Boehner quits debt talks
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- ItTango0
I don't believe it's broken, as it is wildly flexible. It has been stretched to the point of calamity, though... that's where we are now. Everything hinges on clear thinking, which is in sort supply at the moment.
There are ways out of this, some of the players are motivated by self interest and personal grudges. It doesn't look good.
- JSK0
I call parlay
- eieio0
Can I get a layman's summary of this issue? Global economy is so far off my own radar.
- Buy gold, cocaine & water. Maybe get a gun, maybe not.TheBlueOne
- jon_d0
" Everything hinges on clear thinking, which is in sort supply at the moment."
FIre them all.
- jon_d0
okay, my last comment of the night:
sorry for being annoying.
Maybe don't fire them, I dunno.
- JSK0
debt talk
- raise debt limit it so us gov can pay for it's bill
- debt limit is a legal bound which us gov can borrow (sell treasuries)
- us gov sells treasury bills to pay for it's bills
- treasury bills are IOUs with interest paid
- us gov has great credit rating and most trusted / safest IOUs
- failure to do so results in bad credit rating
- us treasuries no longer become most trusted / safest investment
- us gov can no longer sell treasuries to pay bills
- us gov will eventually default as it can't sell treasuries- Disagree with 2nd point. It's a legislative guideline. It's not Constitutional.TheBlueOne
- Other than that I'm onboard with ya...TheBlueOne
- JSK0
two sides:
raise debt ceiling
- lets raise it because if we go default, the fragile economy will collapse
- we will think about how to fix the issue later by spending more moneysystematic default
- no more spending and let few things fail
- we are usa we can let things slide a bit
- its a short term pain that will help us in long term
- ukit0
The blame falls squarely on the House and Tea Party who don't seem to understand economics.
If the debt ceiling is not raised, we will still owe all that money, in fact it will probably end up costing more in the long run.
- ItTango0
@eieio (this will be ham-handed but...)
US economy heads off in the wrong direction as it allows a full 70% of manufacturing jobs to head of to so-called 3rd word countries. The effects of this take a while to manifest, so no one pays attention.Fast forward: George W. Bush gives a fat assed tax break to the wealthy, while diving head first into 2 wars. Simultaneously, there is rabid investment (including pensions, 401ks, and the likes) in a "Housing Bubble" which eventually popped, and created a catastrophic fiscal black-hole which gets filled up by the government with money they didn't really have to spend... 'cause of the wars and tax cuts.
General flow of loot comes to a stand still, businesses downsize, or disappear, unemployment skyrockets.
Usually, the government would jump in with a spending bill (jobs bill) to jump start things, but the unusual circumstances leading up to this have made that impossible. Government is nearly broke and has bills to pay, which means we must take on more debt (selling bonds and so on) to raise the scrilla and make the payments.
This brings us to the debt ceiling. Raising it has been, for the most part, a matter of course. But the political climate has turned this simple act into a the pawn from hell.
Children are at the table, and well...
- JSK0
oh harry potter video game
- Boz0
It's not about these corrupt criminal GOP guys.. it's the people in this country that are completely misguided and lack basic critical thinking
Here's proof:
http://pewresearch.org/pubs/2067…
- JSK0
TBO
isnt the rule set by a constitutional act which enables treasury to spend with in the bounds that is noted?
if it was a legislative guideline, it wouldn't need congressional vote to raise it? In addition, because of it's constitutional nature it is not easy for the president to override it, even through he can challenge it by declaring unconstitutional?
- Boz0
it is.. and that's what GOP most likely wants. For him to do it himself and when everything goes to shit anyways because I think US is in so much shit right now that it's going to be impossible to get out of that debt and collapse, they want him to do it himself and raise the debt ceiling carrying all the consequence.
That's what GOP most likely wants, they want him to use the 14th amendment right and since there's no way out to raise the debt ceiling himself.
They are a bunch of scumbags who know how to play this very well.
- JSK0
dont forget, GOP wants obama to fail at something really big for 2012.
- mikotondria30
What bunch of fucking cunts they are.
- SteveZissou0
I'm taking Mandarin lessons...
- Horp0
I'm surprised nobody's made a joke about how hard that Boehner is.
- TheBlueOne0
I'm curious as to why this wasn't a burning issue when the GOP held the presidency and both houses of congress in the last decade. They had ample opportunity to deal with the debt ceiling, but they just raised it 5 times without anyone noticing during that period. But no, it's so suddenly important that they're willing to take the US to the brink of financial ruin?
</sarcastic point>
- caput580
just it's supposed to, capitalism is eating itself.