shintao
Take Down ~ Tap Out
- Aug 27, 2010
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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.........
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.
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.
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