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Thread: Struggle to reach debt deal to avoid stock plunge

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    Struggle to reach debt deal to avoid stock plunge

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    Precariously short of time, congressional leaders struggled in urgent talks Saturday to avert an unprecedented government default, desperate to show enough progress to head off a plunge in stock prices when Asian markets open ahead of the U.S. workweek.

    With the White House consigned to the periphery of negotiations, Republicans sought as much as $4 trillion in deficit cuts over a decade as a condition for raising the nation's debt limit.
    Well, I don't own any stocks, so I guess this is cool. I mean, either you lose it to a higher tax rate, or you lose it because the stock market tanked, amirite!?

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    Re: Struggle to reach debt deal to avoid stock plunge

    A good portion of the trust people had in the markets is gone anyway. It's one of our problems.

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    Re: Struggle to reach debt deal to avoid stock plunge

    With the White House consigned to the periphery of negotiations
    Hopefully this will help move things along. Obama has done nothing but slow things down since he decided to get involved.

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    Re: Struggle to reach debt deal to avoid stock plunge

    It is really to the Republicans advantage not to work a deal with the President. It is unfortunate but is the reality of the political landscape in our country today. Obama can and will raise the debt ceiling on his own (and it must be done). Republicans are afraid fo have any deal with him on their hands for better or worse.

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    Re: Struggle to reach debt deal to avoid stock plunge

    Quote Originally Posted by Taylor View Post
    Hopefully this will help move things along. Obama has done nothing but slow things down since he decided to get involved.
    Since "he" decided to get involved? Boy, how quickly people forget it was Speaker Boehner who insisted that the President "lead" in these debt limit talks. And who has walked away from talks? Congressman Cator, Sen. Kyle and Speakere Boehner. There's your failed leadership...party posturing!

    Quote Originally Posted by Fuelrod View Post
    It is really to the Republicans advantage not to work a deal with the President. It is unfortunate but is the reality of the political landscape in our country today. Obama can and will raise the debt ceiling on his own (and it must be done). Republicans are afraid fo have any deal with him on their hands for better or worse.
    How is it to the Republican's advantage not to work out a deal here? Seems to me they'd be betraying their oath to the Constitution if they allow the "full faith and credit of the United States" diminish by not coming to a compromise. The President can't raise the debt limit on his own; that's the responsibility of Congress. I totally agree with your last sentence; the Republican leadership doesn't want to look like wimps by compromising and going back on their Pledge. All I have to say to that is, "COUNTRY BEFORE PARTY!"
    Last edited by Objective Voice; 07-24-11 at 11:37 AM.

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    Re: Struggle to reach debt deal to avoid stock plunge

    Quote Originally Posted by Fuelrod View Post
    It is really to the Republicans advantage not to work a deal with the President. It is unfortunate but is the reality of the political landscape in our country today. Obama can and will raise the debt ceiling on his own (and it must be done). Republicans are afraid fo have any deal with him on their hands for better or worse.
    As OV notes, no he can't.

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    Re: Struggle to reach debt deal to avoid stock plunge

    Quote Originally Posted by BDBoop View Post
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    Well, I don't own any stocks, so I guess this is cool. I mean, either you lose it to a higher tax rate, or you lose it because the stock market tanked, amirite!?
    Hey, great buying opportunity then. Hope it drops by 20%. A 20% discount'd be cool. This is all a bunch of baloney. The US Gvmt isn't going to default for real...The Chinese are used to our political ploys...Social Security checks will not be delayed...none of our entitlement programs will be effected...we'll continue paying interest on our bonds...Congress will reach a compromise when it's politically advantageous to do so. Buncha' party clowns.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Struggle to reach debt deal to avoid stock plunge

    Quote Originally Posted by BDBoop View Post
    Read more: Struggle to reach debt deal to avoid stock plunge


    Well, I don't own any stocks, so I guess this is cool. I mean, either you lose it to a higher tax rate, or you lose it because the stock market tanked, amirite!?

    If stocks tank, less captial will be available to most employers. This is likely to mean fewer raises for employees; possible layoffs; maybe higher prices for goods and services. What hurts the economy hurts us all, not just the uber-rich.

    With that said... I'm not sure I buy into the hype of panic anymore. Bush backed the first near-trillion "stimulus" on the hype that the economy would crash within days if if weren't... in hindsight we'd have been better off to let those bad businesses fail, take the short-term hit, and come back stronger for having shed the deadwood. Then Obama pushed another trillion-ish stimulus, and the effect on the economy has been negligible. They can't even tell us where mulitiple-billions went.

    Now some cry disaster if the budget ceiling isn't raised within a few weeks. I smell hype and manufactured hysteria. My cynicism meter is running over. Maybe we NEED our credit rating downgraded... maybe we'd have more trouble borrowing a trillion-plus a year then.

    Something has to give. Politicians have gotten by with this crap too long, and so have some of the big companies that have pushed themselves to bankruptcy then expected public funds for bail outs.

    Rome is burning, and our government is playing the fiddle. Well, actually the Lyre.

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    "I used to roll the dice; see the fear in my enemies' eyes... listen as the crowd would sing, 'now the old king is dead, Long Live the King.'.."

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    Re: Struggle to reach debt deal to avoid stock plunge

    Quote Originally Posted by MaggieD View Post
    Hey, great buying opportunity then. Hope it drops by 20%. A 20% discount'd be cool. This is all a bunch of baloney. The US Gvmt isn't going to default for real...The Chinese are used to our political ploys...Social Security checks will not be delayed...none of our entitlement programs will be effected...we'll continue paying interest on our bonds...Congress will reach a compromise when it's politically advantageous to do so. Buncha' party clowns.
    Agree with everything in the post. I was just putting together my wishlist of what to buy tomorrow if there is a big drop.

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    Re: Struggle to reach debt deal to avoid stock plunge

    AGNC: In recent months this stock was somewhat stable IMO, until today's activities, the 22% drop really makes me wonder.
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    There were, by most estimates, 500 Nazis in Charlottesville. One of them went homicidal. Not all Nazis are violent extremists. You are trying to rationalize your hatred and it's simply not rational.
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