Jul 252011
Jim Sinclair puts the debt ceiling issue into terms that anyone should be able to understand:
The idea that an increase in the debt ceiling is a solution to anything is nonsense. The event would be simply a can kick forward for a very short period of time. Increasing debt is not a solution to a debt problem. It actually makes the problem worse It is an act of extending your Federal credit card borrowing line so you can use it to pay your mortgage.
What do you do next month when another mortgage payment is due and your credit card is maxed out?
It is astounding that there are so many “smart” people who don’t understand this basic principle of stewardship, and who portray the republicans as the villains and Obama as some kind of well-intentioned savior who just needs his debt ceiling raised so that he can save America.