Treasury Secretary Geithner: Lift Debt Limit to Infinity

[lukelk]

Like I said, name a time thru didn't extend it, right wing or left wing, infact the right wing has raised it more times.......

 

[editec]

Of course lifting the debt limit is just another way of saying:

"grant the banksters the right to infinitely invent new money to LEND (at interest let me remind you) to our government."


When are you guys going to understand that money and debt aren't REAL?


When are you going to understand that they ONLY thing that makes money real or debts that created that money real, is the power behind that money that forces us to accept it as the only genuine specie?


Gotta tell yas....I remember when it was the RIGHTESTS who best understood how this scam works.

Now it seems this new generation of right-wingers really don't.

I cannot help but find this development strange as it was the RIGHT WINGERS (actually it was a John Birchers!) who first lead me to study this issue so that the scales fell from my eyes about what money REALLY represents.

 

[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.

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

Both sides seemed to avoid the debt ceiling debacle, probably cuz neither side came out of it looking very good. Romney did campaign a lot on Obama's poor record on deficits and higher debt, but obviously it wasn't enough. It should have reflected badly on Obama, but I guess Romney wasn't an attractive enough candidate to win over enough voters. The Dems did a great job demagoguing Romney, their negative campaign won the election for them. It sure as hell wasn't a mandate for anything.

 

[Ernie S.]

Warren Buffett:

"I could end the deficit in 5 minutes, You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election."

 

[g5000]

The debt ceiling is one of the stupidest contraptions of all time. It does serves a useful purpose for exposing the hypocrites, though.

The Republican controlled House passes a spending bill which they know will exceed the ceiling. Then they get all hypocritical later when it comes time to borrow the money they spent in their appropriations bills! Oh, look at the evil Obama wanting the debt ceiling raised so we can borrow the money we approved to be spent!

It is stunning to watch how many times the American people fall for this shit.

If Congress truly cared about debt, they would not have approved the spending bills in the first place.

It's all theater put on as a show for the rubes.

.

 

[NYcarbineer]

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.

There is no use of a preposition as a conjunction. The comma is misplaced. Sue me.

Let the

1. market in interest rates

and

2. the lenders

decide.

 

[NYcarbineer]

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?

Ask your bank for an unsecured loan of 10 million dollars.

 

[Toro]

What other country in the world has a debt ceiling?

What other country has a gold standard?

Greece, Spain and Italy are all behaving as if they are on a gold standard.

 

[thereisnospoon]

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.

No true conservative would prefer unlimited spending.
Lesson. Just because a politician has an (R) next to his or her name does not mean they are conservative. And given the opportunity most politicians seeing an opportunity to "bring stuff home" to his constituents, will abandon principle and go for votes any day.
The debt ceiling issue is another reason why term limits in the House and Senate are a moral imperative.

 

[thereisnospoon]

What other country in the world has a debt ceiling?

What other country has a gold standard?

Greece, Spain and Italy are all behaving as if they are on a gold standard.

Yer kidding, right?
If not....Please explain. This ought to be good.

 

[thereisnospoon]

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?

Ask your bank for an unsecured loan of 10 million dollars.

Not happening. And neither should it apply to government.
This idea of borrowing and printing what amounts to fake money MUST STOP.

 

[Katzndogz]

Despite what Geithner says, there is a debt limit. We will set it reasonably, or it will be imposed upon us. We might not have a debt limit, but lenders do. We will reach that limit when we can't borrow anymore.

 

[Katzndogz]

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?

Ask your bank for an unsecured loan of 10 million dollars.

Not happening. And neither should it apply to government.
This idea of borrowing and printing what amounts to fake money MUST STOP.

When did it stop for the Weimar Republic?

 

[thereisnospoon]

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.

There is no use of a preposition as a conjunction. The comma is misplaced. Sue me.

Let the

1. market in interest rates

and

2. the lenders

decide.

Ok..I think I have this now..
IN other words you prefer the marketplace set interest rates. Also, allow the banks to decide to whom they will lend.

 

[ilia25]

The only difference would be that Congress doesn't have to vote. considering the debt on our grandchildren is is pert near infinity now.


Treasury Secretary Geithner: Lift Debt Limit to Infinity


(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.

Treasury Secretary Geithner: Lift Debt Limit to Infinity | CNS News

Debt limit is a stupid idea.

When the Congress votes for a budget, it instructs the government to borrow some amount. Why then the Congress has to vote on whether the government can follow those instructions?

 

[ilia25]

What other country has a gold standard?

Greece, Spain and Italy are all behaving as if they are on a gold standard.

Yer kidding, right?
If not....Please explain. This ought to be good.

The explanation is obvious -- Greece or Spain can't print euros, just as a country that is on gold standard cannot print gold.

If those countries were borrowing in their currency, they would be able to do do at low rates, just as the US, or Japan, or any other developed country is.

 

[thereisnospoon]

The only difference would be that Congress doesn't have to vote. considering the debt on our grandchildren is is pert near infinity now.


Treasury Secretary Geithner: Lift Debt Limit to Infinity


(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

“You do? Will you propose that?” Hunt asked.

Treasury Secretary Geithner: Lift Debt Limit to Infinity | CNS News

Debt limit is a stupid idea.

When the Congress votes for a budget, it instructs the government to borrow some amount. Why then the Congress has to vote on whether the government can follow those instructions?

There should be NO BORROWING. The federal government should spend within it's means.
This of course excludes disasters, national emergencies and national security.
There should never be borrowing for social programs or discretionary spending. EVER.
The nations that do not borrow have very strong economies. Canada's government has gone conservative with spending and fiscal issues. Their housing market for example is very strong. Why? Because the Canadian federal government never meddled in the real estate marketplace. Also Canada never monetized their debt( Printed currency) to pay for over budget spending.
Yes, now we will see the comments about socialism and socialized medicine and shit such as "So now you say a socialist system is better"..Fuck off. Not the case at all.
This is strictly a fiscal issue. The fact that Canada's fiscal health is much better than here is the issue.
Their medical system while under control, leaves people without anything but basic care. All advanced procedures are rationed. So please, don't go there.

 

[Toro]

Greece, Spain and Italy are all behaving as if they are on a gold standard.

Yer kidding, right?
If not....Please explain. This ought to be good.

The explanation is obvious -- Greece or Spain can't print euros, just as a country that is on gold standard cannot print gold.

If those countries were borrowing in their currency, they would be able to do do at low rates, just as the US, or Japan, or any other developed country is.

Yes, exactly.

 

[thereisnospoon]

Greece, Spain and Italy are all behaving as if they are on a gold standard.

Yer kidding, right?
If not....Please explain. This ought to be good.

The explanation is obvious -- Greece or Spain can't print euros, just as a country that is on gold standard cannot print gold.

If those countries were borrowing in their currency, they would be able to do do at low rates, just as the US, or Japan, or any other developed country is.

They are borrowing EUROS...Jesus Christ!!!!
Essentially Germany IS the EU. Theirs is the strongest and the biggest donor economy in the EU. And they have just about had enough.

 

[OohPooPahDoo]

The only difference would be that Congress doesn't have to vote.

Congress already votes for all expenditures of the U.S. Government. The debt ceiling is redundant. Spending past the debt ceiling is spending that Congress has already authorized


The current situation is like saying "you will spend X dollars" and then to say "but keep the total cost under X - 1000 dollars." The idea that the Congress would require the Treasury spend money but not allow it to raise the funds necessary to make that expenditure is ridiculoud.

considering the debt on our grandchildren is is pert near infinity now.

Not so good at math are you?