Discussion in 'Politics' started by Grampa Murked U, Aug 1, 2011.
Dow currently down 119
Do you guys think the bill will pass both houses?
The markets, I believe, aren't responding and haven't really been responding at all to this supposed crisis because those 'in the know', know damn right well that this is a made up crisis.
The fact that $1.6 trillion of the nation's debt is held by the Federal Reserve, of which 90% of interest paid is returned to the Treasury, is a clear indication that this isn't as nearly as dire as both political parties have been trying to convince Americans it is.
The fact that the government can easily service the debt, social security, and military on current revenues is a clear indication that this was never, ever as dire as it was reported.
Well it's not an impressive deal. It does nothing to address a staggering $16 Trillion Debt. A real Shit Sandwich for sure.
16 trillion debt and we're going to cut 1 trillion over the next ten years? YOWSAH! That will solve the problem!
Wall Street isn't impressed by this deal because it didn't do a thing to address the deficit.
Why would anyone be impressed with this crappy deal?
I mean if they were showing some sort of willingness to address the debt problem, they might react. Raising the debt ceiling adds to the debt. Promises of future cuts (which aren't even real cuts) that wont ever happen dont fix it. If they passed a Balanced Budget Amendment, then perhaps the market would react. Or if they moved away from baseline budgetting to actual budgetting IE basing the budget on actual revenues, they would get positive reaction as well.
Unfortunately, Republicans are too scared to fight for real change. and Democrats, for whatever reason, are opposing these common sense changes.
Since our nation isn't getting it's house in order, I suggest the rest of us get our own house in order. If you have any debt, make an effort to pay it off. Free yourself from bondage and ensure that you have flexibility for trying times ahead.
Cut 1 Trillion? Hardly. When have Democrats ever kept their promises on cutting spending?
Who cares about Wallstreet?
And I hope it passes, which will please socialists to no end.
First of all it's not a done deal yet. Wall Street understands that Barry Hussein and Harry Reid are so treacherous that anything can happen. Even if it's successful the victory for the GOP is pretty much symbolic and the 3,000 page mess they call health care is about to click in and nulify the spending cuts. We are still in bad shape as long as Obama is in the white house.
The market is down cuz of the truly terrible GDP numbers on friday and today's poor manufacturing numbers. I don't think anybody should be enthused about the latest deal in Washington, nothing has really been changed. Our governance is still really bad and the market knows it. I think we'll get downgraded even if this deal gets passed.
Socialists/Progressives wont be as pleased as you think. They wanted big Tax Hikes. Even their own Democrats told them "Hell No!!" on that.
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