Another poll on seriousness of possible default

[Google]

Anybody that thinks that a U.S. governement default would be anything less than catastrophic, doesn't understand economics.

The entire world's economiy is dependant on the validity of the U.S. Government. $14T in bonds holders, ranging from private individuals, corporations and governments have invested in the U.S. governement. They're investments become worthless.

All landlords who depend on their tenants SS are screwed.

All banks that have invested in Bonds are screwed.

The healthcare industry, without medicare payments is screwed.

The U.S. government contractors are screwed.

All paychecks will stop.

The list goes on and on, but what really matters is that in economics, everything is inter-related. A minor failure in one area of economics will cascade into a major econic castastrophe.

Did anybody learn anything from the mortgage defaults and credit default swap problems just a few years ago?

Anyone of the above defaults is more than likely to cascade into a major economic catastrophe. All of them combined will certainly create economic havoc at a level we've never seen before.

But, don't worry, with the U.S. dollar worthless, Chinese currency will become the world's currency reserve.

Of course the Chinese will have their own financial disaster to deal with. But they're well positioned for this - they have a COMMUNIST GOVERNMENT - they can NATIONALIZE all forgein industries in the blink of an eye. They'll stabilize while the rest of the world reels.

The end of the American century and the beginning of the Chinese millenia!

Just what the Tea Party was planning all along.

You know absolutely nothing about economics or the intricacies of national debt and deficits.

What percentage of the US Federal Government's total revenue does it take to service debt obligation--Treasury bill interest? I'll answer it for you, because I know from experience you neither know the answer or will look it up: 15%.

All of your posts suggest that in your mind the US government is wholly dependent upon credit as its source of income. That if the government isn't given the ability to deflate the value of the dollar further that it won't have any money at all.

The US dollar is has lost so much worth, and has intensified much faster the last two years with food prices increasing by 10% or--and this is the reality--the dollar has lost 10% of its buying power due to inflation. TAARP alone caused close to $1 trillion dollars that be fabricated, $1 trillion that didn't exist before.

So let me ask you how raising the debt limit is going to increase the value of the dollar?

What Obama is attempting to do is pay off one credit card with another, but he isn't getting the interest free for a year offer, and morons like this are cheering him on.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." - Senator Barack Obama 2006

The entire Democratic Party including your dear intelligent Obama voted against raising the debt and it was only $850 billion. Now we must raise it by $2 trillion. You are so misinformed you probably were parroting the Democrat talking points in 2006 too

 

[The Rabbi]

I have come to the conclusion that the tea party is seriously trying to send the nation into default. The closet racist so desperately want get rid of Obama, they are willing to send the entire US economy over a cliff. It is the only thing that makes sense to me.

So maybe we should adopt Obama's plan for dealing with this.
What was Obama's plan again?
Oh yeah, he doesn't have one.

 

[Google]

I have come to the conclusion that the tea party is seriously trying to send the nation into default. The closet racist so desperately want get rid of Obama, they are willing to send the entire US economy over a cliff. It is the only thing that makes sense to me.

Oh hell yes. But not just the Tea Party, the US economy I believe is suspect of being closet racists, in particular the labor market. Why else would the US economy be treating Obama like it has.

 

[Google]

Fortunately we don't govern by push polls.
In fact a temporary default in exchange for permanent gov't cuts would be a wonderful bargain. The US is going to make good on its obligations. No one doubts that. We aren't Greece. Yet.
People are responding to Obama and the Dums demagoging the issue, promising to starve Granny if the GOP doesn't cave on raising taxes in a recession.

So tell me what happens when the US Bond rating goes from AAA to AA? You think interest rates stay at their present rate? Of course they don't. Reagan knew it. McConnell knows it. Establishment GOP knows it. The tea Party children deny it.

No tax increase will stall the economy like 1% increase in the home mortage rate. COUNT ON IT, SHERLOCK!

So tell me what happens when the US treasury auctions off T-bills to cover the laughable amount of deficit spending and no one is there to buy them? China has already begun selling off large amounts, but hey the Federal Reserve will always be there to fabricate money and buy T-bills and turn around and charge my son the interest.

Let me ask you this: how does raising the debt limit by $2 trillion ensure that US's credit ranking doesn't decrease?

