under the radar. Just watch out for much more financial troubles in the US, and perforce, around the world
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