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Team O's absurd default talk

 
LadyLeo
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User ID: 1464776
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07/26/2011 02:36 PM
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Team O's absurd default talk
I've lost count of how many times President Obama and Treasury Secretary Tim Geithner have said over the last three days that America might default if the debt-ceiling impasse continues. For the good of the country, let's hope the markets have forgotten as well.

It's hard to see how Obama, Geithner or White House Chief of Staff Bill Daley could have had the good of the country in mind as they made the rounds of the Sunday talk shows -- spreading dire predictions about default if the debt ceiling isn't raised in the fashion that they and their Democratic allies believe appropriate.

Out to scare the markets? President Obama's and Secretary Geithner's "warnings" risk economic disaster.
For all their apocalyptic talk, they're still demanding a budget deal filled with jobs-killing taxes, even as unemployment remains north of 9 percent.

OK, a default would be a disaster. A US failure to pay bond holders could tank the Dow and upend the bond markets, where companies borrow to finance everything from plant and equipment to employee salaries.

Credit cards might not work because banks won't have access to borrowed money to lend to consumers. Forget about getting a loan to buy a house or a car.

In other words, the economy could come to a halt.
But there's no reason for default even if there's never a debt-ceiling hike.

Even if Congress and the president remain deadlocked past the Aug. 2 deadline, when the feds are supposed to run out of money to pay all their bills, a default still leaves them with plenty of cash to pay the most important ones.


Read more: [link to www.nypost.com]
olaf
User ID: 1483000
Netherlands
07/26/2011 02:38 PM
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Re: Team O's absurd default talk
hahah i don't get that either it is like they want to have something while doing nothing for it.
Anonymous Coward
User ID: 1481486
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07/26/2011 02:38 PM
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Re: Team O's absurd default talk
(1) illegal resident (revoked citizenship with affirmative action of renewing Indonesian passport as an adult)
(2) violating war powers act
(3) purposefully destroying economy

REMOVE HIM
olaf
User ID: 1483000
Netherlands
07/26/2011 02:44 PM
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Re: Team O's absurd default talk
like that deal or no deal ... man they are the retarded people.

and no no deal.
Coward, Anonymous
FEMA Region IX.

User ID: 1483636
United States
07/26/2011 02:48 PM

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Re: Team O's absurd default talk
Financial terrorism
I'm a Libertarian Constitutionalist.

I don't give a shit what you do with your own life, whether you make it a success or a failure, that is the outcome of the choices you make, but please take responsibility for yourself and don't make ME pay for YOUR choices and we're all good.

Repeal the 17th Amendment and the Apportionment Act of 1911!

Thread: First steps down the road to a return to the Constitutional Republic that we were intended to be.

Restore the Republic.

It's a flower, not something to be feared.

cow - Moo!
olaf
User ID: 1483000
Netherlands
07/26/2011 02:48 PM
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Re: Team O's absurd default talk
that is true btw.

they have the media and they ask things and when you say no there whole creepy army island gets weird.
olaf
User ID: 1483000
Netherlands
07/26/2011 02:50 PM
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Re: Team O's absurd default talk
about the same habbit as that tv in japan with alex looking at it in a baffeled way.
olaf
User ID: 1483000
Netherlands
07/26/2011 02:57 PM
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Re: Team O's absurd default talk
with there porn channels well my name is written so i don't care.

lekke puuh.


you can all circle around again and try to push me a way into your system but it will not work.
"/
User ID: 1484522
Netherlands
07/27/2011 06:26 AM
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Re: Team O's absurd default talk
oh....no....i'm....toooo....laaate....for....my....drivers...​license ?

but....i....can....make....my.....id.....in....time.....i....​.have.....to.....hurryy ?
olaf
User ID: 1484522
Netherlands
07/27/2011 06:27 AM
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Re: Team O's absurd default talk
oooh...i...can...make...2...new...appointments...but...i...ca​lled....my...mom ?
Anonymous Coward
User ID: 1249032
United States
07/27/2011 06:31 AM
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Re: Team O's absurd default talk
they'll pull out a deal at the last moment, kicking the can further down the road. And setting us up for an even bigger crash....
Skeptic the First

User ID: 1472396
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07/27/2011 07:11 AM
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Re: Team O's absurd default talk
Obama can either:

1) "Declare" that he has a Constitutional right and duty to ignore the debt limit. Many on Wall Street are encouraging him to do exactly that.

[link to www.thefiscaltimes.com]
---
Section 4 of the 14th Amendment says, “The validity of the public debt of the United States…shall not be questioned.” This could easily justify the sort of extraordinary presidential action to avoid default that I am suggesting.
---

2) Issue United States Notes directly from the Treasury. Printed currency is not debt but money, and is immune to any debt ceiling. This makes the Federal Reserve unnecessary.

Of course, the bankers might retaliate by treating Obama as they did JFK.

Last Edited by Skeptic the First on 07/27/2011 07:12 AM
"/ naja
User ID: 1484522
Netherlands
07/27/2011 07:15 AM
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Re: Team O's absurd default talk
heyeyey i get them both next wednesday.

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