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Bank CEOs: Raise debt ceiling this week -- or else!
CNN ^ | July 28, 2011 | By Blake Ellis

Posted on 07/28/2011 9:43:21 AM PDT by Son House

CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.

In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be "grave" consequences.

"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -- and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter stated.

CEOs who signed the letter include Brian Moynihan of Bank of America (BAC, Fortune 500), Vikram Pandit of Citi (C, Fortune 500), James Dimon of JPMorgan Chase (JPM, Fortune 500) and Lloyd Blankfein of Goldman Sachs (GS, Fortune 500).

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bank; ceiling; ceo; debt
Funny this article leaves out the point they also made on the debt, is there a agenda?
1 posted on 07/28/2011 9:43:25 AM PDT by Son House
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To: Son House

what is it with all of these ...

the imf, the euro leaders, the banks, et al...

pushing us for more debt?


2 posted on 07/28/2011 9:45:35 AM PDT by ken21 (liberal + rino progressive media hate palin, bachman, cain...)
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To: Son House

Greedy bastards. Not bad enough that they send our jobs to communist countries, now they want to put us in the financial debt hole even deeper. They should be flogged. All of em.


3 posted on 07/28/2011 9:46:42 AM PDT by Soothesayer9
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To: Son House

The bankster gangsters speak.


4 posted on 07/28/2011 9:48:06 AM PDT by RckyRaCoCo (I prefer liberty with danger to peace with slavery, IXNAY THE TSA!)
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To: Son House

Every one of these crooks got TARP money to pay off their bad mortgages. Yet they get to keep the properties and keep collecting payments that are being made.


5 posted on 07/28/2011 9:48:40 AM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Son House

Consider the source....CNN.

We’re talking swizzle sticks in the knife drawer.


6 posted on 07/28/2011 9:49:11 AM PDT by Da Coyote
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To: Son House

I knew Dimon was in on this just by reading the title.

He’s a tool, worse than Immelt.


7 posted on 07/28/2011 9:50:05 AM PDT by Stalwart
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To: ken21

That’s a part of what the CNN Reporter left off, the debt issue was addressed in their letter according to what I heard on the radio


8 posted on 07/28/2011 9:50:21 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Son House

PASS HR 2402 NOW!!!


9 posted on 07/28/2011 9:51:53 AM PDT by SUSSA
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To: Son House

Default and get the depression under way!!!

Wipe out everyone living on credit!


10 posted on 07/28/2011 9:55:04 AM PDT by dalereed
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To: Son House

Enslave Your Children-Or Else.

there fixed the title.


11 posted on 07/28/2011 9:55:47 AM PDT by eyeamok
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To: Son House

Obama can’t buy Senators anymore, so he’s purchased some Bankers, Chicago style, to ratchet up the “Crisis”.....

If a banker doesn’t raise your Credit card limit, do you still keep paying the bill...or....is that a default indicator ? ? ?
(didn’t think so)


12 posted on 07/28/2011 10:00:55 AM PDT by 4Speed
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To: Son House

And you know how trust-worthy Goldman Sachs is...


13 posted on 07/28/2011 10:01:53 AM PDT by kittymyrib
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To: Son House

Goldman Sachs, JPMorgan Chase: Bought and paid for by the Obama Administration.


14 posted on 07/28/2011 10:08:01 AM PDT by Arm_Bears (I'll have what the gentleman on the floor is drinking.)
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To: Son House
CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase

They can all Foxtrot Oscar. I don't even want to hear from that bunch.

15 posted on 07/28/2011 10:21:44 AM PDT by Poison Pill
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To: ken21

Simple, if our credit is downgraded the bonds they hold become worth less, if not worthless.


16 posted on 07/28/2011 10:26:39 AM PDT by Hugin ("A man'll usually tell you his bad intentions if you listen and let yourself hear it"--- Open Range)
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To: Son House

The bankers stated: “A default on our nation’s obligations...”

Whenever you see that, correct it to, a default on our nation’s DEBT. The word “obligations” is too broad to apply the term “default” to, because obligations include all appropriations. Someone will not be paid if the debt ceiling isn’t raised on time, but it won’t be a “default” because Geitner will pay the interest on the debt and roll over maturing issues as needed.

Nice slight of hand though. Anyone using the phrase is either a Democrat, or pushing for the Democrat’s solution.


17 posted on 07/28/2011 10:36:18 AM PDT by Norseman (Term Limits: 8 years is enough!)
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To: Son House

Well, they spelled out what they don’t support:

“A default on our nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence”

The first comes from no agreement and the second from raising the debt limit.

So they’re telling Washington to cut spending.

Good!


18 posted on 07/28/2011 10:36:59 AM PDT by Justa
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To: Son House

19 posted on 07/28/2011 10:37:15 AM PDT by Lancey Howard
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To: Arm_Bears

Where’s Andrew Jackson when you need him?


20 posted on 07/28/2011 10:38:25 AM PDT by dfwgator
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To: Son House

Bankers are dumber than Congress and our government.


21 posted on 07/28/2011 10:38:35 AM PDT by mulligan
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To: dfwgator
Where’s Andrew Jackson when you need him?

Indeed.

22 posted on 07/28/2011 10:40:05 AM PDT by EternalVigilance (For decades they've kicked the can down the road. Sorry, but there's no more road.)
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To: Son House

....would be a tremendous blow to business and investor confidence...

###

So what?

There is NO WAY out of this Communitst hole without first passing through this phase.

Might as well get it over with.


23 posted on 07/28/2011 10:46:44 AM PDT by EyeGuy (2012: When the Levee Breaks)
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To: Son House
... All you need to know about who really runs America.
24 posted on 07/28/2011 10:51:15 AM PDT by glennaro
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To: ken21
What's up is that money is created out of debt, and repaid with sweat. The banks want the law to grant them the power to create more debt.

Congress has the power to create money out of thin air, too, without any contact with the banks. If Congress thinks there is too little money to go around, it can make more.

25 posted on 07/28/2011 10:52:11 AM PDT by Cboldt
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To: Soothesayer9

Hey, greed is good. The bankers have managed to rig the system and benefit accordingly. Good for them (crappy for the rest of us). I definitely should have gone into banking, that’s for sure.


26 posted on 07/28/2011 10:59:13 AM PDT by Wolfie
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To: Son House

It’s suprising just how many people OWN mac, the crybaby lair, daddies soul.


27 posted on 07/28/2011 11:12:48 AM PDT by chiefqc
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To: Son House

As Steve Forbes pointed out, our debt payments are only 6% of our spending. Since we overspend by 40%, or roughly half, this means that 6% is only 10% of the money the feds take in.

So, why all the noise and threats about a downgraded credit rating since we obviously can meet our debt payments? This is all purely political as a means to get more of our money.


28 posted on 07/28/2011 11:59:38 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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