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Kiting Checks

Dear Friends,

This weekend I talked to a very savvy and experienced banker who asked me, “Do you know who is responsible for kiting the most checks in history?”

Humm . . . I guessed, “Was it Bernie Madoff or some other perpetrator of a massive Ponzi scheme? Or maybe was it a large company like Enron that got in financial trouble doing shady deals?”

“No, not even close,” he responded. “I’ve had more than my share of people who have kited checks on my bank, but nothing is all history comes even close to what our Federal government is doing today! Take last month for instance. Washington spent about $100 billion more than it received in income. So, the government financed the deficit by selling $100 billion of debt in the form of Treasure notes. And who you think bought the Continue reading Kiting Checks