Wednesday, October 22, 2008

Who Owns America?

Who owns America? American has incurred extraordinary amounts of debt due to war, disaster relief, stimulus for the economy, the massive bailout, and along with other reasons (which I am sure includes the pork put into bills for things hidden from the American public). I take issue with that!

"The national debt clock, the unofficial tracker of the federal deficit maintained by the Durst Organization in New York, has reached its limits. Last month, as the national debt exceeded $10 trillion for the first time, the clock ran out of digits to record the number.

The dollar sign in the clock had to be deleted and replaced with a one to record the massive number. The clock’s owners say a new model — with space for two extra digits — will be in place early next year.

Now the debt clock will be able to reach the quadrillions. Hopefully, that’s not a level that will be breached any time soon. –Phil Izzo" --The Wall Street Journal, October 9, 2008

The debt of the entire Third World and developing nations is about $1.65 Trillion dollars. The debt, as of October 20, 2008 (since the same date in 1993) is equal to $10,464,889,644,552.18, according the Treasury Direct . gov
"“We had thought we would have a little more time,” said Douglas Durst, whose late father Seymour B. Durst, erected the sign in 1989, “We’re rewriting the software to deal with the current economic problems and are in the process of designing a new sign that will have more digits.”

The Durst Organization, a real estate firm, plans now to add two more digits to the clock. That means the debt clock could reach $999.9 trillion before it becomes obsolete -- that’s $999,999,999,999,999 in debt or about 100 times more than we have now."-Scott Mayerowitz, ABC

The U.S. National Debt Clock

So, who owns America?

"Public owners include banks, private investors, pension funds, mutual fund companies, insurance companies, and state, local or foreign governments.

Government agencies holding the debt include the Social Security trust fund, Federal employee retirement funds, and other trust funds (transportation, housing, etc). Like any other investor, these government agencies earn interest on the bonds and treasury bills that they hold."--Cheryl Woodard,

Feeling a little bit anxious? I am. All of the money the U.S. government needs for programs and the economic stimulus and bailouts is going to come from me and you, the taxpayers.

"Many people don't understand how Wall Street works, but they can see that housing prices are tanking, food prices are rising and gas prices are soaring.

When that pot of gold also known as a retirement account starts to disappear down an economic black hole, it can be very unsettling.

This increased dread and anxiety makes some people behave in unhealthy ways"--Linda Petty, CNN

So, get out the yoga mat and do some ohms cause it's going to be a long and bumpy ride.

The Wall Street Journal
ABC - Money Beat

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