Clinton points out that for the first time in history we are borrowing

[FloridaPat]

money from foreign countries to fund a war - Iraq and Afghanistan. This is scary. What a mess * has gotten us into.

[XanaDUer]

1. Sigh.

He is doing a great job. Still, I can hear my Clinton-hating asshole RW uncle now screaming at the TV.

It was great having a President who could string together a coherent sentence.

[The Backlash Cometh]

2. What a dumb ass Bush is.

The man never had to work a day for his money. He's running the country the same way he was raised. What scares me is that all his cronies are reaping the profits, and it will be America that will have to pay back the debts to these foreign countries.

I mean, how stupid can half of this country be not to see this?

[Maraya1969]

3. Can a country go bankrupt? And what happens then?

[acmejack]

4. IMF imposes 'austerity" program

Just like a third world country. We will be compelled to eliminate social programs and curtail other spending as well.

[mcscajun]

6. Yes, it can. Take a look at what happened to Argentina.

or worse, the Weimar Republic (Germany pre-WWII).

Wikipedia on Argentina:

The Menem and de la Rúa administrations faced diminished competitiveness of exports, massive imports who damaged national industry and induced unemployment, chronic fiscal and trade deficits, and the contagion of several economic crises. The Asian financial crisis of 1998 precipitated an outflow of capital that mushroomed into a recession, which led to a total freezing of the bank accounts (the corralito), and culminated in a financial panic in November 2001. Next month, amidst bloody riots, President de la Rúa resigned.

Several new presidents followed in quick succession. Argentina defaulted on its international debt obligations. The peso's almost 12-year-old link with the dollar was abandoned, which was followed by massive currency depreciation and inflation, in turn triggering a spike in unemployment and poverty. In 2003, Néstor Kirchner became the president, and started implementing new policies based on re-industrialization, import substitution, increased exports, consistent fiscal surplus, and a high exchange rate.

By 2002 Argentina had defaulted on its debt, its GDP had shrunk, unemployment was over 18%, the peso had devalued 75% after being floated, and inflation was hitting again. However, careful spending control and heavy taxes on now soaring exports gave the state the tools to regain resources and conduct monetary policy.

In 2003, import substitution policies and soaring exports, coupled with a lower inflation and expansive economic measures, triggered a surge in the GDP, which was repeated in 2004, creating jobs and encouraging internal consumption. Capital flight decreased, and foreign investment slowly returned. The influx of foreign currency from exports created such a huge trade surplus that the Central Bank was forced to buy dollars from the market, which it continues to do at the time, to be accumulated as reserves.

http://en.wikipedia.org/wiki/Argentina

Wikipedia on the Weimar Republic:

The Weimar Republic had some of the most serious economic problems ever experienced by any western democracy in history. Rampant hyperinflation, massive unemployment and a large drop in living standards were primary factors. By the Great Depression of the 1930s, the Republic was blamed by many. This was made apparent when political parties wanting to disband the Republic altogether on both right and left made any democratic majority in Parliament impossible.

http://en.wikipedia.org/wiki/Weimar_republic#Collapse_and_the_rise_of_Hitler

[MelissaB]

5. He was very good this morning.

I hope people, especially Republicans, picked up on that point.

[XanaDUer]

7. They won't.

They are too busy still ruminating on the hummer.

[journalist3072]

8. He's exactly right, and not only that..

I was really struck by an article on MSNBC the other day. It talked about all of the foreign aid and supplies that have been pouring in since Hurricane Katrina, and that most of the foreign aid comes through an aiport in Arkansas, and the FEMA decides where it goes from there.

But the most striking part of the article made reference to the fact that the richest country in the world, the world's only recognized superpower, is now receiving foreign aid.

How pathetic is that?!

[HysteryDiagnosis]

9. Did Russia borrow money to fund their adventures in Afghanistan?

[Yupster]

10. Why wouldn't the same thing be true

back in the 60's - 70's during Vietnam?

We had defecits. We sold bonds, and some of them were bought overseas.

Other than amounts, what's different now than then?

[Mayberry Machiavelli]

11. For one thing, all tax cuts no matter what wasn't the only fiscal policy.