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 ...
Translation: Raise the debt ceiling or we won’t be able to prop up the markets any more.
“If my Republican friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy.
How can the Republican majority in this Congress explain to their constituents that trillions of dollars in new debt is good for our economy? How can they explain that they think it’s fair to force our children, our grandchildren, our great grandchildren to finance this debt through higher taxes. That’s what it will have to be. Why is it right to increase our nation’s dependence on foreign creditors?”
Sen. Harry Reid (D-Nevada), 2006
All of a sudden this BOZO is an economic genius.
STFU BO!
Wasn’t this retard just lecturing us on how we’re going to be cutting the deficit?
How’s raising the debt ceiling accomplish that?
That would happen because they did not raise it high enough. The only solution, of course, would be to raise it again even higher.
Barky is making lots of noise these days...
Nothing comes without risk.
US deficit up 15.7% in first half of fiscal 2011
Hairy Reid on raising the debt ceiling on 2006:
http://www.youtube.com/watch?v=ELkbDdPeL7I
“If my Republican friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy.
How can the Republican majority in this Congress explain to their constituents that trillions of dollars in new debt is good for our economy? How can they explain that they think it’s fair to force our children, our grandchildren, our great grandchildren to finance this debt through higher taxes. That’s what it will have to be. Why is it right to increase our nation’s dependence on foreign creditors?”
That and they will blame the Republicans for it anyway. LOL!
the Foreclosure Prevention Act of 2008,
When obama says spending cuts does he mean spending cuts or does he mean tax increases or does he mean something else today?
The GOP is a loser. They start the battle wanting no tax cuts. Obama wants tax hikes. What is the compromise position?? Wake up people. It is not Rocket Science. The GOP is going to raise yo taxes.
You know, bring on the “global recession.” Let’s test this new doom-n-gloom theory out because I’m not entirely convinced that more debt is going to avoid such a fate, either.
Lower the frick’n limit.
What do I care if the rest of the world goes into a recession?
Well this is YOUR DEBT and FAILED LEADERSHIP.
I think congressmen, senators, the pres and the sc should get a drug test.
CRB Index for the last 6 months.. (Future Freepers Sorry, this is a snapshot URL) this post won't make sense a month after the current date.)
This exactly matches the chart presented by Russ Winter at Minyanville.
The last 40 years have nothing to do with the current situation because folks had the good sense to go Ape Sh%$t when Nixon gave up the Gold Standard. What they are doing now.. the BASELESS STANDARD, the NOT EVEN GREEN ANYMORE.. standard.. heck.. it isn't even paper. Just electrons representing lies that our children have to make real by living in bondage.
If the Debt Ceiling is increased, the Fed will do QE3 to keep Treasury auctions from failing. Something immediate and substantial needs to be done, and Congress just punted.
Some say, "If interest rates on Treasuries skyrocket then everyone, including China and Saudi will jump back into dollars with wild abandon." But, more likely, there will be no takers for $100 Billion per month.. but the interest rates may rise anyway.. rather... it is much more likely that QE3 occurs for the same reasons as QE2 but the situation is more desperate.
The problem with that.. is that the US is deep into short term borrowing which means that the Deficit will balloon insanely the minute interest rates begin to rise..
You get into a trap, there is no interest rate high enough that overcomes the real likelihood of loss of the original principle. Equity works because it based on the analysis of the risk vs reward of appreciation or loss of the capital investment. Bond work on the assurance that the capital invested is safe, over a certain level of risk, they are considered junk because they are inherently not safe.
What foreign companies will do is use the fake dollars we have given them to purchase real US assets leaving us in an inflationary spiral and vassals in our own land. They will at some point soon, months, insist that all of our borrowing be done in their currency rather than ours and this is when our goose is cooked.
This is a story as old as Joseph, the Pharaoh and the 7 years of famine. It ended with all of Egypt in Slavery including the Israelites whom only God could save.
What is sick is that Beck warned of this 6 months ago and we just couldn't see it back then.. but now it is obvious.. and yet we are not doing anything to stop it.
There comes a point in every PONZIE scheme where the new members cannot sustain the deal and it all comes tumbling down. Social Security is the Ponzie scheme and we all know it. It has failed we are selling our very lives and putting our children into the fire of slavery and death and oppression. This has to end worse than Greece and Obama and crowd know it and are cheering with the torches in their hands. This is the Clovin-Pevin crisis they have been working for, but we don't have to go there.
First and foremost, people have been lied to and they are not ready for dealing with the reality of this. Beck and Palin see Trump's big mouth as a distraction but people are sick of lies. I am.
It starts here first. We quit lying to ourselves. I saw the charts that I posted here this weekend and they made me sick. The guy at www.endofamerica93.com has seen this for a while.. and unfortunately decided to make this a sales pitch with a 20 minute clouded presentation at the beginning.
The crisis doesn't come from "Bankruptcy" as Hannity keeps saying.. but the loss of "Reserve Currency Status" and the meetings are going on around the world to get this accomplished. I am sure they would like to do this without destroying the value of the dollars they already have.. but QE3 will destroy this value anyway.. so after June 2011, a crisis is assured soon no matter what if the DEBT CEILING IS INCREASED without substantial immediate and draconian cutting and a mechanism to absolutely end the deficit borrowing in 24 months.
Go outside, look around, do we love this country? If we do, we have only about 2 months to do something.
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