Interesting...like how the threats of increased interest rates and it's affects gets driven home. Truth is the US should have taken it's lumps well before now - actually back after dot com bubble - instead keep pushing one mess into the next...'kicking the can down the road'...now resulting in an implosion within it's own leaders. Sad to see this unfold - glad I hold PM's...
He says raising the debt ceiling is not getting into more debt ......? He did not mention that it is all about him wanting to raise the debt ceiling to cover 18 months so that this problem does not reappear just before the next election, and that is the real reason he will not accept the offer of 6 months! He did not mention all the money he wasted on bailouts and stimulus............ This is really tottering on the edge of destruction for the US dollar (default)
I only agree with one thing he said in the whole thing. If certain companies in the US are getting to pay "less" tax that others are having to pay then that needs to stop. However you don't tax your way to prosperity and the top earners are already paying the lions share of tax anyway. But as far as companies go that should be an even playing field.
so lets get it straight - the danger of default is because the USA cant come up with the funny money that is printed by a private corporation controlled by a select group of people that gives the money which has no intrinsic value to the banks to lend to the people? and the "problem" is that the USA wont be able to pay up for the goods and services it owes? and there is the loss of confidence of the lenders to the USA to repay its debts with inherently worthless bits of paper ..... am i missing something here ..... because it sounds like a really dodgy scam ...
Now that Ron Paul has forced an audit of the Fed all of this argument about default should really stop. The GAO audit revealed that the Fed created over $16 Trillion dollars and loaned the money out to American and Foreign banksters. Does anyone really believe that we cannot print another Trillion or two?
This whole debate now revolves around next years presidential election. Apparently an agreement to raise the debt ceiling has already been agreed upon but Obama will not sign it because it only covers 6 months. He does not want his campaign interrupted by another debate about the debt ceiling before the election. So will Obama agree to this or not? I can't see the Republicans backing down as it is in their interests to have another debt ceiling debate in 6 months to make Obama look incompetent before the election. I can't see Obama backing down either! :/
I suspect that if an agreement is not reached then Obama will unilaterally allow the increase and rely on the 14th Amendment in doing so, and thereby force the recalcitrant republicans who are holding out (more in my opinion as part of the internecine warfare raging within the GOP) to agree
The republicans don't have to agree under any circumstances. They can simply block any legislation that is has more spending than they approve of.
I must say, he is remarkably convincing. Almost like weaving a spell, his absurdities roll into the consciousness like sugar coated delicacies. What was that he said about mankind's most challenging issues? What inspirations for the future? Unlimited debt to balance the books. :lol:
I read a lot of the feedback on the internet after his speech and most was negative - many stating that his speech was full of lies, phony, a campaign speech which was inappropriate, denial that the debt rose because of his own bad decisions etc etc. He has not fooled the economists or most people using the internet. The mass public just listening to the speech may have been taken in though! One comment is that he used fear and threats especially aimed at the poor, another comment that he should not be even mentioning default as people lose confidence in the dollar. I must admit, I celebrated his appointment as president but have been very disappointed the way he reneged on just about all his promises and then bailed out all the wealthy crooks! I can't see him being elected again- he could take down the USA on his way out!
GOP plan has to be reworked. Not cutting as much as was suggested. http://news.smh.com.au/breaking-new...als-question-boehner-plan-20110727-1hzl6.html http://www.marketwatch.com/story/boehner-to-rewrite-bill-after-cbo-verdict-on-plan-2011-07-26
Obama is on the side with Congressional Democrats in opposition to Congressional Republicans. They are discussing the debt ceiling increase. The debt that the government is allowed to acquire before it must stop is the debt ceiling. It is extremely essential.U.S. credit rating may be downgraded even if debt ceiling not increased.Financial experts believe that the nation's credit score may be downgraded even if the debt ceiling is increased by next week's deadline. Many disagree, however, that the downgrade would be disastrous.
