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Obama XXIV: Forward ... pause ... rewind ... play

Re: Obama XXIV: Forward ... pause ... rewind ... play

Rover said:
Defaulting on its debts is an unnecessary disaster and a classic case of the cure being worse than the disease. The US has the means to pay off its creditors, so I'm not sure how exactly an asset selloff would work (would we give the Chinese the Statue of Liberty for example?). Next, most US debt is owned by Americans and American institutions, so when the securities they hold all of a sudden lose 50-75% of their value you're going to have mass panic. Furthermore borrowing costs would skyrocket on everything and a global depression would be sure to follow as US Treasury securities are held worldwide as the so called "risk free" investment of the world. All this to accomplish...what again?

The country's budget deficit isn't nearly as unmanagable as some would like to make it. But its going to require some work. A 1T deficit can be closed with a combination of 1) tax hikes on top earners, 2) military budget cuts, 3) domestic non military cuts, and 4) economic growth and its effect on tax receipts. For simplicity's sake allocate the 1T needed equally amongst those 4 items. Then if you want to move onto actually earning surpluses to pay down the already accumulated debt, means test the entitlement programs.
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Default, while certainly earth shaking, is a lesser evil than hyperinflation. The only means the US has for paying off it's creditor's is to borrow more money to use to pay them, which puts us further and further in debt.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

Bill said:
Yep, we're already bankrupt. Defaulting on the debt (and going through sovereign bankruptcy) is the moral and ethical thing to do, which is why I highly doubt Washington will do that. Instead they'll try to pay it down with increasingly worthless dollars and thereby bring the risk of hyperinflation.
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No, we're not. We're no more bankrupt as a country than I am as an individual. Just because I have student loans, a mortgage, and a car payment doesn't mean I'm somehow bankrupt. Likewise, just because the U.S. debt is a really, really scary number, doesn't mean we're somehow bankrupt.

Political unwillingness to do anything about the debt is a far cry from an inability to do so.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

unofan said:
No, we're not. We're no more bankrupt as a country than I am as an individual. Just because I have student loans, a mortgage, and a car payment doesn't mean I'm somehow bankrupt. Likewise, just because the U.S. debt is a really, really scary number, doesn't mean we're somehow bankrupt.

Political unwillingness to do anything about the debt is a far cry from an inability to do so.
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The USA may not be bankrupt, but it sure as hell has shown it can't pay its bills. If I were a credit agency, I would put the USA at junk status. I'm just glad that S&P finally started to tell the truth about the USA and downgraded them, even if it was just to AA+, probably in hopes that this tyrannical government wouldn't throw them in Gitmo without trial for daring to speak against the USA.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

The thing is if we let the South break off. We'd have to bail them out when they try picking a fight with Iran in a "my god is better than your god" war. :D
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

FlagDUDE08 said:
The USA may not be bankrupt, but it sure as hell has shown it can't pay its bills. If I were a credit agency, I would put the USA at junk status. I'm just glad that S&P finally started to tell the truth about the USA and downgraded them, even if it was just to AA+, probably in hopes that this tyrannical government wouldn't throw them in Gitmo without trial for daring to speak against the USA.
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Is it time yet to hoard cash and gold bars, load up on tuna fish cans and water, and keep my loaded 12 gauge by the door yet? I hope this all does not interfere with my getting all my premium cable channels from Xfinity.:eek:
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

DrDemento said:
Is it time yet to hoard cash and gold bars, load up on tuna fish cans and water, and keep my loaded 12 gauge by the door yet? I hope this all does not interfere with my getting all my premium cable channels from Xfinity.:eek:
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????

dude! you haven't done this already?!?!? (12/21/12!!! :D)
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

FlagDUDE08 said:
I'm just glad that S&P finally started to tell the truth about the USA and downgraded them, even if it was just to AA+, probably in hopes that this tyrannical government wouldn't throw them in Gitmo without trial for daring to speak against the USA.
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Good lord. The derp is strong with this one.

You do realize the only reason we lost our AAA status is because the tea party refused to accept 98% of what they wanted, right? It's not the debt that caused the downgrade, but the fact certain politicians were actively pushing us to default.

