Some Folks Are Experiencing Difficulty Today, . . .

Don't forget deregulating Wall Street!

Oh my. Corrected for inflation, Reagan racked up $3.55 billion in debt. Obama is going to end up with a minimum of $9 billion.

Way too much was spend during the Reagan years, but of course Liberals love to forget about the Democrat promise to cut $3 in spending for every 1$ in a tax hike. The hike happened, but the lying Democrats broke their promise.

The same thing happened with George W. They lied again.

I simply love magic graphs and make believe statistics. It's all somebody else's fault, and I don't have to be responsible. Ain't life grand?
"I feel pretty, oh, so pretty...."

While that debt should be considered Obama's, I excluded that. Say what?

Did the Democrat Speaker of the House not promise both Reagan and George W to a deal of spending cuts that they never delivered? Never trust a Muslim, and never trust a Democrat politician. That doesn't mean that no Muslims nor Democrat politicians are honest, it just means that your odds are incredibly stacked if you make that bet.

George W. Bush was fiscally irresponsible. What makes it worse is that Republicans for 40-50 years had claimed to want a Balanced Budget Amendment and then the minute they took over both congress and the presidency, they spend and borrow like drunken sailors. This irresponsibility spurred my father....a life-long Republican to leave the Republican Party and join me in the ranks of non-partisanship.

The fact of the matter is that that both parties share in this irresponsibility as Congress and the President are responsible for fiscal policy...and there have been both Democrat and Republican controlled congresses throughout the timeline of this borrowing binge.

I lauded the Democrat PayGo rules that were unfortunately ignored and waived by congresses controlled by both parties. The real solution is a Balanced Budget Amendment to the US constitution.....A smart amendment that allows some level of deficit spending in times of War or Emergency or Recession....One that limits federal spending to a specified percent of GDP and also limits the Federal Reserve from growing the money supply except in a prescribed fashion.

Jackson, I do believe was the only President to pay off the debt. I wonder how many families spent more than they take in?

Maybe things do really come in threes. In addition to the poor citizens of Greece, who are reportedly sealing their fate in a referendum today, [current speculation is that the Government of Greece will seize 30% of all personal Greek bank account amounts in excess of 8000euros.] and the residents of sunny Puerto Rico, . . . it seems Chinese folks, a significantly larger portion of the world population, are experiencing some financial woes.

" . . . the season’s biggest economic crisis may be occurring in Asia, where shares in China’s two major stock exchanges have nosedived in the past three weeks. Since June 12, the Shanghai stock exchange has lost 24 percent of its value, while the damage in the southern city of Shenzhen has been even greater at 30 percent. The tumble has already wiped out more than $2.4 trillion in wealth—a figure roughly 10 times the size of Greece’s economy.
The country has even relied on propaganda to encourage the public to hold onto their shares for patriotic reasons.
The recent fall in the Chinese stock market followed an extraordinary bull period in which the Shanghai composite grew by 149 percent this year through June 12. The boom was fueled by retail punters relatively new to investing—according to the Financial Times, more than 12 million new accounts were opened on the stock exchange in May alone. Once dominated by elites, the stock market increasingly has become a vehicle for China’s emerging middle class. Two thirds of households who opened accounts in the first quarter of 2015 didn’t even finish high school. Equity market fever has spread to China’s universities, where 31 percent of the country’s college students have invested in a stock. Three quarters of them used money provided by their parents."
[boldface added - DD]
Ref: The Atlantic

There are historical precedents which may bear some similarities to the Chinese situation:
"Allegedly, [Joseph] Kennedy knew to get out of the stock market before the crash in 1929 when he got a stock tip from a shoe shine boy. His thinking was that if a shoe shine boy is giving you stock tips, then the market is too popular (or overvalued) for its own good.
Warren Buffet summed up this view in later years when he said: 'Be fearful when others are greedy and greedy when others are fearful.' ”
Ref: Ask Men

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The Chinese Government is evaluating propping up the sagging stock market via direct Stock Purchases from Government Pension Funds and financing additional stock purchases via newly established brokerage funds.

https://www.nytimes.com/2015/07/05/business/fund-in-china-aims-to-stabilize-stock-markets.html?_r=0

They are also putting new IPOs on hold to encourage investors to invest in existing (sagging) stocks.

So...If a government purchases large amounts of their country's private equity over time...and eventually becomes the majority shareholder....have they then made the entire population part of a capitalist dream of Employee Ownership or a communist dream of the People controlling the means of production?

For a fascinating discussion of employee ownership of corporations, see the body of work of Louis O. Kelso. Kelso (like Marx) believed that Capitalism would eventually divide Society into two classes...capital owners and non owners. Kelso believed that ESOP's (Employee stock ownership plans) was a way to garner the benefits of Capitalism while avoiding its pitfalls. Of course Kelso never envisioned a Government Becoming the major shareholder of a nation's stocks.

Looks like 62% voted no and only 38% voted yes. That IMF report that came out showed the lenders were acting in bad faith rightfully doomed them.