Remember when buying Tech stocks would make you wealthy?
Then that bubble burst.
Remember when buying a house would make you wealthy?
Then that bubble burst
Remember when...

Remember when the present crisis broke in 2007, the reassurances that it would not spread beyond the confines of subprime; when it did spread, the forecasts that Wall Street banks
' losses would amount only to a total of about US$200 billion. Remember when "experts" insisted no widespread credit crunch would result. Remember when they insisted that the crisis was unlikely to spread from Wall Street to the real economy on Main Street?
Remember when they said the hundreds of billions of dollars of liquidity thrown into the system would free up the credit seizure. Remember when they said the October 3, 2008, $700 billion stimulus package and the many more hundreds of billions of dollars in bank and corporate bailouts would move the system out of crisis.

Where is Joe going with this now? The U$ Gov't needs to borrow $2 billion a day from creditor nations just to maintain its disfunctional status. The Obama administrations current plan is to issue $2,000,000,000,000.00 (trillion) in new debt just this year. Has anybody asked where this money is going to come from? Yes, Joe just did. Is that Joe's point ?No.
U$ Treasuries
By the U$Economy sucking up all the worlds saving how will anyone else in the world, governments, commercial debt, etc. be able to find buyers? We are standing on the chasm of the greatest bubble of all.

By facilitating and encouraging the massive global flight into Treasuries, and by issuing a huge new supply of US sovereign debt, emerging markets, their governments and banks, and US businesses are deeply suffering. As the US government sucks all the air out of the global credit markets via the unstemmed growth of its latest in a series of dangerous asset bubbles, namely the Treasuries bubble, these other entities find it extremely difficult to issue debt (obtain credit) at feasible costs, if at all. Investors
are demanding very high yields to exit the relative "safety" of Treasuries to invest
in corporate and government bonds in the emerging markets and in large swaths of the US and Western Europe as well.

A massive wave of bank, corporate and government defaults will result from the drain of savings by the US. Which in turn could cause the U$ Gov't to have to issue more debt.
Should the U$ be successful in offloading all that debt burden the next irrational step will then be the stampede out of the U$Dollar, and by extension U$T, as the world's investors question the value of their holdings. Interest rates will rise accordingly and the cost of servicing that debt will be unbearable.