When push comes to shove, the Republicans will forget about their "principals" and raise the debt ceiling so they can keep the tax cuts for their rich friends. The only reason they're putting up this fight is so they can use the debt ceiling to try to and scare everyone into cutting necessary programs and to keep the tax cuts which they've become so attached to.
let it default. i wanna see what happens.
It'll be worse than 08.Reciprocity wrote:
let it default. i wanna see what happens.
i hope
What do we do then? Keep on raising the limit..............................................................................................
Raise the limit -> cut spending -> reform tax system
Are you really against raising it?
Are you really against raising it?
The alternative isn't very enticing.
Need to hit the baby boomers for three decades of back taxes.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
Thats going to be hard now they're mostly retired early and collecting their unearned 'entitlements'.
Fuck Israel
I read the there's a deadline by August 2 re: debt ceiling. Can someone please elaborate on this?
If they raise the debt ceiling by August 2nd, we'll hit it and there will be a mess. We could also get our triple A credit rating downgraded at any time which would also be a mess.
I'm fairly certain they'll raise it since they really don't have a choice in it. Anyone that says we shouldn't raise it, including presidental canidate Michelle Bachmann, should die in a fire. I'm not being sarcastic or trying to be witty. I mean it. Dead, not breathing.
I'm fairly certain they'll raise it since they really don't have a choice in it. Anyone that says we shouldn't raise it, including presidental canidate Michelle Bachmann, should die in a fire. I'm not being sarcastic or trying to be witty. I mean it. Dead, not breathing.
This is true. The raising the debt ceiling bit, not the dying in a fire bit.Macbeth wrote:
If they raise the debt ceiling by August 2nd, we'll hit it and there will be a mess. We could also get our triple A credit rating downgraded at any time which would also be a mess.
I'm fairly certain they'll raise it since they really don't have a choice in it. Anyone that says we shouldn't raise it, including presidental canidate Michelle Bachmann, should die in a fire. I'm not being sarcastic or trying to be witty. I mean it. Dead, not breathing.
Any spending cuts won't affect the current budget, so existing deficits will continue. Shutting down programs costs money, as well (you save in the outyears). All the rhetoric about not raising the debt ceiling is nonsense. It has to be done. We borrow 41 cents of every dollar the govt spends. That won't change without drastic reforms...which take legislation. Which takes time. Which we don't have.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
Ok, I understand now.
Last edited by Jaekus (2011-07-21 17:45:23)
Me too. I'll take a hit. All my equipments paid off though. Bank won't repo anything. I'll probably go broke though. People will stop hiring me. I'll lay off my Mexicans (El Salvadorians but w/e). Doubt I'll be able to pay for food, gas, insurance or any of the other things in short order though. Dollar will be pretty useless. Probably end up bartering if I'm lucky.Reciprocity wrote:
let it default. i wanna see what happens.
Fuck it. Default. Life is boring. I'd really like to see a bankruptcy though... that would really shake things up. Maybe it would get the lower 25 off their asses if they faced starvation otherwise.
God damn I want to see this happen. I need to buy guns.
I needed another 5 years... need a fucking house and shop that I own outright. Shit falls apart and I'm outta work I could start building... little short on cash for materials... getting 300 yards of concrete would be a bitch... already own the land.
Fuck it. Bankruptcy.
Last edited by Commie Killer (2011-07-21 22:28:48)
Well okay...
The entire world economy would "take a hit" if the US defaults.
Xbone Stormsurgezz
Does anyone know what what would happen if the US declared bankruptcy though? Being the largest economy and all...
Yeah. System is honestly a little too fucked at the moment. Decades of neglect. Hitting the reset would be painful, but honestly, I don't see another way. We can keep pushing it off but when it inevitably happens its gonna just end up being worse.Kmar wrote:
The entire world economy would "take a hit" if the US defaults.
China wouldn't be too happy. Neither would a lot of other countries. They are invested in us. Probably like domino's falling. I'm sure the RAND group or some other think-tank has done a few studies.Jaekus wrote:
Does anyone know what what would happen if the US declared bankruptcy though? Being the largest economy and all...
I'm not ATG. I have none of his doomsday theories or grand conspiracies or illusions as to how I could possibly survive. I'd be fucked up, I'm just trying to think how I could survive relatively intact.Macbeth wrote:
Well okay...
Nor do I smoke weed.
As a guess as to what would happen... world would probably get pretty violent. Probably a good number of famines. Africa would be fucked, so would South East Asia... Europe and NA would probably have a whole host of nasty social problems. South America I almost feel would do best. I honestly see it being easier now then 20 or 30 years from now when the population is larger. Less deaths. Shorter duration.
Last edited by Commie Killer (2011-07-21 22:45:46)
If people truly believed we were defaulting it would cause major instability, especially in the foreign bond market. The Dollar would seriously be devalued, and since certain commodities attached to the dollar would feel the impact, we'd have rapid inflation.
.. and this http://www.cnbc.com/id/43330180/Biggest … _s_Bullard
.. and this http://www.cnbc.com/id/43330180/Biggest … _s_Bullard
Xbone Stormsurgezz
We should address these thing before we get to the point of defaulting. Defaulting would absolutely make things worse. They should have worked on the debt many years ago, the last time we had a cushion between the current deficit and the ceiling.Commie Killer wrote:
Yeah. System is honestly a little too fucked at the moment. Decades of neglect. Hitting the reset would be painful, but honestly, I don't see another way. We can keep pushing it off but when it inevitably happens its gonna just end up being worse.Kmar wrote:
The entire world economy would "take a hit" if the US defaults.
Xbone Stormsurgezz
It's all a bit of a catch 22 in the short term though, right? Defaulting is going to fuck things up for quite a while, but it's gonna take ages to turn it around.
We won't actually default. No one will let that happen, no matter all the posturing.
Have you ever heard the saying it takes money to make money? Refuse to meet our current obligations and there's very little we'll be able to do at all.Jaekus wrote:
It's all a bit of a catch 22 in the short term though, right? Defaulting is going to fuck things up for quite a while, but it's gonna take ages to turn it around.
Xbone Stormsurgezz
Exactly. But no one is going to actually do anything long term. Sure we might cut now. But within two years at most we're gonna be back to our old habbits. Its just how we are. That's why I honestly don't see a solution besides a reset.Kmar wrote:
We should address these thing before we get to the point of defaulting. Defaulting would absolutely make things worse. They should have worked on the debt many years ago, the last time we had a cushion between the current deficit and the ceiling.Commie Killer wrote:
Yeah. System is honestly a little too fucked at the moment. Decades of neglect. Hitting the reset would be painful, but honestly, I don't see another way. We can keep pushing it off but when it inevitably happens its gonna just end up being worse.Kmar wrote:
The entire world economy would "take a hit" if the US defaults.
Oh for sure. And I don't expect there to be a default on debt any time soon, but by the sounds of things it's going to take years - possibly decades - to set right once more. It is interesting to entertain the notion for discussion's sake though.Kmar wrote:
Have you ever heard the saying it takes money to make money? Refuse to meet our current obligations and there's very little we'll be able to do at all.Jaekus wrote:
It's all a bit of a catch 22 in the short term though, right? Defaulting is going to fuck things up for quite a while, but it's gonna take ages to turn it around.