Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

[California Girl]

Yep, it is far more important to assign blame to 'Bush' or 'Clinton' than it is to find a ******* solution. This is why I refuse to associate with either ******* party.... both sides are full of ******* idiots.

 

[Charles_Main]

Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"

Read more: Warren Buffett: Not Raising The Debt Ceiling Would Be "Most Asinine"


Warren Buffett says that if Congress doesn't vote to raise the debt ceiling before it expires in mid-May, it would be their "most asinine act" ever. Tim Geithner, Treasury Secretary, explained the importance of raising the debt ceiling last weekend when he said on Meet the Press,


The debt limit will be raised because "if you allow people to start to doubt whether the U.S. can pay its obligations - that would be catastrophic."

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Yep, and continuing to spend at the level we are, would also be asinine. Raise the ceiling, but only if it is tied to equal cuts in the Deficit. Due that and we may keep our AAA rating. Do not and we will lose it. No doubt about it.

 

[tallmike]

I will admit that Buffett knows a hell of a lot more about finance than I do, but something needs to be done.

We cannot get congress to rein in spending if we keep raising what they are allowed to spend. Is defaulting on some of our spending what needs to happen? I don't know but there are certainly things that I would not shed a tear to hear the fed say "Sorry, we just cannot afford to send you that earmark money right now"

We all know the reality is they will make a big show of it and in the end they will raise the debt limit. It is controlled by politicians and they don't have enough power if they don't have our money.

Too many folks think that congress is the problem, but not their congressman. That means they keep voting for fools because the incumbent has enough money for some pretty convincing advertising.