NeMont
Long Time Member
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LAST EDITED ON Feb-06-09 AT 10:19AM (MST)[p]Everybody is asking how all these finacial giants could be so wrong. Also how Bernie Madoff couldn't have been caught. How could the watchdog agencies not figure out the Sub prime mess was coming and the resulting financial meltdown was coming.
Do you know who has cooked the books for so long and with such massive amounts of money that it's own auditor has refused to sign off on it's financial statements?
Our own U.S. Government: The Comptroller General has the responsibility to audit the financial statements that the Secretary of the Treasury and the Director of the Office of Management and Budget present to the Congress and the President. For every fiscal year since 1996, when consolidated financial statements began, the Comptroller General has refused to endorse the accuracy of the consolidated figures for the federal budget, citing "(1) serious financial management problems at the Department of Defense, (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3) the federal government's ineffective process for preparing the consolidated financial statements." [1]
Every year since 1996 our government was not able to present a clear finaincial statement to it's auditor, it was unable to figure out what it's true balance sheet is yet our government is now in the business of setting CEO's pay scales and owning banks. The inmates are indeed running the asylum.
Our government runs the largest Ponzi Scheme in the world, Social Security, it has moved our national debt onto a subprime mortgage type bond, it cannot account for Trillions yet demands banks do so, Government employees and elected officials continue to travel on private jets and yet berate Detroit Auto executives for doing the same.
What I learned, well actually relearned, is that it doesn't matter which party is in power because there isn't a dimes worth of difference between them when it comes to spending and doing stupid things.
Nemont
Do you know who has cooked the books for so long and with such massive amounts of money that it's own auditor has refused to sign off on it's financial statements?
Our own U.S. Government: The Comptroller General has the responsibility to audit the financial statements that the Secretary of the Treasury and the Director of the Office of Management and Budget present to the Congress and the President. For every fiscal year since 1996, when consolidated financial statements began, the Comptroller General has refused to endorse the accuracy of the consolidated figures for the federal budget, citing "(1) serious financial management problems at the Department of Defense, (2) the federal government's inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies, and (3) the federal government's ineffective process for preparing the consolidated financial statements." [1]
Every year since 1996 our government was not able to present a clear finaincial statement to it's auditor, it was unable to figure out what it's true balance sheet is yet our government is now in the business of setting CEO's pay scales and owning banks. The inmates are indeed running the asylum.
Our government runs the largest Ponzi Scheme in the world, Social Security, it has moved our national debt onto a subprime mortgage type bond, it cannot account for Trillions yet demands banks do so, Government employees and elected officials continue to travel on private jets and yet berate Detroit Auto executives for doing the same.
What I learned, well actually relearned, is that it doesn't matter which party is in power because there isn't a dimes worth of difference between them when it comes to spending and doing stupid things.
Nemont
