‘Incalculable Damage’ If Debt Ceiling Not Raised

[JBeukema]

The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion

 

[sparky]

the is no better way to devalue one's worth than debt, be it on an individual, or national level.....

 

[idb]

Y'all better learn how to use chopsticks.

 

[expat_panama]

The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means '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. I therefore intend to oppose the effort to increase America's debt limit.

---Sen. Barack Obama, D-Ill., 2006.

 

[PLYMCO_PILGRIM]

The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion

Comparing the debt/GDP level under Reagan to the Debt/GDP level under obama is not an honest assessment of our current situation.

ThinkProgress has a lot of issues with reporting in a politically motivated manner instead of a truth seeking manner.

 

[editec]

WASHINGTON – Treasury Secretary Timothy Geithner said Monday that he will immediately halt investments in two big government pension plans so the government can continue to borrow money.

Geithner informed Congress of his decision in a letter stating that the government had officially reached its $14.3 trillion borrowing limit. He repeated a warning that if lawmakers do not increase the borrowing limit by August 2, the government is at risk of an unprecedented default on its debt.

Debt limit reached, US halts 2 pension investments - Yahoo! News

Wait a minute...people working for the GOV are paying into this pension plan but the Government is not living up to the terms of that contract?

So in effect the FED is STILL borrowing money, only they're doing it by borrowing from their own workforce?

My oh my! This IS getting interesting.

 

[Valerie]

The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means '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. I therefore intend to oppose the effort to increase America's debt limit.

---Sen. Barack Obama, D-Ill., 2006.

If he only knew then what he knows now...

 

[PLYMCO_PILGRIM]

The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means '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. I therefore intend to oppose the effort to increase America's debt limit.

---Sen. Barack Obama, D-Ill., 2006.

If he only knew then what he knows now...

He wouldn't have been so partisan about it in 06 if he knew right?

 

[Valerie]

---Sen. Barack Obama, D-Ill., 2006.

If he only knew then what he knows now...

He wouldn't have been so partisan about it in 06 if he knew right?

Yep, same thing with Gitmo...

 

[PLYMCO_PILGRIM]

If he only knew then what he knows now...

He wouldn't have been so partisan about it in 06 if he knew right?

Yep, same thing with Gitmo...

You have to give obama credit for changing his position once he had all the facts.

 

[iamwhatiseem]

He wouldn't have been so partisan about it in 06 if he knew right?

Yep, same thing with Gitmo...

You have to give obama credit for changing his position once he had all the facts.

....said everyone with a cop-out

 

[expat_panama]

He wouldn't have been so partisan about it in 06 if he knew right?

Yep, same thing with Gitmo...

...wish he would say "now that i know what i didn't know I have changed my position" but I probably wouldn't say it so I can't give him too much grief .

Several times GW Bush apologized for his own actions, imho when he shouldn't have. Both Clinton and Obama apologized for America when they shouldn't have and have never acknowleged their own screw-ups when they ought to have.

 

[daveman]

The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means '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. I therefore intend to oppose the effort to increase America's debt limit.

---Sen. Barack Obama, D-Ill., 2006.

That's different. Somehow. It just is. Uhhh...it's Bush's fault!!




There, did I do that right, USMB lefties?

 

[PLYMCO_PILGRIM]

Yep, same thing with Gitmo...

You have to give obama credit for changing his position once he had all the facts.

....said everyone with a cop-out

I know what your getting at, obama hasn't owned up to being wrong on it he has just changed his stance without a public explaination. I get it.

Still, im glad he changed his mind.

 

[Trajan]

The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion

, plain and simple, we are never going to formally default, we have gone past the debt ceiling drop dead several times in the past, read my post by Drunkemiller in the econ. forum...just more scare mongering.

 

[iamwhatiseem]

We're all going to diiiiiieeeee!!!!!!!

 

[xsited1]

The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means '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. I therefore intend to oppose the effort to increase America's debt limit.

---Sen. Barack Obama, D-Ill., 2006.

If he only knew then what he knows now...

Obama had to go through puberty first.

 

[expat_panama]

...Still, im glad he changed his mind.

We don't know if his mind changed, we only know his actions don't match what his words were. Personally, I'm still hoping for more change than what we've gotten.

 

[Norman]

The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion

Denigration of full faith in dollar.

Isn't that when you say you can't pay your debt without getting more debt?

 

[PLYMCO_PILGRIM]

...Still, im glad he changed his mind.

We don't know if his mind changed, we only know his actions don't match what his words were. Personally, I'm still hoping for more change than what we've gotten.

im hoping for an undoing of the majority of changes we have gotten