What if we actually had to go to a bank to get this $700 billion loan. What do you think they'd say?
Congress: We'd like to see a loan officer.
Teller: Okay step over to that desk over there.
Congress: Hi, we're representing George W. Bush and he wants to borrow some money.
Loan officer: Okay, what's the size of the loan and for how long?
Congress: Well he's not exactly sure about the amount. He thought about starting with $700 billion and then see if he needs more.
Loan officer: Let me pull up his credit file and see what we can do.
(Loan officer typing on computer)
Loan officer: Well this doesn't look very good. It says he already has outstanding debts of over $9 trillion and by the looks of it last week he took out a loan for over $600 billion. And it says here he's spending $10 billion a month in Iraq. Does he have much in the way of income or assets?
Congress: He does have income from GDP.
Loan officer: And how much would that be?
Congress: Around $9 trillion.
Loan officer: How about assets?
Congress: Well he has these notes but he's not really sure what they're worth because their value has dropped.
Loan officer: Let me have a look. Well it looks like George has a bit of a problem here. You see these notes have already been borrowed against and since their value has dropped they aren't really assets. In fact from what I see they'd be called liabilities.
(Congress looking red faced)
Loan officer: So what was he expecting for the term of this loan. How long did he need it for.
Congress (even more red faced) Well he was figuring that we could make the payments real small by extending it out to say two or three generations.
Loan officer: I'm sorry gentlemen but from what I see here there no way I could present this to the loan board for approval. You might want to try that Chinese finance company down the street. Or you could try the payday loan company around the corner.