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Grecian Formula

March 5, 2010

The FDIC, on which Americans rely to insure their bank deposits, is, itself, $21-billion overdrawn.

Social Security does not have a trust fund.

Medicare  is functionally bankrupt and unsustainable.

Fannie Mae just asked for another $15-billion.

CNN has reported that only 11 of the 50 states are operating in the black.

A Pew Center study identifies 10 states on brink of financial collapse. California leads the list, at least $21-billion under water.

State governments are  creating new taxes on business, wealthy, and non-profits, hospitals  all to no avail.

Soon there will  be a federal government bail-out for states to assist Democrats in mid-term elections.

We are all passengers on a fiscal Titanic, arguing over the placement of deck chairs.

We will be  Greece in less than ten years.

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