BF2S Forums Where's the motivation? [Debt Ceiling]

Kmar wrote:

Commie Killer wrote:

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.

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.

It's the very nature of a representative democracy. Politicians are really only concerned about their own term. Cutting entitlement programs means stripping certain benefits from constituents. That's a hard thing to sell when the average voter has about as much foresight as a bag of socks.

Exactly. No argument. Even if we did have a reset. I honestly doubt that people would manage to be fiscally responsibly for more than a decade or two. The body tends to forget pain, society as a whole does the exact same thing.

the teaparty fucktards want to default this bitch.  let it,  show them what their fucking fantasy looks like.

Kmar wrote:

Reciprocity wrote:

the teaparty fucktards want to default this bitch.  let it,  show them what their fucking fantasy looks like.

I'm sure they wouldn't be happy when they realize the value of their home would be cut in half virtually overnight. .. as if the housing market didn't have enough devaluing going on. Getting a loan would also be extremely hard. Like have a credit score over 800 and put at least 40% down hard. Most people don't have 80 grand to put down on a house that sells for 200k. .. that's if anybody is lending at all. If a legitimate default began the financial wheels of this country would completely stop, as panic sets in and everybody rushes to not get screwed. Generally speaking I don't think people who say"let's default" really understand what would happen.

Watch and cringe.

Macbeth wrote:

Kmar wrote:

Reciprocity wrote:

the teaparty fucktards want to default this bitch.  let it,  show them what their fucking fantasy looks like.

I'm sure they wouldn't be happy when they realize the value of their home would be cut in half virtually overnight. .. as if the housing market didn't have enough devaluing going on. Getting a loan would also be extremely hard. Like have a credit score over 800 and put at least 40% down hard. Most people don't have 80 grand to put down on a house that sells for 200k. .. that's if anybody is lending at all. If a legitimate default began the financial wheels of this country would completely stop, as panic sets in and everybody rushes to not get screwed. Generally speaking I don't think people who say"let's default" really understand what would happen.

http://www.youtube.com/watch?v=Q082UbDIxdw
Watch and cringe.

ffs. Here's the economic reality you ignorant mouthpeice. If you don't cover your current debts your grandchildren are going to fucked worse then you ever were. The big myth people like her try to sell is that "they're doing it for the children". .. and of course if you don't agree with her you hate children. She resorts to pulling on emotional strings because without real knowledge of consequence she has zero ground to stand on. The thought that she brands her idea as being responsible and "courageous" when her underlying opinion is "yes we ran up a debt, and we're not going to pay for it" is a headfuck if I've ever seen one. Yes we've got to manage the debt. But a default will only compound the problem, and will give her grandchildren no fighting chance at all.

Kmar wrote:

Macbeth wrote:

Kmar wrote:

I'm sure they wouldn't be happy when they realize the value of their home would be cut in half virtually overnight. .. as if the housing market didn't have enough devaluing going on. Getting a loan would also be extremely hard. Like have a credit score over 800 and put at least 40% down hard. Most people don't have 80 grand to put down on a house that sells for 200k. .. that's if anybody is lending at all. If a legitimate default began the financial wheels of this country would completely stop, as panic sets in and everybody rushes to not get screwed. Generally speaking I don't think people who say"let's default" really understand what would happen.

http://www.youtube.com/watch?v=Q082UbDIxdw
Watch and cringe.

ffs. Here's the economic reality you ignorant mouthpeice. If you don't cover your current debts your grandchildren are going to fucked worse then you ever were. The big myth people like her try to sell is that "they're doing it for the children". .. and of course if you don't agree with her you hate children. She resorts to pulling on emotional strings because without real knowledge of consequence she has zero ground to stand on. The thought that she brands her idea as being responsible and "courageous" when her underlying opinion is "yes we ran up a debt, and we're not going to pay for it" is a headfuck if I've ever seen one. Yes we've got to manage the debt. But a default will only compound the problem, and will give her grandchildren no fighting chance at all.

Last year, me and my mate had a joke "bet" that the US would experience some kind of major financial/social collapse in the next ten years. It was a joke, but things like this push me towards thinking it a possibility.

Spark wrote:

Kmar wrote:

Macbeth wrote:

http://www.youtube.com/watch?v=Q082UbDIxdw
Watch and cringe.

ffs. Here's the economic reality you ignorant mouthpeice. If you don't cover your current debts your grandchildren are going to fucked worse then you ever were. The big myth people like her try to sell is that "they're doing it for the children". .. and of course if you don't agree with her you hate children. She resorts to pulling on emotional strings because without real knowledge of consequence she has zero ground to stand on. The thought that she brands her idea as being responsible and "courageous" when her underlying opinion is "yes we ran up a debt, and we're not going to pay for it" is a headfuck if I've ever seen one. Yes we've got to manage the debt. But a default will only compound the problem, and will give her grandchildren no fighting chance at all.

Last year, me and my mate had a joke "bet" that the US would experience some kind of major financial/social collapse in the next ten years. It was a joke, but things like this push me towards thinking it a possibility.

Europe is also experiencing it's own debt crisis. For the most part they've mirrored our approach to stimulating the economy, and they're chickens are coming home to roost as well.

If that were the case then the debt ceiling would not need to be raised.

..failure to raise the debt ceiling would force draconian spending cuts that would wipe out all of the anticipated 2011 economic growth in just 95 days.
http://online.wsj.com/article/SB1000142 … lenews_wsj

If the debt limit isn’t increased by August 2, the government will no longer be able to spend more than it collects in revenue. That means it will have to cut spending by about 35%, probably choosing among such items as payments to contractors, soldiers’ salaries, social security and Medicare. On average, the cuts would amount to about $3.8 billion a day, according to our own estimates based on projections from the Congressional Budget Office. At that rate, over a period of only 95 days, the cuts would add up to 2.9% of gross domestic product, adjusted for inflation. That’s just enough to negate all the economic growth forecasters expect in 2011.

lol.. We can send out worthless notes sure. In other words...

"When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable," Rep. Ron Paul (R-TX) said on the House floor today.

"If we don’t understand this, this default will not be because we don't send out the checks. We will send out the checks. It will be defaulted on because people will get their money back, or they will get their Social Security checks and it won't buy anything."

The full consequences of a default, or even the serious prospect of default, by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.

Guess who said that. When the shoe is on the other foot. This is the OP's point.

But if you raise the debt limit the current administration would just keep on spending like crazy, right? Isn't that the issue which keeps the republicans from voting for it? Mounting up debt doesn't seem like a good plan to me either.

Right so reading through the thread, basically everyone knows that the debt ceiling should be raised (and it will be), but the repubs are delaying it because they're pissed off.

How many times has the debt ceiling been raised?

No good can come from a bluff, although listening to Bachmann it doesn't sound like a bluff at all.. It only serves to destabilize the market.

How many times? 70 something. Calling it a limit or ceiling is a joke to begin with.