Obama on Debt Limit... interdasting.
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re: Obama on Debt Limit... interdasting.
Posted by BugAC on 10/16 at 4:46 pm to BobBoucher
quote:

BobBoucher


Also, if the US was ever going to default, then the lenders would have start liquidating treasuries. None of that happened. There is forbes article about it i've linked several times. Seems you didn't read it.



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Posted by BobBoucher on 10/16 at 4:47 pm to BugAC
quote:

I thought i watched BBC America and H2.


My bad. I assumed. I too get news from various sources including BBC and Fox, among others.



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Posted by stat19 on 10/16 at 4:50 pm to Tigerlaff
quote:

He just wants the middle class taxed more to pay it down.


Bull Shit!

You think the bastards in Washington would raise taxes and decrease spending or raise taxes and increase spending?

I'll give you a hint - the only thing they're going to pay off is each other.



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Posted by BobBoucher on 10/16 at 4:50 pm to BugAC
quote:

You mean this S&P?


Yep. It was their analysis of the cost of the shutdown to date. I'm not sure how that correlates to the market. Obviously there is optimism from the pending Senate deal.



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Posted by HonoraryCoonass on 10/16 at 4:55 pm to BobBoucher
quote:

If this annual reduction continues at that pace, we should be actually paying down the debt by the time Obama leaves office. 


:ROFLMAO!:



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Posted by BugAC on 10/16 at 4:57 pm to BobBoucher
quote:

Yep. It was their analysis of the cost of the shutdown to date. I'm not sure how that correlates to the market. Obviously there is optimism from the pending Senate deal.



Look at the market since the beginning of the "default crisis". The market only went up. Which means washington's make believe default line doesn't matter to the financial world. The government never stopped collecting taxes during this shutdown, ergo, it never can possibly default. The only thing default did, was forcefully stop the alcoholic from grabbing another fifth.



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Posted by BobBoucher on 10/16 at 5:06 pm to BugAC
quote:

Look at the market since the beginning of the "default crisis". The market only went up. Which means washington's make believe default line doesn't matter to the financial world. The government never stopped collecting taxes during this shutdown, ergo, it never can possibly default. The only thing default did, was forcefully stop the alcoholic from grabbing another fifth.


No, they called congress' bluff expecting an 11th hour deal just as before.

As for your assertion that we can never possibly default, it's simple math. We spend more than we take in revenue, right? so we have to continually borrow to pay our obligations. If the limit isn't raised, we can't borrow more which means some things don't get paid.



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Posted by Hog on the Hill on 10/16 at 5:11 pm to BugAC
quote:

Look at the market since the beginning of the "default crisis". The market only went up. Which means washington's make believe default line doesn't matter to the financial world. The government never stopped collecting taxes during this shutdown, ergo, it never can possibly default. The only thing default did, was forcefully stop the alcoholic from grabbing another fifth.

The current price of the stock market is not so important an economic indicator that you can ignore all the actual harm that has been done. The chief economist of Moody's, Mark Zandi, stated this morning that the shutdown and debt limit crisis has undeniably caused economic losses. He backed up the ~$20 billion figure that Bob Boucher cited.

It's not reflected in the stock indices, but you simply cannot deny that harm has been done. Having 800,000 federal employees sitting around doing nothing has done harm and there's no way around that. They were not productive, but they have to get paid. Small businesses can't get loans. National Parks were closed and communities near the parks lost tourism dollars.



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Posted by Hog on the Hill on 10/16 at 5:12 pm to BugAC
quote:

Look at the market since the beginning of the "default crisis". The market only went up. Which means washington's make believe default line doesn't matter to the financial world. The government never stopped collecting taxes during this shutdown, ergo, it never can possibly default. The only thing default did, was forcefully stop the alcoholic from grabbing another fifth.
Wow, you don't understand this at all if you think the government can't default just because it collects taxes.

And I absolutely guarantee you that the financial world was concerned about the possibility of default. If we were to default, we would have another recession.


This post was edited on 10/16 at 5:14 pm

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