I sat there this weekend and watched this piece of an interview with Treasury Secretary Timothy Geithner on Bloomberg TV (the other business channel).
At some point....the idea of raising the debt ceiling comes up.....which is a fairly fast approaching mess that will have to also be handled by Congress. If they don't approve it....the President is screwed, and the whole economic system of America is going to come to a halt.
So Geithner says at some point....the US “absolutely should get rid of the debt ceiling as soon as possible. It would have been time a long time ago to eliminate it. The sooner the better.”
I sat there for a minute.....thinking what if he was right. The same should be true for your neighbor. He ought to have an unlimited Master Card and charge $40k a year off that card. Your buddy at work? He ought to be able to buy a $750k house, when he only makes $58k a year. Your Uncle going on a $9k two-week trip to Vegas when he barely makes $32k a year as a mall-guard?
After a while, you come to realize there's limits for a reason. Sadly, our government has lost its judgement on what it's limits ought to be.
What kind of financial adviser is Timothy Geithner? Well....not the kind that you ought to allow near your real money.....just your fake federal money.