DC Tom Posted July 27, 2011 Share Posted July 27, 2011 And every other federal job that can be filled. Funny...at the office Monday, we had a pre-meeting to set the agenda for the meeting to identify the steering committee for just this topic... Link to comment Share on other sites More sharing options...
Booster4324 Posted July 27, 2011 Share Posted July 27, 2011 Your counter is Time quoting Bobby McFerrin? From what I have read, it sounds likely that without a debt ceiling increase and an amended budget with substantial cuts that we may still get our credit rating cut. Is that what you are implying? Link to comment Share on other sites More sharing options...
DC Tom Posted July 27, 2011 Share Posted July 27, 2011 From what I have read, it sounds likely that without a debt ceiling increase and an amended budget with substantial cuts that we may still get our credit rating cut. Quite possible. Even likely, at this point...when your debt's backed by your "full faith and credit," and your government is acting like a day care hopped up on walnuts, what do you think the ratings agencies are thinking? Worst thing about that...Dwight Drane's silver cache will increase in value, and he'll think that makes him somehow correct about everything. I don't know if I'll be able to deal with that. Link to comment Share on other sites More sharing options...
Booster4324 Posted July 27, 2011 Share Posted July 27, 2011 Quite possible. Even likely, at this point...when your debt's backed by your "full faith and credit," and your government is acting like a day care hopped up on walnuts, what do you think the ratings agencies are thinking? Worst thing about that...Dwight Drane's silver cache will increase in value, and he'll think that makes him somehow correct about everything. I don't know if I'll be able to deal with that. Forget Anon. Have our hackers focus on this... "Debt, what debt?" Link to comment Share on other sites More sharing options...
GG Posted July 27, 2011 Share Posted July 27, 2011 what do you think the ratings agencies are thinking? Whether boston creme doughnuts are better than jelly doughnuts? Link to comment Share on other sites More sharing options...
Dante Posted July 27, 2011 Share Posted July 27, 2011 Your counter is Time quoting Bobby McFerrin? Wall Street Journal says the same thing. Some of these things you just use instinct and common sense. Both these things are screaming BS drama hype. And considering the pres's track record of being a incompetent liar it only reinforces my belief that Aug 2 will come and go without much of a disaster. Link to comment Share on other sites More sharing options...
Buftex Posted July 28, 2011 Share Posted July 28, 2011 Wall Street Journal says the same thing. Some of these things you just use instinct and common sense. Both these things are screaming BS drama hype. And considering the pres's track record of being a incompetent liar it only reinforces my belief that Aug 2 will come and go without much of a disaster. Apparently, only the Tea Party fringe, geniuses that they appear to be, agree with this. We shall see...lets hope these dopes are right. Link to comment Share on other sites More sharing options...
DC Tom Posted July 28, 2011 Share Posted July 28, 2011 Apparently, only the Tea Party fringe, geniuses that they appear to be, agree with this. We shall see...lets hope these dopes are right. Most people think "default" means "not paying the interest on the bonds". Most people also have a net worth of less than $100k, and have absolutely no clue what money starts to mean when you throw numbers like "billion" around or start floating short-term paper because your accounts receivable are net 90 while your expenses are biweekly or monthly. What's worse...most people in Congress don't even have that much knowledge - how many Congresscritters do you think manage their own personal finances rather than have an accountant and financial planner do it for them? As for "how bad can it be"...remember when Bear Stearns got wiped out in a week because the assets they were holding as collateral against loans went completely to **** overnight? That's what happens when AAA bonds get cut to a C rating. Now extrapolate that to the entire world economy. A mere rating cut, to AA, wouldn't be as bad...maybe another 1-2% interest on the national debt, plus a weakened dollar driving prices of everything up (particularly oil and food). Probably only take something like extra quarter-trillion out of the economy annually. Certainly better than the bloodletting of a default. (And before anyone decides to point out that "Tax revenue covers the interest"...don't forget that there's principal that has to be paid, too - if there's $200B of 10-year notes maturing Aug 2, where's the money to pay that. Never mind the fact that the Treasury's been playing a shell game with payables for three months now, and that only works for so long.) Link to comment Share on other sites More sharing options...
Magox Posted July 28, 2011 Share Posted July 28, 2011 Most people think "default" means "not paying the interest on the bonds". Most people also have a net worth of less than $100k, and have absolutely no clue what money starts to mean when you throw numbers like "billion" around or start floating short-term paper because your accounts receivable are net 90 while your expenses are biweekly or monthly. What's worse...most people in Congress don't even have that much knowledge - how many Congresscritters do you think manage their own personal finances rather than have an accountant and financial planner do it for them? As for "how bad can it be"...remember when Bear Stearns got wiped out in a week because the assets they were holding as collateral against loans went completely to **** overnight? That's what happens when AAA bonds get cut to a C rating. Now extrapolate that to the entire world economy. A mere rating cut, to AA, wouldn't be as bad...maybe another 1-2% interest on the national debt, plus a weakened dollar driving prices of everything up (particularly oil and food). Probably only take something like extra quarter-trillion out of the economy annually. Certainly better than the bloodletting of a default. (And before anyone decides to point out that "Tax revenue covers the interest"...don't forget that there's principal that has to be paid, too - if there's $200B of 10-year notes maturing Aug 2, where's the money to pay that. Never mind the fact that the Treasury's been playing a shell game with payables for three months now, and that only works for so long.) Oh you underestimate the will of the Fed. We won't see the U.S default on its debt obligations at any point in either of our lives. Link to comment Share on other sites More sharing options...
