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Thread: Republican mainstream flirts with brief default

  1. #121
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by j-mac View Post
    Really? You are going to actually type this when you have the nerve to continully throw up American thinker in my face, when I haven't posted from them for years?

    You're toast as far as credibilty goes dude....

    J-mac
    Yeah, I am. Because it is not equal to The American NonThinker. It isn't about the disagreeing that makes your source so poor,. It is its silliness and wild eyed ideological nonsense. That you don't see that is what has always bothered me. Bias means very little to me. Silliness and inaccuracy does. Anything that goes off on liberals or conservatives are evil is not worth reading.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  2. #122
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by Boo Radley View Post
    Yeah, I am. Because it is not equal to The American NonThinker. It isn't about the disagreeing that makes your source so poor,. It is its silliness and wild eyed ideological nonsense. That you don't see that is what has always bothered me. Bias means very little to me. Silliness and inaccuracy does. Anything that goes off on liberals or conservatives are evil is not worth reading.

    BS you just got your arse handed to you, and now are dishonestly catagorizing that which disagrees with you as not equal when we both know that which you offered is opinion. It's just opinion you agree with.

    Oh BTW, you never did answer when I asked you how long it had been since I used at...like I said dude, you have nothing but talking point, propaganda pap...

    J-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by j-mac View Post
    BS you just got your arse handed to you, and now are dishonestly catagorizing that which disagrees with you as not equal when we both know that which you offered is opinion. It's just opinion you agree with.

    Oh BTW, you never did answer when I asked you how long it had been since I used at...like I said dude, you have nothing but talking point, propaganda pap...

    J-mac
    No J, I didn't. Your lack of understanding is not handing my ass to me. Take the WSJ for example. Their editorals are largely conservative, but are fine as a source. Having a POV isn't a disqualifier. Being inaccurate and stupid is.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  4. #124
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by Boo Radley View Post
    Their editorals are largely conservative, but are fine as a source.
    i know, and wik beats the cbc

    LOL!

    for purposes of comparison and overview

    sources...

  5. #125
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by Boo Radley View Post
    No J, I didn't. Your lack of understanding is not handing my ass to me. Take the WSJ for example. Their editorals are largely conservative, but are fine as a source. Having a POV isn't a disqualifier. Being inaccurate and stupid is.

    Yes Joe, you did. And I didn't say I handed it to you. Learn to read dude. As to the last part, you should start taking your own advice...night now...

    J-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Republican mainstream flirts with brief default

    senator obama, march, 2006, rationalizing his vote AGAINST raising the debt ceiling

    “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
    Obama 2006 vs. Obama January 2011 vs. Obama April 2011 on the Debt Ceiling - Political Punch

    in january of this year robert gibbs, the least effective press secretary i've ever seen, told abc's jake tapper, the reason obama voted the way he did back then is cuz he knew his "vote was not needed"

    recklessness, anyone?

    leadership?

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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by j-mac View Post
    Yes Joe, you did. And I didn't say I handed it to you. Learn to read dude. As to the last part, you should start taking your own advice...night now...

    J-mac
    Did say you said you handed it to me. Your lack of understanding makes you think it was handed. What was that about learning to read?

    And as I don't use Moveon or anything equal to the American nonThinker.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  8. #128
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by Boo Radley View Post
    Why is it going down? Aren't you making a leap in thinking it must be due to any single payer system?
    As you can very well see with our current difficulties in government spending---government officials are piss poor at thinking long term. Most R&D spending is a long term investment and would be the easiest to cut from a budget. Companies, specifically Pharmaceutical companies know the payout on research and foot it gladly knowing it will pay itself back. I truly dont think government officials are smart enough to realize the impact of short term research cuts.

    Note: I dont have any citation or anything to back this up, but if their spending is so much lower than ours, what do you think is the cause?

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    Re: Republican mainstream flirts with brief default

    today:

    A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

    "In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

    Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies -- eroding the wealth of creditors including China, Guan said.

    China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.
    China ratings house says US defaulting: report - Yahoo! News

    can it be denied what mr guan declares?

    recklessness, anyone?

  10. #130
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    Re: Republican mainstream flirts with brief default

    Quote Originally Posted by PzKfW IVe View Post
    If the issue is freezing the debt limit, then whatever the debt is, it wont get bigger. Thus, the number itself, in terms of my position, is irrelevant.
    The key is the amount paid to debt service, represnted by net interest payments on said debt, which is greater than an order of magnitude smaller than federal income.

    #1 and #3 are source data, with a citation, that prove my point, just like you wanted.
    Are you ready to agree with my position, that federal revenue is sufficient to pay for the interest on the debt?
    And that if we do not raise the debt ceiling and we default, it is because we made the choice to default?
    2010 Revenue = $2,161.7B
    2010 Debt breakdown: Discretionary Spending = $1,349.2; Mandatory Spending = $1,909.6; Interest on Debt = $196.9B
    Total Debt w/o Interest Pymt = $3258.8B
    Total Debt w/Interest = $3455.8B
    Difference (Revenue - Debt w/o Interest) = -$1,097.1B
    Difference (Revenue - Debt w/Interest) = -$1,294.1B

    If it were just a matter of making our interest payment on the debt, I'd agree with you 100% as clearly we did generate more than enough revenue to pay the interest last year. However, as you can see the problem is far more grievious than that.

    Even if we paid the interest alone for 2010, we still would have been short by -$1,097.1B. The only area we could have made significant cuts in was Discretionary spending. As things stood for 2010, the total of our Discretionary spending was more than the outstanding debt balance w/interest paid by -$55.1B ($1,349.2 - $1,294.1). Thus, the only way to have balanced the budget for 2010 would have been to totally cut Discretionary spending. Looking at the figures now, I can understand what Conservatives were screaming about. Nonetheless, it is clear that by the numbers (for 2010) we could not pay our debts in full w/interest. Furthermore, we won't be able to cut our way out of this financial mess alone. But I'll concede that IF it were just a matter of making the interest payment on the debt AND assuming we could restructure the debt as TOJ proposed (see post #116), we wouldn't have to raise the debt ceiling. But looking at the numbers and assuming that the figures would be similar to 2011 budgetary numbers, somehow I don't think it will be that simple.

    At some point we'll have to cut spending, raise taxes, and restructure our loans. It's the only way to mitigate needing to raise the debt ceiling.
    Last edited by Objective Voice; 06-10-11 at 01:53 PM.

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