Which means defaulting on debt come Aug 3rd and being dropped to AA credit rating.
Need an immigration sponsor?
U.S. debt impasse could be 'catastrophic'
- Thread starter Machjo
- Start date
Need an immigration sponsor?
This will all be over shortly, we won't stay at AA for longer than a week or two. (I hope) Let you know about needing a immigration sponsor. :lol:
I hope they do something too. Youth unemployment is hitting 40% down there. It doesn't take much to get the young pissed off and violent.
Too late for the flag and i will explain why in a moment. The problem is that America has already
been dismantled and it started with Reagan and ended with W. For those who think I am giving
the Democrats a skate think again. Clinton should be remembered on the front row for his part in
this mess.
It didn't stop there, in addition to governments thinking they could fight endless wars and allow the
industrialists to dismantle the economic foundation of the nation it continued when people decided
to shop at Walmart to buy all those cheap goods, at the expense of American jobs. It was spend
thrifts and greed that created this situation.
Infrastructure was ignored or improvements postponed so taxes could be kept artificially low for
political purposes.
Everyone had to have everything all at once right now so they maxed their credit cards to pay for it.
Investment companies put everyone's savings and pensions at risk handing out mortgages to people
who couldn't afford them. Why did they do this? For commissions and bonuses in other words for
bad *ss greed. Anyone who suggested there were problems with this were criticized for being old
fashioned or obstructionist.
Now that the spending party is over, and the party goers have sobered up, there is more than 14
trillion dollars of debt. The only thing that can save America is if Christ returns, all other chances
are suspect to say the least. Why do you think Harper wanted an election? We are in as much
trouble as America. If Europe is on the edge, and Asia is getting worried, do you really think we can
continue to put our luxury purchases on the credit card and party on because our banking system is
better?
We need to raise taxes for the rich, first thing. Second every item in the budget has to be examined.
Credit restrictions must be tightened. We must also spread the pain around so that al get to feel the
seriousness of the situation. This problem is more than catastrophic we are on the brink of another
depression that will last a hell of a lot longer than a decade. If the foreign markets suddenly slide
over the hint of the problem, it could take the planet over the edge.
Most say it will never happen but don't count on it.
been dismantled and it started with Reagan and ended with W. For those who think I am giving
the Democrats a skate think again. Clinton should be remembered on the front row for his part in
this mess.
It didn't stop there, in addition to governments thinking they could fight endless wars and allow the
industrialists to dismantle the economic foundation of the nation it continued when people decided
to shop at Walmart to buy all those cheap goods, at the expense of American jobs. It was spend
thrifts and greed that created this situation.
Infrastructure was ignored or improvements postponed so taxes could be kept artificially low for
political purposes.
Everyone had to have everything all at once right now so they maxed their credit cards to pay for it.
Investment companies put everyone's savings and pensions at risk handing out mortgages to people
who couldn't afford them. Why did they do this? For commissions and bonuses in other words for
bad *ss greed. Anyone who suggested there were problems with this were criticized for being old
fashioned or obstructionist.
Now that the spending party is over, and the party goers have sobered up, there is more than 14
trillion dollars of debt. The only thing that can save America is if Christ returns, all other chances
are suspect to say the least. Why do you think Harper wanted an election? We are in as much
trouble as America. If Europe is on the edge, and Asia is getting worried, do you really think we can
continue to put our luxury purchases on the credit card and party on because our banking system is
better?
We need to raise taxes for the rich, first thing. Second every item in the budget has to be examined.
Credit restrictions must be tightened. We must also spread the pain around so that al get to feel the
seriousness of the situation. This problem is more than catastrophic we are on the brink of another
depression that will last a hell of a lot longer than a decade. If the foreign markets suddenly slide
over the hint of the problem, it could take the planet over the edge.
Most say it will never happen but don't count on it.