 

[Truthmatters]

Disaster caplitalism.


Its what the right is looking for.

They want to crash our economy one more time so their real base ( the uber wealthy) can cash in one more time.

 

[ABikerSailor]

Disaster caplitalism.


Its what the right is looking for.

They want to crash our economy one more time so their real base ( the uber wealthy) can cash in one more time.

Wall St. is already starting to hoard money so that they can buy up our debt.

 

[The Rabbi]

Disaster caplitalism.


Its what the right is looking for.

They want to crash our economy one more time so their real base ( the uber wealthy) can cash in one more time.

What is the Democrats' plan to forestall this?
Oh yeah, they don't a plan.

 

[dilloduck]

America is too big to fail. I say we plead our case to the IMF for a bailout. The rest of the world needs a country like ours to hate.

 

[hortysir]

Anybody that thinks that a U.S. governement default would be anything less than catastrophic, doesn't understand economics.

The entire world's economiy is dependant on the validity of the U.S. Government. <snip>

The entire world is dependent on the American dollar, too, but that doesn't keep Obama and the Fed from printing tons of it to artificially inflate it...does it?

 

[hortysir]

[ame=http://www.youtube.com/watch?v=dBoYYc1APr8]&#x202a;Spenditol&#x202c;&rlm; - YouTube[/ame]

 

[Meister]

Need to prioritize, the US takes in something like 200,000,000,000 a month and the debt payment is something like 20,000,000,000.
But...nothing like putting the fear into the uninformed, it sure shows when polled.

 

[JimH52]

Disaster caplitalism.


Its what the right is looking for.

They want to crash our economy one more time so their real base ( the uber wealthy) can cash in one more time.

What is the Democrats' plan to forestall this?
Oh yeah, they don't a plan.

Can you try not to move your lips when you lie?

Obama endorses 'Gang of Six' deficit plan - politics - Capitol Hill - msnbc.com

 

[JimH52]

Need to prioritize, the US takes in something like 200,000,000,000 a month and the debt payment is something like 20,000,000,000.
But...nothing like putting the fear into the uninformed, it sure shows when polled.

Yeah, forget about all the other obligations.

 

[The Rabbi]

Disaster caplitalism.


Its what the right is looking for.

They want to crash our economy one more time so their real base ( the uber wealthy) can cash in one more time.

What is the Democrats' plan to forestall this?
Oh yeah, they don't a plan.

Can you try not to move your lips when you lie?

Obama endorses 'Gang of Six' deficit plan - politics - Capitol Hill - msnbc.com

I dont see anything there about an Obama plan.
How about this one?
White House sees momentum on debt deal, but "not close" - Yahoo! News

Dunce

 

[kiwiman127]

Fortunately we don't govern by push polls.
In fact a temporary default in exchange for permanent gov't cuts would be a wonderful bargain. The US is going to make good on its obligations. No one doubts that. We aren't Greece. Yet.
People are responding to Obama and the Dums demagoging the issue, promising to starve Granny if the GOP doesn't cave on raising taxes in a recession.

Not so fast Rabbi!

Top economist: Raise the debt ceiling or blow the recovery 'out of the water'

“If we get to August 2 and there is no debt ceiling limit, and there has to be significant spending cuts – even if Congress and the administration reverse themselves days later, I think the damage will have been serious, and we probably would be thrown into a recession,” Zandi said.
Top economist: Raise the debt ceiling or blow the recovery 'out of the water' - CSMonitor.com

The US still hasn't recovered from the last recession and even if the debt ceiling is addressed quickly after August 2nd, we may already be in a hole we will not be able to dig out for years!
Exactly how much further do you want the US economy to sink?
And while the US sinks, other countries enjoy the spoils. Already international corporations are not investing in their American operations because of lack of demand, more jobs are going overseas. Another recession would accelerate that movement away from the US.
It will take years for the US economy to recover and by that time the US will be behind the eight ball.

 

[dilloduck]

Fortunately we don't govern by push polls.
In fact a temporary default in exchange for permanent gov't cuts would be a wonderful bargain. The US is going to make good on its obligations. No one doubts that. We aren't Greece. Yet.
People are responding to Obama and the Dums demagoging the issue, promising to starve Granny if the GOP doesn't cave on raising taxes in a recession.

