Sign of the Times: National Debt Clock Runs Out of Digits

The clock has run out on the national debt. The National Debt Clock, the unofficial tracker of the federal deficit maintained by the Durst Organization in New York, has reached its limits (the ever-familiar Number range issue in IT). 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...

Don't believe there is a crisis ?

Not to cause panic, but to elevate your awareness of what's going on with the news about economy now-a-days.. watch this video as it hits home the extent of the current crisis as it unfolds..

Foreclosure Crisis

And while this is unfolding, would you not want to know what if any US government was or is doing and if they have this under control, check this out

Then and Now

Last October, citing Internal Revenue Service data, the Wall Street Journal reported that the top 1 percent of Americans earned 21.2 percent of all income in 2005. That's the highest measure of income inequality since, you guessed it, before the Great Depression.

Meltdown

On Monday, the largest bankruptcy filing in U.S. history was made by Lehman Brothers. It had over $600 billion in assets and 25,000 employees. (The largest previous filing was WorldCom, whose assets just prior to bankruptcy were just over $100 billion.)

On Tuesday, the Federal Reserve made a bridge loan to A.I.G., the largest insurance company in the world to keep it from going under; AIG perhaps best known to most of the world as the shirt sponsor of Manchester United soccer club, has assets of over $1 trillion and over 100,000 employees worldwide.

On Friday morning, the economists at Lehman Brothers sent out their usual weekly roundup of the news, but it came this time with a short, italicized note, explaining that the report would be the final one to appear under the Lehman banner. That bit of understatement preceded some more: “This episode of financial crisis,” Lehman’s economists explained, “appears to be much deeper and more serious than we and most observers thought it likely to be. And it is by no means clear that it is over.”

Some Interesting reads as you walk through historic turmoil in financial markets and US economy in making... and wondering what the heck ? how or why all this is happening ? where would this lead us ?

The F.A.Q.’s of Lehman and A.I.G. upheavals

What risky Real Estate deals busted Lehman ?

How Merrill Was Saved and Lehman Was Lost

Minimizing Your Own Exposure to Risks

It was a gunshot heard across a subcontinent.

India got it's first individual gold .. time to celebrate, esp as we all know how pathetic job Indian Government does in encouraging sports ! Mr. Bindra has been lucky that his father is an industrialist who has dipped into his personal wealth to support his son. He built a shooting range for his son in his farmhouse in Punjab, and made sure he never ran out of ammunition, which is not made in India and has to be imported.

As the WSJ article points out, may be it is right that countries like India should stop spending on sports, and hope people as they get rich will find their ways & means to win world recognition !! Hasn't India done this with IT ? less the government interferes better the outcome.

Not a bad idea, rather than become a nappy nation. I am sure you’ve heard about the 900 Chinese soldiers who had to wear nappies during the opening ceremonies

California Becomes the First State to Ban Trans Fats

Is Government reaching too far? see some comments (not mine!) posted on web both for and against, a good debate topic !

Some think it's great... This is good news. Since people won't take responsibility for their health yet expect Medicare to pay for years of poor, unheathy diets causing diabetes, heart disease and obesity, then its time government stepped in to manage what is available. People make bad choices hence the success of fast food restaurants. This is not controlling, this is visionary. If we are ever going to get good, affordable health care, then the first step is to eliminate the bad choices some people make by removing options. If you really wanted to 'control' people, the government would prevent obese people from eating at 'all you can eat buffet restaurants'. We're not there yet and I don't expect we will, but we can control what is on the buffet. Thanks New York and California for leading the way.

For others it's just Bull ....Just wonderful, yet another shining example of government trying to tell me what I can and can't do. Those of you that support this need to stay out of other peoples business. Only California would do something so stupid, support legalizing marijuana, but try to ban something in food. If I want to eat a ton of red meat while drinking gallons of beer smoking cigarettes covered in butter that's my business, no one has the right to tell me what I can eat or can't eat. Just remember this as more and more of your personal freedoms are taken away from you "For your own good". I mean after all, some people aren't capable of handling the effects of abortion, lets outlaw that. Meat is bad for you and cruel to the animals so lets outlaw that. You really can't seem to pick good movies so let the government decide what to watch. Obviously people can't be trusted to pick the right books so we should let the government decide that as well. People also can't seem to plan families right so let the government decide for you. And you have been picking websites that well are a little objectionable and needs to be banned...you know like they do in China.

Hmmmmmmmmmmm ... now you decide where you stand !!