That will not work, for one there is simply not enough rich people and besides how do you decide who is rich? Is it the brain surgeon who earns $300,000 a year after being broke for ten years and spending $1/2 million to get the education? Is it the person who worked hard, spent wisely and saved 10% of his wages for his old age? Abraham Lincoln said that you can not benefit the poor by taxing the rich. Why do we have to learn that lesson again?
JLM you know as well as I do there is a tax bracket for that and its that simple. No its not going to
be enough you are right but the country is sliding into a whole new vision of things. As the economic
situation tightens the middle class will demand it. Doesn't have to make sense even its politics.
The world is also changing rapidly we are becoming more protectionist. Don't think so? Despite all
the talk and negotiation, the latest round of WTO talks, ten years worth, went up in smoke and there
is no deal. That was the last chance for a breakthrough in the next decade. If there is no deal a lot
of countries will begin to protect their own during tough times.
Now the polarization is going to set in in Washington and if they default, we could be on the brink
of international collapse that will spiral out of control I think there is some chance of a deal but it
may be too little too late. People don't want anymore debt, but they don't want cuts to medicare,
or pensions and believe me the old folks vote.
JLM I agree with you that simply raising taxes on the rich is not going to work but its a feel good
measure, that cuts across the spectrum of economic station of people. The trouble is there has to
be a compromise on the two plans presently being put forward.
be enough you are right but the country is sliding into a whole new vision of things. As the economic
situation tightens the middle class will demand it. Doesn't have to make sense even its politics.
The world is also changing rapidly we are becoming more protectionist. Don't think so? Despite all
the talk and negotiation, the latest round of WTO talks, ten years worth, went up in smoke and there
is no deal. That was the last chance for a breakthrough in the next decade. If there is no deal a lot
of countries will begin to protect their own during tough times.
Now the polarization is going to set in in Washington and if they default, we could be on the brink
of international collapse that will spiral out of control I think there is some chance of a deal but it
may be too little too late. People don't want anymore debt, but they don't want cuts to medicare,
or pensions and believe me the old folks vote.
JLM I agree with you that simply raising taxes on the rich is not going to work but its a feel good
measure, that cuts across the spectrum of economic station of people. The trouble is there has to
be a compromise on the two plans presently being put forward.
Why would you raise taxes for the rich? Are they using more government services than the poor? Or do you just want them and their money to move out of the country?
JLM I agree with you that simply raising taxes on the rich is not going to work but its a feel good
measure, that cuts across the spectrum of economic station of people. The trouble is there has to
be a compromise on the two plans presently being put forward.
I'm going to go out on a limb here and suggest that the ones you are proposing to tax extra won't feel any too good about it.
Yep, many of the rich spend their money, it could be for taxes or better yet creating jobs and hiring people plus the fact is many of them contribute to charities and I'll bet they would willing donate to ones of their own choosing than just dumping more money in the swill trough (so M.P.s can eat $25 breakfasts).
Lets first define what or who you think is rich. Is it a individual earning over $250.000, is it a family of 4 earning over $250.000 or is it a small business earning over $250.000, maybe some think all three. Right now Obama would like to tax all three categories. If he does that the small business may not do that expansion and hire those employees they were planning to. They just might go out of business. I agree, there are some rich who have so much money they don't know what to do with it. Ever wonder how much Bill Gates and Warren Buffet give away every year? (Bill Gates 75% of his income every year). (Warren Buffett gave away $37 billion in 2006) What would like to see their taxes be?
Actually "rich" doesn't have a hell of a lot to do with amount of income, but rather with spending habits and being innovative etc. such as "getting the best bang for the buck".
First of all, all these 'castastrophic' consequences of the debt are purely imaginary. The U.S. could rid itself of almost all of its debt by monetarizing it. In a controlled manner this would not flood the market with currency and need not be inflationary.