DC Tom Posted July 28, 2011 Share Posted July 28, 2011 Oh you underestimate the will of the Fed. We won't see the U.S default on its debt obligations at any point in either of our lives. No, I don't. I'm just saying what the repercussions would be. I've been saying all along...worst case is that Obama gives Treasury the go-ahead and issues debt above the ceiling, and let's see Congress do anything at all about it (if Obama has the stones, which I'm not sure of...Clinton definitely did, Bush II probably did. Obama? ) I'm far more worried about a rating cut...but I adjusted my portfolio to protect against that already. Link to comment Share on other sites More sharing options...
Dave_In_Norfolk Posted July 28, 2011 Author Share Posted July 28, 2011 House puts off vote http://www.latimes.com/news/politics/la-pn-house-vote-20110728,0,760019.story Should I sell off all my stocks and wait till after these people get their sheet straight?? The postponement was announced just minutes before the planned 6 p.m. vote. The House instead moved to consider a far less controversial measure -- to rename a post office in Peoria, Ill. Link to comment Share on other sites More sharing options...
DC Tom Posted July 29, 2011 Share Posted July 29, 2011 Should I sell off all my stocks and wait till after these people get their sheet straight?? That's the real crux of the issue here. It's not Democrats vs. Republicans vs. Tea Partiers. It's not the federal debt. It's not the budget deficit. It's not low taxes, or high spending. At this point, the entire issue simply comes down to the fact that we're being led by preschoolers. Link to comment Share on other sites More sharing options...
Buftex Posted July 29, 2011 Share Posted July 29, 2011 That's the real crux of the issue here. It's not Democrats vs. Republicans vs. Tea Partiers. It's not the federal debt. It's not the budget deficit. It's not low taxes, or high spending. At this point, the entire issue simply comes down to the fact that we're being led by preschoolers. The Tea Party is doing nothing to shed the image that many have of them, a bunch of rubes. Link to comment Share on other sites More sharing options...
Dave_In_Norfolk Posted July 29, 2011 Author Share Posted July 29, 2011 No vote tonight. I see Sarah Palin has threatened tea par tiers with primaries if they do not fall into line. I wonder if Boehner has picked up the phone to Pelosi to try and make a bipartisan deal. Is that really such a crazy idea? These days it just might be. Asking American citizens to work together for the obvious common good is now a crazy idea Link to comment Share on other sites More sharing options...
DaveinElma Posted July 29, 2011 Share Posted July 29, 2011 The Tea Party is doing nothing to shed the image that many have of them, a bunch of rubes. A bunch of rubes because they refuse to continue the countries path to financial ruin? Link to comment Share on other sites More sharing options...
DC Tom Posted July 29, 2011 Share Posted July 29, 2011 A bunch of rubes because they refuse to continue the countries path to financial ruin? And instead accelerate it. Link to comment Share on other sites More sharing options...
Dave_In_Norfolk Posted July 29, 2011 Author Share Posted July 29, 2011 And the red is running on Wall Street Combined with the horrible growth since January, this debt crap is killing stocks http://www.google.com/finance?ie=UTF-8&hl=en&tab=we Pro business? Wow Link to comment Share on other sites More sharing options...
GG Posted July 29, 2011 Share Posted July 29, 2011 And the red is running on Wall Street Combined with the horrible growth since January, this debt crap is killing stocks http://www.google.com/finance?ie=UTF-8&hl=en&tab=we Pro business? Wow Your supporting link is that debt talks equal a horrid economic rebound in the spring? Queue DC Tom: .... Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted July 29, 2011 Share Posted July 29, 2011 I have to wonder if what's going on now with our elected officials isn't a reflection on the country itself. Look at a majority of Americans now... they care more about American Idol or Jersey Shore than actual issues that affect the country. Most of the people who vote are so ignorant and clueless. Our government is a reflection on society in general. I bet half of our government who is even voting on these issues themselves have no idea what is going on. I bet they all hire accountants to balance their personal budgets and taxes but yet we trust them to balace the budget for the entire country. So many stupid people are more wrapped up in getting instant gratification and satisfaction and have no financial self restraint it's not a suprise so many people are in debt, bankrupt, foreclosed on etc... Their spending priorities are all messed up. It's more important to have a new ipad than to pay off another credit card bill. And idiot politicians keep promising us the world in social entitlement programs that so many voters are addicted to their assistance even though it's bankrupting the country the average voter doesn't want to hear it and politicians pander to everyone with fear mongering about kicking grandma to the curb and being forced to eat dog food instead of affording medication. seriously this country is so messed up I'm so frusterated. We have an idiot president who refuses to even attempt any type of leadership but would rather hide to deflect blame. He has no problem calling everyone else out and playing partisan politics but where is his plan? It's easy to lead from the rear and play monday morning QB. I know this is an incoherant rambling rant but i'm fed up. Link to comment Share on other sites More sharing options...
Dante Posted July 29, 2011 Share Posted July 29, 2011 The Tea Party is doing nothing to shed the image that many have of them, a bunch of rubes. You have it way wrong. We've been led by a bunch of rubes all along. So sad that you have that perception of the only group that have a shot at saving the country. Link to comment Share on other sites More sharing options...
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