WallStreet warns republicans to shape up & pass Debt Ceiling Increase

Discussion in 'Politics' started by shintao, Jul 14, 2011.

  1. shintao
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    shintao Take Down ~ Tap Out

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    Ahh, so not only are the 100 million people needing their checks, but the big boys on WallStreet are crying as well. Can you say, it's a done deal,...Stick a fork in it.........:lol::lol:

    Wall Street demands action on debt ceiling, deficit
    By Patrick Martin
    14 July 2011

    "Representatives of the Wall Street financial oligarchy are laying down the law to the Obama administration and Congress, demanding speedy action to raise the federal debt ceiling before an August 2 deadline,..."


    Chamber of Commerce president Thomas Donahue declared, “An unprecedented default on the nation’s bills would have dire consequences for our economy, our markets, and Main Street Americans.” NAM president John Engler, former Republican governor of Michigan, added that even a brief halt in debt payments would “strike an immediate and serious blow to any economic recovery.” A debt default “would be exponentially more painful” than the minor increases in taxes proposed by the White House, one executive told the Post.

    Bernanke added that the measures that would be forced by a debt default would have colossal social impact, with an immediate 40 percent cut in all federal spending. “There would have to be significant cuts to Social Security, Medicare, military pay or some combination of those in order to avoid borrowing more money,” he said.
     
    Last edited: Jul 14, 2011
  2. FuelRod
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    FuelRod Gold Member

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    That's almost good enough reason not to.
     
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  3. DiamondDave
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    DiamondDave Army Vet

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    Hmmmm.. figures the source for this is from here.... and this idiot OP picked up on it...

    Wall Street demands action on debt ceiling, deficit
    *
    World Socialist Web Site - Patrick Martin - 13 hours ago
    Chamber of Commerce president Thomas Donahue declared, “An unprecedented default on the nation's bills would have dire consequences for our economy, ...


    http://www.google.com/search?q=Cham...gc.r_pw.&fp=de0f9ea839ac3d47&biw=1142&bih=555
     
  4. Leweman
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    Leweman Gold Member

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    If they don't fix it now when will they fix it? When was the last time the Democrats presented a budget? Years? What is the President willing to cut? What are the Republicans going to cut? Do we have any of this information.
     
  5. appleannie1
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    appleannie1 Member

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    Anyone that understands economics and how they actually work is saying the same thing. So Boehner ought to tell tell his group to grow up and do what they need to do.
     
  6. LibocalypseNow
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    LibocalypseNow Senior Member

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    And why should the Republicans listen to them? After all their Taxpayer Bailouts,they should just STFU at this point. They don't have Dog in this hunt. They got Bailed out already. Time for them to clam up.
     
  7. Contumacious
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    Contumacious Radical Freedom

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    Gee, I wonder why?

    Could it be that the wallstreeters are conflicted by interest?

    Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy

    [ame=http://www.amazon.com/Bailout-Nation-Corrupted-Street-Economy/dp/0470520388]Amazon.com: Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy (9780470520383): Barry Ritholtz, Bill Fleckenstein, Aaron Task: Books[/ame]

    .
     
    Last edited: Jul 14, 2011
  8. ABikerSailor
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    ABikerSailor Platinum Member

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    You know..........when there was a Republican in the WH, the debt ceiling was raised as a matter of course.

    Under Reagan, we increased it 11 times.

    Under Jr., we increased it 7 times, and his treasurey secretary called it "a matter of legislative house cleaning".

    Why is Obama having such a hard time if it was so routine before?

    Oh wait.......I got it.........there's a black man in the White House.
     
  9. Leweman
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    Leweman Gold Member

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    What? Those people that "understand" economics are pry the reason we are in this situation to begin with. And Boehner hasn't said they aren't going to raise the debt ceiling Obama and his buddies just need to grow up and agree to the cuts. Then it will get raised. Or the maybe democrats can submit some sort of budget. They haven't done that in awhile.
     
  10. California Girl
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    California Girl BANNED

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    Now I'm confused. I thought Wall St were the bad guys?
     

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