View Poll Results: Who led you to believe that August 2nd is meaningless?

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  • The Voices

    2 13.33%
  • My Pastor

    1 6.67%
  • Fox News

    2 13.33%
  • All by myself

    4 26.67%
  • The forum/news/twitter/facebook/email

    0 0%
  • Other (please specify)

    6 40.00%
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Thread: Where did you get that idea

  1. #71
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    Re: Where did you get that idea

    Quote Originally Posted by lpast View Post
    Umm 60 pt drop in the dow.....
    Happens many days. Nothing out of the ordinary happened. It started out over 100 points down and then started wiping that out. The Asian markets that were going to have such a negative reaction fell less than 3%. Again, something that happens on a normal day.

  2. #72
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    Re: Where did you get that idea

    Quote Originally Posted by Basher View Post
    why cant we just go bankrup?
    That's a good question - and it's not entirely clear if the Federal Government could go bankrupt. There are different types of bankruptcy... I guess theoretically speaking it's possible to default, restructure and negotiate the payment options. For example, it could be selling off resources to the debtors, signing treatis options which would provide more future growth to the debtors or it may be that Europe or other investors and money holders through the IMF would pay off the U.S. debt while the restructuring occurs. It's never happened before - so my guess is we would not want such a thing to happen due to the various global implications in the stock and bond markets which would basically take down much of the world economy. Most likely, the debt would remain unpaid while internally over years - cuts would need to occur or higher taxes would have to offset the imbalance of debt owed by the government.

    Needless to say, this would occur amid riots, burnings, political and social strife and general ugliness. Heads would roll and Washington and the government as we know it would probably change over a few decades while things calmed down and structure / law and order were restored.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  3. #73
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    Re: Where did you get that idea

    I couldn't really say anything on the poll since I don't believe Aug 2nd is meaningless. But from listening to talk radio and sticking my nose in a couple of places, what I see is that a combination of immense quantities of cuts and tax reform would occur, and we would receive some kind of additional tax that supposedly would do something, I'm not sure what but I think it's some kind of long term alleviation for the debt. As far as I am concerned, though, if we hit the debt ceiling I'm getting out. Not because it would necessarily be catastrophic to our economy but because it would be so bloody stupid. It's so dang easy to implement the basic economic reform to our country necessary to avoid this crisis altogether that I find it extremely disturbing that we would simply let the default moment come. Now, I personally think we're going to raise the ceiling, most likely via the McConnell plan though I certainly could be wrong about what plan we're going to wind up using. But regardless, it really just needles me we're pulling it so close. Why can't Obama and Boehner alike realize that this isn't college anymore...turning in the term paper at 11:59 pm on the night it's due may have be acceptable back then, but nowadays they have a lot more responsibility on their shoulders. I'm not saying that years ago they should have gotten the problem fixed (although I do think they should have). I'm just saying that it's been staring at us in the faiths now for months. We could so easily have initiated sweeping reform and restructuring back in February, and had a clean bill of health towards a fresh world staring at us tomorrow. The problem is the American public won't accept economic reality- that in order to pay back the Chinese the government actually needs money. The conservatives want to cut the taxes, crippling the government's income, and the liberals want to spend all the money they get from tax hikes as soon as they get it, and they're both wrong. The only way to do this is increase the governments flow of money into the system and get used to the idea that we don't get to see our hard-earned money coming out the other side...that's the result of our electing idiots for the past 2 decades, and now the headsman has arrived and we can't do sh*t to avoid payment. That's a part of life, just as much as taxes and death. What you buy, you eventually have to pay for. Class is starting, America. I hope we're sitting comfortably, because this is gonna be one hell of a lesson.

  4. #74
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    Re: Where did you get that idea

    Quote Originally Posted by BDBoop View Post
    You haven't been following the story, have you? Otherwise, you'd know that Obama offered so much, he scared his own party. They still said no. They're playing chicken all by their lonesome.
    I thought Obama said "no" he would veto any bill that did not contain increased revenue. You can't have it both ways saying its one sides fault and not the other. It comes down to no leadership and no understanding by both sides. I'll say again, why in the heck should the taxpayers give WO a greater percentage of our paychecks when they fail to spend the tax funds they do recieve wisely. Also because of all the infighting WO is giving up aprox. $250million/week in airline ticket revenue becuase they failed to renew part of the FAA.

    How about if everyone of us contact our reps and say if they don't get the debt ceiling passed in time, we will do everything we can to get them out of office. Recall comes to mind. By the way this goes for Obama also.
    "I can explain it to you but, I can't understand it for you"

  5. #75
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    Re: Where did you get that idea

    There are various tricks that the Treasury and Fed could pull to deal with the debt after we reach the limit. It would still be painful, and lawmakers would have to make a deal soon afterward or we would be in real trouble. However, we're not a week away from Armageddon.
    "Doubleplusungood"

    George Orwell

  6. #76
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    Re: Where did you get that idea

    Quote Originally Posted by mike2810 View Post
    I thought Obama said "no" he would veto any bill that did not contain increased revenue. You can't have it both ways saying its one sides fault and not the other.
    Obama can... he changes his tune so often you don't know what he stands for day to day, and no one calls him on it in the press or when they do, he gives a 20 minute discertation about something irrelevant leaving everyone knowing one thing: He didn't want to address the question.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  7. #77
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    Re: Where did you get that idea

    as per the OP; here's an interesting piece of evidence.


    I am active duty military. I just checked my MyPay account. I just got paid. Check has already been cut and should clear my bank in a coupla days.



    but wait there was no money no money none at all people on social security were going to have to eat the people on medicare in the snow it was the end of the world!!!!.




    huh. maybe they just pay the people with the guns first?
    Last edited by cpwill; 07-26-11 at 07:35 AM.

  8. #78
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    Re: Where did you get that idea

    I'e telyin' yuo, da Faux Naeus!
    "The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all" - Joan Robinson
    "The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries" - Winston Churchill

  9. #79
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    Re: Where did you get that idea

    Funny stuff.

    Washington Is Annoyed at Wall Street's Failure to Panic

    I just got off the phone with a source on Capitol Hill who has spent the past few days trying to convince Republicans to vote for a debt ceiling hike.

    He told me that the biggest obstacle he faces has been "market complacency."

    "Frankly, a bit of panic would be very helpful right now," he said.


    News Headlines

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