Treasury Secretary Geithner: Lift Debt Limit to Infinity

[NYcarbineer]

Are you really this fucking stupid in real life?

Sadly, I'm thinking it's true. Not sure what happened to him, he used to be one of the more reasonable ones here. Now he just babbles incessantly about the stupidest shit.

It is sad, what you are seeing is the debilitating results of the mental disorder of liberalism. It is progresses to the point to which only "Bush did it" can be uttered.

You conservatives want the government out of business, why would want the government restricting borrowing,

if the market is willing to loan the money? Are you admitting that the government has an important role in regulating finance?

 

[NYcarbineer]

How so?

Any business that borrowed 40% of everything it spent and ran a trillion plus dollar deficit every year would be out of business before you could blink an eye.

Who sets your debt limit?

My revenue sets my debt limit.

I don't take on any debt that I can't pay off and still stay in the black.

No, your lenders set your debt limit. Go to your bank and ask them how much they'll lend you. They'll tell you what your limit is.

 

[Skull Pilot]

Who sets your debt limit?

My revenue sets my debt limit.

I don't take on any debt that I can't pay off and still stay in the black.

No, your lenders set your debt limit. Go to your bank and ask them how much they'll lend you. They'll tell you what your limit is.

I have yet to be refused a loan or a lease so when I need to borrow money I do.

But the trick is not to borrow money for everything and certainly not to spend more than you make. Why is that so hard to understand?

 

[Toro]

What other country in the world has a debt ceiling?

 

[Freewill]

What other country in the world has a debt ceiling?

Does the best of athletes ask what someone else is doing, especially someone else who is not as good of athlete? I am thinking Greece may not have a self imposed debt ceiling, do we want to be like them?

 

[thereisnospoon]

Actually that wouid be compatible with the conservative laissez-faire free market philosophy.

Let's see the details.....NOW!

 

[thereisnospoon]

Actually that wouid be compatible with the conservative laissez-faire free market philosophy.

Are you really this fucking stupid in real life?

Let the market in interest rates, and the lenders decide. That's the conservative way.

Please rewrite that sentence so that sane people can understand what it is you are attempting to say.
Couple things....
Don't place a comma before the word "and"....
Do not use prepositions as conjunctions.
Thank you.

 

[lukelk]

Name a time they didn't raise it, left wing or right wing.

 

[Freewill]

My revenue sets my debt limit.

I don't take on any debt that I can't pay off and still stay in the black.

No, your lenders set your debt limit. Go to your bank and ask them how much they'll lend you. They'll tell you what your limit is.

I have yet to be refused a loan or a lease so when I need to borrow money I do.

But the trick is not to borrow money for everything and certainly not to spend more than you make. Why is that so hard to understand?

I think the point that the left is making is that we should let other countries, China, loan us money until the completely own us. Then they call in the debt and we hyper inflate and that is the end of us. Do you think you could borrow an infinite amount of money? Or even have a credit line that is infinite?

 

[bigrebnc1775]

Actually that wouid be compatible with the conservative laissez-faire free market philosophy.

How so?

Any business that borrowed 40% of everything it spent and ran a trillion plus dollar deficit every year would be out of business before you could blink an eye.

Let's hope so time to start over and hang the bastards responsible for the crash.

 

[thereisnospoon]

Who sets your debt limit?

My revenue sets my debt limit.

I don't take on any debt that I can't pay off and still stay in the black.

No, your lenders set your debt limit. Go to your bank and ask them how much they'll lend you. They'll tell you what your limit is.

Chicken...Egg. Just because the bank states a number a person may borrow does not mean the person should borrow that amount.
For example... When we as first time home buyers were pre qualified for a mortgage, the lender threw out a figure and then a monthly payment that the various formulas spit out.
That number was far beyond our means and our predetermined budget.
It's called personal fiscal responsibility. Something of which the idiots on Capitol Hill know little.