After that it need follow some basic rules... NEVER borrow from foreign sources, reinstitute a progressive tax system, especially on high incomes and on speculative capital gains. Of course that means it will have to quit shipping all its currency to China by way of Free Trade, and a massive imbalance in trade settlements.. which is the reason it has to buy up all these dollars with U.S. Bonds. It's a pyramid scheme that will inevitably collapse.
All this turmoil of debt fails to realize that its root cause comes from a collapse on U.S. manufacturing.. and that is something to worry about.
After that it need follow some basic rules... NEVER borrow from foreign sources, reinstitute a progressive tax system, especially on high incomes and on speculative capital gains. Of course that means it will have to quit shipping all its currency to China by way of Free Trade, and a massive imbalance in trade settlements.. which is the reason it has to buy up all these dollars with U.S. Bonds. It's a pyramid scheme that will inevitably collapse.
All this turmoil of debt fails to realize that its root cause comes from a collapse on U.S. manufacturing.. and that is something to worry about.
Breaking News Alert
The New York Times
Wednesday, July 27, 2011 -- 4:08 PM EDT
-----
S.&P. 500-Stock Index Closes Down 2 Percent
Stocks fell sharply on Wall Street as the impasse over lifting the nation’s debt limit wore on in Washington. In addition, economic statistics were disappointing and some companies delivered corporate earnings fell short of expectations.
The broad stock market, as measured by the Standard & Poor’s 500-stock index, was down more than 2 percent, while the Dow Jones industrial average of 30 stocks lost nearly 200 points, or about 1.6 percent.
During the trading session, the technology-heavy Nasdaq index fell as low as 3 percent but closed down 2.65 percent
*************meanwhile the jokers in washington continue to argue about who owns what part of the sandbox. Might be time to get rid of all of them..........and bring in REAL ADULTS to deal with these critcal issues. (if only one could find some that would qualif as "adults".
The New York Times
Wednesday, July 27, 2011 -- 4:08 PM EDT
-----
S.&P. 500-Stock Index Closes Down 2 Percent
Stocks fell sharply on Wall Street as the impasse over lifting the nation’s debt limit wore on in Washington. In addition, economic statistics were disappointing and some companies delivered corporate earnings fell short of expectations.
The broad stock market, as measured by the Standard & Poor’s 500-stock index, was down more than 2 percent, while the Dow Jones industrial average of 30 stocks lost nearly 200 points, or about 1.6 percent.
During the trading session, the technology-heavy Nasdaq index fell as low as 3 percent but closed down 2.65 percent
*************meanwhile the jokers in washington continue to argue about who owns what part of the sandbox. Might be time to get rid of all of them..........and bring in REAL ADULTS to deal with these critcal issues. (if only one could find some that would qualif as "adults".
First of all let us determine who happens to be the Rich. The mess America's in requires
that anyone with spare change is going to be Rich. They are going to have to cut budget
spending and raise taxes like it or not. The American people dug themselves into this hole
and now they have to dig themselves out.
The problem is they had to low a tax base for too long going back to Reagan. Those low
taxes meant the infrastructure didn't get maintained and neither did the cities service base.
At every level they got a so called free ride or tax holiday so now they are faced with paying
1980's problems in 2011 dollars. Ye Obama should have hit the books harder but the people
still believe they are exempt from the problems of the world. Working people will pay more,
seniors will have to get by with less, and big companies and those miserly little basta***
working for the brokerage houses will have to pay their fair share and be regulated so they
will do the right thing.
America is where Russia was twenty years ago, living in a bubble beyond their ability to pay.
Japan has gone the same route and they have been in recession for two decades. The
people have been told there is no free lunch but they have been enjoying one for as someone
said for nearly 60 years and that free lunch is now going to cost a lot more than anyone can
afford. One group is going to pay for believing the myth and the other group is going to pay
for perpetuating the myth but the fact that the myth is a myth is going to be understood
the hard way. There is a lot more pain to come its just getting started and we are soon going
to be paying too, Anyone care to admit they have some spare change? No not me lol
that anyone with spare change is going to be Rich. They are going to have to cut budget
spending and raise taxes like it or not. The American people dug themselves into this hole
and now they have to dig themselves out.