Not so fast Rabbi!

Top economist: Raise the debt ceiling or blow the recovery 'out of the water'

“If we get to August 2 and there is no debt ceiling limit, and there has to be significant spending cuts – even if Congress and the administration reverse themselves days later, I think the damage will have been serious, and we probably would be thrown into a recession,” Zandi said.
Top economist: Raise the debt ceiling or blow the recovery 'out of the water' - CSMonitor.com

The US still hasn't recovered from the last recession and even if the debt ceiling is addressed quickly after August 2nd, we may already be in a hole we will not be able to dig out for years!
Exactly how much further do you want the US economy to sink?
And while the US sinks, other countries enjoy the spoils. Already international corporations are not investing in their American operations because of lack of demand, more jobs are going overseas. Another recession would accelerate that movement away from the US.
It will take years for the US economy to recover and by that time the US will be behind the eight ball.

And raising the debt ceiling will help how ?

 

[The Rabbi]

Fortunately we don't govern by push polls.
In fact a temporary default in exchange for permanent gov't cuts would be a wonderful bargain. The US is going to make good on its obligations. No one doubts that. We aren't Greece. Yet.
People are responding to Obama and the Dums demagoging the issue, promising to starve Granny if the GOP doesn't cave on raising taxes in a recession.

Not so fast Rabbi!

Top economist: Raise the debt ceiling or blow the recovery 'out of the water'

“If we get to August 2 and there is no debt ceiling limit, and there has to be significant spending cuts – even if Congress and the administration reverse themselves days later, I think the damage will have been serious, and we probably would be thrown into a recession,” Zandi said.
Top economist: Raise the debt ceiling or blow the recovery 'out of the water' - CSMonitor.com

The US still hasn't recovered from the last recession and even if the debt ceiling is addressed quickly after August 2nd, we may already be in a hole we will not be able to dig out for years!
Exactly how much further do you want the US economy to sink?
And while the US sinks, other countries enjoy the spoils. Already international corporations are not investing in their American operations because of lack of demand, more jobs are going overseas. Another recession would accelerate that movement away from the US.
It will take years for the US economy to recover and by that time the US will be behind the eight ball.

Is that supposed to prove something? Just because one guy says something doesnt make it gospel.

 

[The Rabbi]

Fortunately we don't govern by push polls.
In fact a temporary default in exchange for permanent gov't cuts would be a wonderful bargain. The US is going to make good on its obligations. No one doubts that. We aren't Greece. Yet.
People are responding to Obama and the Dums demagoging the issue, promising to starve Granny if the GOP doesn't cave on raising taxes in a recession.

Not so fast Rabbi!

Top economist: Raise the debt ceiling or blow the recovery 'out of the water'

“If we get to August 2 and there is no debt ceiling limit, and there has to be significant spending cuts – even if Congress and the administration reverse themselves days later, I think the damage will have been serious, and we probably would be thrown into a recession,” Zandi said.
Top economist: Raise the debt ceiling or blow the recovery 'out of the water' - CSMonitor.com

The US still hasn't recovered from the last recession and even if the debt ceiling is addressed quickly after August 2nd, we may already be in a hole we will not be able to dig out for years!
Exactly how much further do you want the US economy to sink?
And while the US sinks, other countries enjoy the spoils. Already international corporations are not investing in their American operations because of lack of demand, more jobs are going overseas. Another recession would accelerate that movement away from the US.
It will take years for the US economy to recover and by that time the US will be behind the eight ball.

And raising the debt ceiling will help how ?

It will allow teh Democrats to kick the can down the road and blame the GOP for raising the debt ceiling.

 

[JimH52]

YOU LIPS ARE MOVING AGAIN!

Obama proposal would cut deficit by &#36;4 trillion in 12 years - BostonHerald.com

 

[Meister]

Need to prioritize, the US takes in something like 200,000,000,000 a month and the debt payment is something like 20,000,000,000.
But...nothing like putting the fear into the uninformed, it sure shows when polled.

Yeah, forget about all the other obligations.

Did you forget the third word of my post? Prioritize Might be a new concept to you....but it does actually work.