"Ostrich" Congress puts head in the sand and votes for debt increase

[Riot]

Originally Posted by Danzig

i'm sure you saw this in the market slides thread:

If the plan is fully enacted, the deficits would shrink by less than $3 trillion over the next 10 years. That's less than the $4 trillion that bond rater Standard and Poor's said was needed to renew the government's AAA bond rating. It also fell short of what some investors were looking for.


the deficit is a problem, one of several.

Having jobs and a growing economy automatically shrinks the deficit by increasing tax income.

The market, for the past month, has been much more concerned about lack of growth, than what particular amount the deficit will be cut by. That's what all the op eds in the financial publications have discussed - that the false fight over the debt ceiling is just bullshiat politicing.

That (a particular amount) tied to our credit rating was only mentioned after the final deal was discussed (during the past week).

And Wall Street has been talking to the GOP, the Dems and the President all along. Wall Street instructed Boehner that the debt ceiling would be raised, and knew we would not default.

And I would like to remind you that Boehner and Obama agreed to a very good deal of $4 trillion in cuts, with increased tax revenue via closing loopholes - and the Tea Party nixed it, and the GOP who signed Grover's pledge backed off (even though Grover gave them an out, then reniged the next day) Boehner couldn't get that passed, even with the Democrats joining him. They had to drop it. So Wall Street now is snarking at the GOP, janking their leash.

Wall Street doesn't care where the market goes, up or down. They just want to be in the appropriate position to make money. They make money out of the destruction of a civilization, just like they make money in the growth and buildup. Remember they are not making money on the selling of any goods, or any manufacturing - they are making money on gambling and speculating.

So they don't give a shiat which way it goes, as long as somewhere in the world there's a place for them to store their profit, and there's a way to increase it.

[Cannon Shell]

http://online.wsj.com/article/SB1000...Tabs%3Darticle

[Riot]

Originally Posted by Cannon Shell

http://online.wsj.com/article/SB1000...%3Darticle

Ah, but the fans of Maynard have not fired everything they have. Premise is wrong. We need a massive stimulus, right now. Everyone knows the first one was half-assed and too little.

I'll counter the WSJ op ed with another op ed, here:

http://www.nytimes.com/2011/08/01/op...t-ceiling.html

And this, "Why the market gods are angry" http://www.huffingtonpost.com/dylan-..._b_918934.html

[Riot]

You know, we already did this. It was called the Great Depression. After a couple years when the economy started to look like it was improving, FDR tried to cut spending in response to deficit hawks in 1937, and the economy tanked, and we were screwed for 10 years in Depression.

We literally are repeating the same mistakes. The exact same mistakes. Unbelievable.

http://thehill.com/blogs/floor-actio...eral-workforce

Hatch, Coburn seek $600 billion in savings by cutting federal workforce
By Pete Kasperowicz - 08/03/11 12:37 PM ET

GOP Sens. Orrin Hatch (Utah) and Tom Coburn (Okla.) on Tuesday introduced legislation that aims to save $600 billion over 10 years by freezing federal salaries and bonuses, cutting employees and contractors by 15 percent and cutting the federal travel budget by 75 percent.

[dellinger63]

Originally Posted by Riot

You know, we already did this. It was called the Great Depression. After a couple years when the economy started to look like it was improving, FDR tried to cut spending in response to deficit hawks in 1937, and the economy tanked, and we were screwed for 10 years in Depression.

We literally are repeating the same mistakes. The exact same mistakes. Unbelievable.

http://thehill.com/blogs/floor-actio...eral-workforce

All we need then is WW III to bail us out.

You earned your Eagle Scout Moron Badge with this one.

[Riot]

Originally Posted by dellinger63

You earned your Eagle Scout Moron Badge with this one.

LOL - naw. I'm not the one that thinks SS needs to be eliminated, and our retirement privatized and put into the stock market. Brilliant fiscal policy you have there

[dellinger63]

Originally Posted by Riot

LOL - naw. I'm not the one that thinks SS needs to be eliminated, and our retirement privatized and put into the stock market. Brilliant fiscal policy you have there

yea just keep paying in and the Fed keeps paying it out. SS does not need to be eliminated so much as protected. When a fund is supposed to have $3.6 trillion and there in actuality is NOTHING but IOU credits, there is a huge problem. Not to mention putting the entire country's retirement eggs in one basket.

BTW there are a variety of investments that DO NOT involve the stock market and in fact a responsible portfolio changes as one ages from primarily stocks to primarily bonds. But again you know that and are just playing dumb to fit in Obama's wacky world. Right? Or are you that ignorant for real?