Posted on 04/15/2011 11:07:33 AM PDT by NormsRevenge
CHICAGO (AP) -- Failure by Congress to raise the U.S. debt limit "could plunge the world economy back into recession," President Barack Obama declared Friday, and he acknowledged that he must compromise on spending with Republicans who control the House to avoid such a crisis.
"I think he's absolutely right that it's not going to happen without some spending cuts," the president told The Associated Press in an interview in his hometown, agreeing with House Speaker John Boehner's assessment.
Obama urged swift action, saying he doesn't want the United States to get close to a deadline that would destabilize financial markets. He said he was confident Congress ultimately would raise the limit.
(Excerpt) Read more at finance.yahoo.com ...
I will tell you one good thing.. The Overton Window is moving. I can see it here on FR today.. but it is across the net, folks are starting to put two plus two together and say ah crap!!!. This hit me last Sunday. I have been a mess since, but I really am working on preparing for a few weeks of nuttiness now.. We are being set up and folks are catching on just as fast.
Ultimately, the battle ROYALE will be waged over the Debt Limit just as Beck predicted all those many months ago.. when it just seemed nuts to me.
If the Debt Limit is increased without significant controls and spending cuts immediately, QE3 will have to start almost immediately to keep the treasury auction from failing but the alternative results will be just as catastrophic.
Ultimately, without fiscal control, the US will default on our Debts even with the Debt Ceiling increase because foreign money will insist on debt issued in their own currency. This is the end, and chaos will occur while we deal with the financial upheaval of all of our critical imports being frozen at the ports and on the sea.. while arrangements are made to pay for these goods in something that has a value.
Glenn talked about this when he covered the Default that Iceland went through.. but understand, there are US Citizens who have been working for this day and this event their whole life and they plan to end the United States in this short period and establish something like Chinese control of us..
This would be delusional if someone had said it even 6 months ago, but frankly, Andy Stern is on record calling for just this in May. Funny that this all is on the same schedule.
Now that’s funny..and don’t worry ..the morons in charge will do just that...
World-wide recession you say? Nothing a good world war couldn’t take care of.
...cue Ride of Valkyries theme..
You did this? It is excellent.
Thanks. The Democrats continually claiming there was a SS trust fund on TV without real challenges has been a real annoyance to me so I finally found a way to express it beyond text posts,in a way that was fun.
But my first video was a much bigger hit, >31K views
A Liberal Teacher explains Union Busting
I was able to do those because the subject material sparked my creativity. More to come!
Really awesome. Well done.. you keep at it.. You have a knack and this is just exactly what folks need to hear.
Thanks again. As far as QE goes I have been doing Federal Reserve dollar devaluation related (warning) posts since late 2008 when I got that religion.
Here's a recent example:
Everybody Knows Bernanke Is a Joke (the Wizard of Oz is now exposed)
In fact comment :#1 on it has my ping list banner you might like.
After the second term of GWB, I question everything and that ruffles a few feathers from time to time.
Anything obama is for,I am against. So bring on the global recession.
If rising gas prices indicate a high probability of another recession on the horizon, that puts Obama’s statement in another light entirely. He’s scared and wants to preemptively place all the blame for election year economic misery on congress. Doubt it will work that way.
Well, I hate to admit that I am very late to this party. But, the run up in the CPI and the real impact of the QE2 had missed me until it was presented in a way I could see it.. and I have been trying to understand just what it meant for a week.. and OMG. The Fed can't sell bonds so they are buying them and giving out Dollar bills like crazy setting off a round of hyper-inflation that the US hasn't seen since the Civil War.
This is insane, but the raw fact is that if they are allowed to, they will continue until something stops them! The Debt Ceiling is the only brake on this insanity and they are asking for the brake to be released, and someone has to say no. Not just no, but HELL NO.
nobama hates you, hates your family, hates Free America, hates Americans, hates the Constitution and hates the Bill of Rights. nobama is a hate crime foisted upon America. nobama is the Destroyer.
Everything nobama (and his minions) does is intentional.
Stop the money presses and bring on the depression that should have already happened and everyone rebuilding except for bozo and the democraps screwing things up.
Last night I dreamt I was in the grocery store and, along with the other shoppers, watched prices on a digital display tick upward before we could pick the item off the shelf (and the package sizes were shrinking). People were standing there in shock, not sure what if anything they could buy. I yelled out "Thanks, Obama!"
Obviously, I am very worried about BO. That he has even 1% approval alarms and disgusts me. What will it take for people to wake up? Now he is rasing money and campaigning while our economy tanks.
Barry is God. Didn’t you get the memo?
;-)
Yeah, get out of office Barry and let someone who knows how to run a business.....Trump does.
The government needs to step back from trying to *fix* the economy. It’s not one of the government’s enumerated powers, for one thing.
For another, the economy fluctuates and will fix itself. SO we have a recession. OK.
Times are tough, people learn what means most to them, have their priorities set straight, life goes on. It’s not the end of the world that everyone is not capable of buying everything they want instantly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.