Debt Ceiling: Worst-Case Scenario

Discussion in 'Politics' started by M.D. Rawlings, Jul 12, 2011.

  1. M.D. Rawlings
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    M.D. Rawlings Classical Liberal

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    July 12, 2011
    By Randall Hoven
    American Thinker



    Excerpt:

    LINK
     
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  2. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    If Obama did as the article suggests, he'd be pilloried from pillar to post and run out of town. Ain't happening, IMHO the real worst case if the debt ceiling is not raised is the effect it would have on our economy and around the world. Even if the US Gov't continues to pay the interest on it's debt, the fact that we could not find a way to raise the ceiling could be a serious blow. Look at how many more people, public AND private, would lose their jobs. I would say a double dip recession or even a depression could occur, or at least a risk thereof.
     
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  3. Truthmatters
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    Truthmatters BANNED

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    I am begining to believe the republicans want us to go into a depression.
     
  4. martybegan
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    martybegan Gold Member

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    He's already fired a shot across the bow trying to put all the blame on the House:

    Taxes, Social Security fears cited in debt ceiling talks - CNN.com

    He's going for the "scare old people" tactic that democrats use so well.
     
  5. Zoom-boing
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    Zoom-boing Gold Member

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    we're already there
     
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  6. DontBeStupid
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    DontBeStupid Look it up!

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    Blah blah blah. This "fear the black man" crap is getting really old.

    There is real danger in us not raising the ceiling. But danger for regular people not the wealthy. Why? Well, when we hit the ceiling and stop making payments (whatever payments those may be) our credit rating will be cut. When its cut, our interest rate will go up. This means it will now be way more costly for us to borrow. We will eventually have to borrow, and whoever lends us the money will get a nice fat interest payment.

    Who has lots of money to lend the government? The rich.

    If anyone thinks this is not a golden opportunity to milk the taxpayer, then they're kidding themselves.
     
  7. Mustang
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    Mustang Gold Member

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    Tell me, are there ANY conservatives who still inhabit the reality-based world in which the rest of us live every day?
     
  8. M.D. Rawlings
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    M.D. Rawlings Classical Liberal

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    Note the insanity from our leftist friends. It never ends with these nutcases.

    The interest on the debt will be serviced either way; there is no automatic default . . . unless of course Obama doesn't apply available revenue to it. It's up to him. It's also up to him to stop playing games and get real about cuts without increased taxation. The problem is not revenue, it's spending.

    The people are with the House. They don't want the ceiling raised without real cuts, and they don't want taxes raised on anyone.

    The American people just ain't buying Obama's shoe shine :eusa_liar: anymore.

    :talk2hand:
     
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    Last edited: Jul 12, 2011
  9. Toro
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    Toro Diamond Member

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    This isn't even close to being the worst case scenario. Not only is it not even in the same ballpark, its not even in the same city, state, country or even continent.

    The worst case scenario by far is a default which triggers a serious of events which causes the financial system to implode, and makes the Lehman-induced collapse in 2008 look like child's-play.

    I cannot believe the politicians would be this fucking stupid to play chicken with this. But today, we started looking at ways of protecting ourselves if this happens.
     
  10. Toro
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    Toro Diamond Member

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    Hi

    Since you seem to know a lot, tell me, how much will the Treasury be refunding and how much interest will be due in the first two weeks of August? Also, how much tax revenues will be coming in?

    Thanks.
     

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