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So What happens next?


Smazz
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The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession.

 

 

Geithner urged Congress to raise the debt limit "in order to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens."

Republican leaders in the House have said they won't raise the debt limit unless the Obama administration first agrees to big spending cuts or to steps to lower the debt over the long run.

 

Which way is this baby going to rock?

 

 

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I'm very sympathetic to their efforts to reduce spending but the idea of default is crazy - enough Republicans will bail to pass debt ceiling raise at the first sign of real damage to the markets/economy.  You only need some.  Could be some real drama before we get there though.

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mYTH,

 

dEMOCRATS AREN'T KNOWN FOR THEIR BOLDNESS?? THEY RAMMED THROUGH HEALTH CARE LEGISLATION LAST YEAR, MAKING THE FEDERAL GOV'T RESPONSIBLE FOR 1/6TH OF THE ECONOMY, THEY RAMMED THROUGH AN $800 BILLION "STIMULUS", A $45O BILLION OMNIBUS BILL, HAVEN'T PRODUCED A BUDGET IN 2 YEARS.

 

THAT IS PRETTY BOLD, MY LOOKING-FOR-VALUE FRIEND!

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Aw politics.

 

When you control the House, Seanate, and White House its called governing not ramming through lol.

 

Most on the left feel the Dems have no ......

 

Left or right, the Country is being held hostage by a minority which makes no sense.

 

I could go on and on but this isnt the right place and Ritholtz is a much better speaker

 

http://online.wsj.com/video/ritholtz-slow-growth-the-new-normal/3FE9DDA0-153B-4DB9-8794-04C68ED76512.html

 

He also slams so-called" deficit peacocks" who strut their stuff on trimming the budget but don't really tackle the problem. I hope you are enjoying the peacock strut. It does nothing to tackle the real issue, so it gets no respect from me. I also feel its a political miscalculation and Obama should call thier bluff. A shutdown seems cool until checks stop going out, the market tanks by 15%, and all hell breaksloss.

 

Also whats UP with EVERYONE writing POSTS with ALTERNATING, or ALL CAPS. ITS CONSIDERED YELLING IN MOST CIRCLE and thought to be IMPOLITE. ADDING BOLD IS also annoying too.

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Left or right, the Country is being held hostage by a minority which makes no sense.

 

 

HOLY CRAP! You guys have a QUEBEC too??? :o

 

LOL!

 

As a Quebecer I'm not offended.

 

Some people would claim Alberta held hostage the rest of Canada for the last 10 years as well :)

 

BeerBaron

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Left or right, the Country is being held hostage by a minority which makes no sense.

 

 

HOLY CRAP! You guys have a QUEBEC too??? :o

 

LOL!

 

As a Quebecer I'm not offended.

 

Some people would claim Alberta held hostage the rest of Canada for the last 10 years as well :)

 

BeerBaron

They are that too - and get ready for the NEXT 4 YEARS!!!!!! :o

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Geithner really is growing on me. Sure he was part of the team that sank the ship, but I find him well spoken and articulate. He also speaks Mandarin. Call me crazy, but I would have kept him. He comes off extremely well on Charlie Rose. Too bad he is playing the card that the President should.

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Sorry about the alternating caps yesterday, and didn't mean to shout. My mother would be APPALLED!

 

I do like the term "deficit peacocks", that about sums up the leadership from the GOP, of which I am a member.

 

I would like to offer my solution, though. Tax-rates go back to 2000 level, to make the Democrats happy and the Republicans mad.

Spending also goes back to 2000 level, making the Dems mad and the Republicans happy. Obamacare is repealed because it is unconstitutional (I am holding out hope) & Medicare Part D is rescinded because it is not paid for. The wars will still be with us, but that is when I would reach out to the unfunniest comedian out there, Bill Maher, and use his idea of just taking Iraqi oil.

 

I would also decree Level 3 to be the backbone of choice for all electronic communications, but I am probably getting a bit out of control at this point. "Power corrupts, absolute powers corrupts absolutely."

 

Oh, one last thing, let's go SHARKS! (my Dad is rooting for the Canucks because he likes the green guys!)

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