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Are we as a nation overleveraged?

October 9, 2008

A week or so ago, I posted a link to Bill Clinton talking about the economic crisis and how we as a nation are overleveraged.

This week I heard myself admitting that I voted for Perot because he is a business man and would get us out of debt.

Then I see this:

NEW YORK (AP) — The National Debt Clock in New York City has run out of digits to record the growing figure.

As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been switched to a figure — the “1” in $10 trillion. It’s marking the federal government’s current debt at about $10.2 trillion.
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The Durst Organization says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars.

The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.

We can’t keep this up for long – we are drowning

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