The problem is they had to low a tax base for too long going back to Reagan. Those low
taxes meant the infrastructure didn't get maintained and neither did the cities service base.
At every level they got a so called free ride or tax holiday so now they are faced with paying
1980's problems in 2011 dollars. Ye Obama should have hit the books harder but the people
still believe they are exempt from the problems of the world. Working people will pay more,
seniors will have to get by with less, and big companies and those miserly little basta***
working for the brokerage houses will have to pay their fair share and be regulated so they
will do the right thing.
America is where Russia was twenty years ago, living in a bubble beyond their ability to pay.
Japan has gone the same route and they have been in recession for two decades. The
people have been told there is no free lunch but they have been enjoying one for as someone
said for nearly 60 years and that free lunch is now going to cost a lot more than anyone can
afford. One group is going to pay for believing the myth and the other group is going to pay
for perpetuating the myth but the fact that the myth is a myth is going to be understood
the hard way. There is a lot more pain to come its just getting started and we are soon going
to be paying too, Anyone care to admit they have some spare change? No not me lol
Johnny Cashless Sings, “Obama’s Prison Blues”
Video: Johnny Cashless Sings, “Obama’s Prison Blues” | Impeach Obama Campaign
The only thing you misinterpreted was that the American people were not on a free ride for 60 years, they paid every cent for what they were promised. It was the people we elected who emptied the bank so to speak for other programs, ventures etc. the money was never supposed to support. The American people were robbed and no one who could do anything tried to stop it. Canada as you mentioned, is also living at the level we are, so we are all on the asme boat, just hope this doesn't get to bad. I still say all should be well in a week or two.
Video: Johnny Cashless Sings, “Obama’s Prison Blues” | Impeach Obama Campaign
The only thing you misinterpreted was that the American people were not on a free ride for 60 years, they paid every cent for what they were promised. It was the people we elected who emptied the bank so to speak for other programs, ventures etc. the money was never supposed to support. The American people were robbed and no one who could do anything tried to stop it. Canada as you mentioned, is also living at the level we are, so we are all on the asme boat, just hope this doesn't get to bad. I still say all should be well in a week or two.
We didn't pay anywhere near what the value of service we received. A long time ago someone said
If it is too good to be true it probably is and in this case it is exactly what happened. To many people
got away without paying their share. Just because the provide some jobs and create wealth, which
is only natural that that will happen does not mean they should not share the cost of services.
That is an old argument that really means there is no free lunch for you, but for me, that is another
matter.
I use the family example, dad goes off to work all day and mom stays home and looks after the home
front. That does not mean that when dad comes home, he should expect to sit on his fanny while
others do the dishes after supper. Or he should sit there while mother goes out and mows the lawn.
He still should be expected to do his part around the house. Same goes if both work outside the home
or moms works outside and dad stays home. Everyone has a stake in how the country is run.
I am one of those who believes that even though on assistance should pay five or ten dollars in taxes
to contribute to society.
If it is too good to be true it probably is and in this case it is exactly what happened. To many people
got away without paying their share. Just because the provide some jobs and create wealth, which
is only natural that that will happen does not mean they should not share the cost of services.
That is an old argument that really means there is no free lunch for you, but for me, that is another
matter.
I use the family example, dad goes off to work all day and mom stays home and looks after the home
front. That does not mean that when dad comes home, he should expect to sit on his fanny while
others do the dishes after supper. Or he should sit there while mother goes out and mows the lawn.
He still should be expected to do his part around the house. Same goes if both work outside the home
or moms works outside and dad stays home. Everyone has a stake in how the country is run.
I am one of those who believes that even though on assistance should pay five or ten dollars in taxes
to contribute to society.