 

[Freewill]

The reason he wants to remove the debt limit is that it also removes responsibility. No need to explain why it needs raised. No reason to reign in spending if the limit just keeps getting raised, like it has.

 

[thereisnospoon]

Sadly, I'm thinking it's true. Not sure what happened to him, he used to be one of the more reasonable ones here. Now he just babbles incessantly about the stupidest shit.

It is sad, what you are seeing is the debilitating results of the mental disorder of liberalism. It is progresses to the point to which only "Bush did it" can be uttered.

You conservatives want the government out of business, why would want the government restricting borrowing,

if the market is willing to loan the money? Are you admitting that the government has an important role in regulating finance?

You are all over the place spouting one non sequitur after another.
Here's an idea. When you post , HAVE A POINT...It makes it so much more interesting for the readers

 

[Wiseacre]

The debt ceiling is a political tool used by the minority party against the majority party come election time. I'm thinking that's not a bad thing if it focuses voters on the national debt and the reasons why it keeps going up.

 

[thereisnospoon]

Name a time they didn't raise it, left wing or right wing.

Q. How many times has the debt ceiling been raised, and by whom?

A. It has been a bipartisan exercise. By the Treasury Department’s count, Congress has acted 78 times since 1960 to raise, extend or alter the definition of the debt limit — 49 times under Republican presidents, and 29 times under Democratic presidents. The Obama administration has taken pains to note that President Ronald Reagan, a hero to many Republicans in Congress, raised the debt limit. In a letter on the debt ceiling last month to Republicans in the Senate, Treasury Secretary Timothy F. Geithner quoted a letter Mr. Reagan wrote a generation ago, urging Congress to increase the debt limit. “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,” he quoted Mr. Reagan as writing. “Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets. The Nation can ill afford to allow such a result.”

Q. and A. on the U.S. Debt Ceiling - NYTimes.com
The fact of the matter is, while raising the debt ceiling has been done in the past and quite frequently by an average of 1.5 times per year, this is not the right time. Not unless the federal government does two things. Ends base line budgeting. That is where every dept gets automatic budget increases fueled by ambitious predictions of anticipated revenues.
The other issue is the federal government is just going to have to tell these non essentials that their budgets will be cut across the board and layoffs of workers must occur.
Then lastly come up with a solid and binding plan to reduce the federal debt.
This runaway spending is killing us all.

 

[Freewill]

The debt ceiling is a political tool used by the minority party against the majority party come election time. I'm thinking that's not a bad thing if it focuses voters on the national debt and the reasons why it keeps going up.

How was it used this election? Raising it, isn't that always going to look badly on the sitting president? Or should?

 

[marcusjohn]

I think both progressives and conservatives would like an unlimited debt ceiling. It seems to me both have been acting that way already. I wish we had a reasonable party that actually wants to pay the debt off. I suppose we don't because those in America who would accept austerity measures are not near as loud and powerful as those who would hate whatever it would take to pay off the debt.

 

[Toro]

What other country in the world has a debt ceiling?

Does the best of athletes ask what someone else is doing, especially someone else who is not as good of athlete? I am thinking Greece may not have a self imposed debt ceiling, do we want to be like them?

America isn't the best athlete right now. The athletes who want to be the best ask what the best athletes are doing. And the markets aren't looking at America thinking "That debt ceiling thing sure is a good idea."

 

[CrusaderFrank]

What other country in the world has a debt ceiling?

What other country has a gold standard?

 

[Freewill]

What other country in the world has a debt ceiling?

Does the best of athletes ask what someone else is doing, especially someone else who is not as good of athlete? I am thinking Greece may not have a self imposed debt ceiling, do we want to be like them?

America isn't the best athlete right now. The athletes who want to be the best ask what the best athletes are doing. And the markets aren't looking at America thinking "That debt ceiling thing sure is a good idea."

We are still the biggest and best. There is no large country I would want to emulate.