- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
"shutting down the government will backfire on Republicans"
Posted on 11/19/14 at 9:50 pm
Posted on 11/19/14 at 9:50 pm
Will we still hear this next time congress threatens to do it?
Last two times they did it, things didn't turn out so bad.
Last two times they did it, things didn't turn out so bad.
Posted on 11/19/14 at 9:55 pm to olgoi khorkhoi
Congress has a lower approval rating than Ebola. I don't think it matters what they do; people will despise them whether they are working or not working.
Posted on 11/19/14 at 9:59 pm to Old Hellen Yeller
Has nothing to do with "congress" as a whole or it's approval rating. That is meaningless. Every time the issue comes up, we are told that republicans will be punished if the government shuts down, but they aren't.
Posted on 11/19/14 at 10:00 pm to olgoi khorkhoi
quote:
Last two times they did it, things didn't turn out so bad.
Right. No one remembers and it's not even that painful when it does shut down. It's a big ole meh.
Oh, and we've never defaulted on the debt. Not one time in the history of government shut downs. But you'll hear every talking head, "we need to avoid a government shut down so we don't default on the debt."
Posted on 11/19/14 at 10:03 pm to GumboPot
not to split hairs, but the US has defaulted on its debt before.
Posted on 11/19/14 at 10:07 pm to olgoi khorkhoi
quote:
not to split hairs, but the US has defaulted on its debt before.
I looked it up. Interesting.
Posted on 11/19/14 at 10:32 pm to olgoi khorkhoi
quote:
but the US has defaulted on its debt before.
quote:
The 1790 Default.
Shortly after the formation of the first United States federal government under the Constitution of 1787, Congress passed and President Washington signed the Funding Act of 1790. This act directed the Secretary of the Treasury, Alexander Hamilton, to assume the Revolutionary War debts of the states, allowing creditors to exchange the state-backed war debt with bonds issued by the US Treasury. The interest on the bonds was deferred until 1801. A total of $21.5 million dollars was assumed. Prior to the passage of the Funding Act, much of the debt was expected to default. It traded at deep discounts to face value. Once the act was passed, the value of the debt skyrocketed—because bondholders were sure they would be repaid by the new federal government. In fact, quite a lot of money was made by people who bought the state debt in anticipation of the Funding Act or with early notice that it had passed. Even at the time of the Founding, traders were profiting from informational asymmetries. The Act also provided that the debt securities issued by the Confederation government that existed prior to the federal government would be converted into new federal bonds. The interest on one third of the value of the converted bonds was deferred until 1801. So why is this described as a default by Reinhart and Rogoff? It’s pretty clear that the federal government was not defaulting on its own obligations. Instead, it was modifying obligations incurred by the states—either directly or through the Confederation—and assuming them. This was almost the opposite of a default, since it made payment much more likely. That’s why the bonds rallied after the passage of the act.
The 1841-1842 Defaults.
This was actually a series of defaults by nine state governments, including three states that repudiated their debt altogether. The federal government was not involved.
The 1873-1884 Defaults.
Another series of defaults by states and cities. In total 10 states defaulted. West Virginia, the worst of the state financial basket cases, was still working out its debt with creditors by 1918. There wasn’t a federal government default, however.
The 1933 Default.
In the summer of 1933, Congress passed the “Joint Resolution to Assure Uniform Value to the Coins and Currencies of the United States” which declared invalid and provisions of obligations of the federal government which were “purported” to give the creditor the right to require repayment in gold. The Roosevelt administration wanted to depreciate the paper currency, and thought the “gold clauses” contained in various bonds were an obstacle. This is arguably the closest the US government came to defaulting. But this is more like monetizing debt than defaulting. It is closer to having the Federal Reserve inflate our way out of debt.
LINK
Posted on 11/19/14 at 11:12 pm to olgoi khorkhoi
Didn't our credit rating get downgraded?
Posted on 11/20/14 at 12:01 am to Old Hellen Yeller
Asking if someone likes Congress is a stupid trick. Since half or in the other party people always say they dislike Congress. But 52 percent stated they liked Republicans in charge.
The people understand Obama is a lawless president.
Before Ried wouldn't allow votes on bills.
Now if the president gets bills to sign, even though they are piece meal, if he vetos the bills he is the one shutting down the government.
The SOB asked for it.
After he is out of office we should bring the SOB up on treason to the constitution.
The people understand Obama is a lawless president.
Before Ried wouldn't allow votes on bills.
Now if the president gets bills to sign, even though they are piece meal, if he vetos the bills he is the one shutting down the government.
The SOB asked for it.
After he is out of office we should bring the SOB up on treason to the constitution.
Posted on 11/20/14 at 6:51 am to CherryGarciaMan
quote:not related to a shutdown.
Didn't our credit rating get downgraded?
Posted on 11/20/14 at 6:52 am to olgoi khorkhoi
quote:
"shutting down the government will backfire on Republicans"
And that's why they won't do it.
Posted on 11/20/14 at 6:54 am to Wtodd
It didn't backfire. They just won.
Posted on 11/20/14 at 6:59 am to CherryGarciaMan
quote:
Didn't our credit rating get downgraded?
If it wasn't for all the ships, planes and missles, we would have a junk rating.
Posted on 11/20/14 at 8:15 am to olgoi khorkhoi
I didn't notice one bit when the government was shut down. Everything just kept on going
Posted on 11/20/14 at 8:19 am to olgoi khorkhoi
quote:
Last two times they did it, things didn't turn out so bad.
Despite obama trying everything in his power, from running vets away from out door war monuments to closing down the road to Rushmore, to make it hurt.
Posted on 11/20/14 at 8:30 am to olgoi khorkhoi
The GOP should attach EO amnesty defunding to any funding bill upcoming.
If Obama chooses to veto, that would be his choice. If, through veto, he "shuts down" the government, so be it.
If Obama chooses to veto, that would be his choice. If, through veto, he "shuts down" the government, so be it.
Posted on 11/20/14 at 8:30 am to olgoi khorkhoi
Congress isn't going to shut down the government.
The only people are talking about shutting down the government are media pundits.
The only people are talking about shutting down the government are media pundits.
Popular
Back to top
Follow TigerDroppings for LSU Football News