Balance sheet shows US $16 trillion in the hole

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Anyone who ran a company with a balance sheet that looked like the U.S. probably wouldn't have a company anymore.

The picture painted by the federal balance for fiscal year 2012 shows a nation with a negative net worth of more than $16 trillion, according to the Treasury Department's year-end reports and calculations from banking analyst Dick Bove.

In short, the national assets consist primarily of loans receivable and mortgage-backed securities, along with property, plant and equipment. In all, the total U.S. government assets are shy of $3 trillion.

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