The credit markets will tell us when we're junk status, because they'll stop being willing to lend to us at record low rates. Or are you now going to tell me your revered market is wrong?
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

MountieBoyOz said:
The thing is if we let the South break off. We'd have to bail them out when they try picking a fight with Iran in a "my god is better than your god" war. :D
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I disagree. I wouldn't bail them out of that inevitable war.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

unofan said:
Good lord. The derp is strong with this one.

You do realize the only reason we lost our AAA status is because the tea party refused to accept 98% of what they wanted, right? It's not the debt that caused the downgrade, but the fact certain politicians were actively pushing us to default.

The credit markets will tell us when we're junk status, because they'll stop being willing to lend to us at record low rates. Or are you now going to tell me your revered market is wrong?
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It doesn't mean the market is wrong, it means that I'm not involved in any transactions of the sort, and I explained why. Are all libtards emotional? Use some logic, for crying out loud!
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

FlagDUDE08 said:
It doesn't mean the market is wrong, it means that I'm not involved in any transactions of the sort, and I explained why. Are all libtards emotional? Use some logic, for crying out loud!
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The ones of post here are, for the most part. They believe it's an appropriate substitute for thinking.
 
geezer said:
surprise, surprise. General Motors is on the verge of bankruptcy (but wait, you say, didn't Barry make market forces illegal by fiat and/or executive whim? How could this be? Never mind - this isn't for you) Now my question is do we bail it out again? And again? And again? etc etc. or should we allow the dust to settle this time? How far into debt are we willing to go to buy a few union bosses one more hunting cabin in Colorado?
This is a non-partisan debate. There were just as many Repubs as Dems willing to sell our soul to the union the first time around.

And others here are more expert on this than me, but I believe that when Barry runs around yelling about how GM is taking off like a rocket and headed for the moon and is in wonderful financial shape because of his bailout, even while he's sitting on a huge pile of shares that he supposedly wants to sell on the upswing, he could be locked up for a crime commonly referred to as "pump & dump". It's a sick situation when you have the nation's executive so heavily interested in which of several competitors do well. I don't mind saying, it's un-American.
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Forbes and Mitt will be great together.

http://www.forbes.com/sites/boblutz/2012/08/17/chicken-littles-second-gm-bankruptcy-the-gold-medal-for-silly-op-ed-pieces/

Just keep talking both sides of an issue and your always right!

Have to think bailouts are over.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

MountieBoyOz said:
But people up North would be glowing from all the radiation. :D
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I'm assuming the South will join Israel in a preemptive strike before Iran goes Nuclear. My guess is it happens 5 minutes after the South secedes from the United States.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

MountieBoyOz said:
The thing is if we let the South break off. We'd have to bail them out when they try picking a fight with Iran in a "my god is better than your god" war. :D
Click to expand...
They'd go South first. Mexico would be ground zero.
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

sagard said:
Forbes and Mitt will be great together.

http://www.forbes.com/sites/boblutz...ruptcy-the-gold-medal-for-silly-op-ed-pieces/

Just keep talking both sides of an issue and your always right!

Have to think bailouts are over.
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I talked to someone about this just a couple days ago who knows more about the issues than anyone posting here. He said GM is in a lot worse shape than I thought (and I guess worse shape than the original Forbes writer even knew), not only because they're now producing garbage that nobody will buy, but the faux profitability of the last year or two is completely due to write offs the company takes when they stock dealers lots. Here's the kicker that stuck in my mind: GM has now piled up 10 years - a full decade - worth of Suburbans on dealers lots across America (and counts those as sold at list price in its financial statements). It's a new record for highest inventory EVER rotting on their lots. The company has become a huge joke among people in finance/investing.
Eventually the trucks may sell, if we (the taxpayers) decide to offer more huge rebates along the lines of the "Chevy Volt Fiasco" for suckers to buy up these Suburbans. Tax dollars at work!
 
Re: Obama XXIV: Forward ... pause ... rewind ... play

ScoobyDoo said:
I'm assuming the South will join Israel in a preemptive strike before Iran goes Nuclear. My guess is it happens 5 minutes after the South secedes from the United States.
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Are Moon Pies Kosher?
 
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