Cliffs please…
What’s actually going to happen?
This guy’s head = the US economy.
We got it all figured out already. No sweat
We’re all fucked. Not because of what might happen on tuesday…because they’re all probably lying to us (saying one thing, but hiding another in the small print) and because no matter what they pass now, they’ll go back in 2 years and change it.
Cliffs? We are going off one.
no srsly.
US is going to run out of cash and actually default on an interest payment sometime next week?
That instance would result in a credit downgrade, which among other things would precipitate a purging of US assets and dollars from various reserves?
I’m sure this is only a very small part of the story but srsly, what is your collective take on it?
What do you expect the actual impact on your life will be, if any?
So the US has infinity dollars right?
Sounds about right…
Only immediate impact I see are issues in getting credit for loans at a reasonable rate; and the rate of return on investments… (But this is me looking at it from my own micro-view, and not a macro-economic view).
Macro-view… the whole world will have issues if we begin to default… The pyramid scheme does need to crumble though…
A last minute deal with huge cuts and eliminating some tax breaks will be done. Right now your mainstream republicans have to put on a show for the tea party. They need to wait until the last minute before accepting the new taxes.
fuck china
Interest rates will rise, banks will enslave us a little deeper.
If we stopped paying the Fedreral Reserve interest it would help. The fact the the first thing we are told is SS and Military pay may not be paid tells what sickening criminals we have running our country. STOP PAYING THE FED FIRST!!!
We will hit the ceiling.
I thought this was funny
Apple now has more cash than the U.S. government
They WILL raise the ceiling. The have raised it 74 times (an average of 1.5 times per year since inception).
I think this is a diversion or election stunt. Obama will save us from the certain death we would suffer if not raised. My hero! LOL
As for Moody’s lowering our rating…fuck them! They couldn’t smell a fart if their heads we’re lodged up their asses (and they are). In 2007 a few months prior to the collapse and bubble bursting they said all was great. Come the fuck on! What a fucking joke this all is. Now Moody’s is looking to be accurate & realistic with there “opinions”? That was their way out of responsibility for their share of the housing bubble losses, that it was just their opinion and that’s all they provide. ROFL!
No default will happen.
Credit ratng might still be lowered though. It’s not tied to the debt limit increase, but to our debt. Moody’s wants 4 Trillion cut… lol.
More spam email I received… 
Federal Budget 101
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let’s put the 2011 federal budget into perspective:
- U.S. income: $2,170,000,000,000
- Federal budget: $3,820,000,000,000
- New debt: $ 1,650,000,000,000
- National debt: $14,271,000,000,000
- Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Let’s remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
- Total annual income for the Jones family: $21,700
- Amount of money the Jones family spent: $38,200
- Amount of new debt added to the credit card: $16,500
- Outstanding balance on the credit card: $142,710
- Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending?
It is a start, although hardly a solution.
Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt).
You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress.
The root of the debt problem is that the voters typically do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state.
To effect budget change, we need to change the job description and give Congress new marching orders.
It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now.
In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in the denial stage, and do not want to face the possibility of going into rehab.
---------- Post added at 05:20 PM ---------- Previous post was at 05:11 PM ----------
EDIT: passed the house but…
You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress.
The root of the debt problem is that the voters typically do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state.
To effect budget change, we need to change the job description and give Congress new marching orders.
It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now.
In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in the denial stage, and do not want to face the possibility of going into rehab.
this is exactly the issue. The other thing that blows my mind is that nobody is bringing in fresh ideas for income…try this one on for size…
what if the government taxed a SINGLE PENNY on every stock trade made, HELL…maybe even a penny per SHARE of stock traded. with the number of trades going on that would bring in rediculous revenue and would finally punish the assholes who daytrade that falsly inflate and deflate the market that essentially caused its crash as well as these increased gas prices we are paying. I swear to god the day they decided it was a good idea to make it possible to trade stocks and gasoline shares on a computer in seconds is the day we fell into a deadman’s spiral.
The income is not the problem in my opinion it is the spending. The Jones family shouldn’t be saying, “I was paid $385 less than I should have been paid”. They should be saying,"$142,000 in debt is way too much, we need to stop being stupid".
My 2 cents.
changing congress will never happen.
the great thing about the system is that by not allowing any single person or entity to have total control you also have no single person or single entity with full accountability. that means people will continue to get away with whatever they want forever and only a collapse of the system will bring about any change.
As a trader/investor I dislike your idea VERY MUCH! They already tax my gains in the tax bracket my income + gains puts me in. Let’s not forget that my risk capital came from my income, income I was already taxed on once. PLUS I already pay the broker $$$ just to put on a transaction. I also alone take the risk of a trade gone sour. So I need to pay commission out the ass, be taxed twice, assume all the risk AND be penalized an even further fee instead of going after the real issues? This solves nothing and is pointless.
Stocks aren’t the issue…it’s the leveraged derivatives that allow speculation beyond what is tangible or real. Futures contracts are the prime example. Regulation isn’t the answer…but removing leverage IMO is the main solution. This extends well beyond futures! I get very annoyed at the number of people that “own” homes today. They have borrowed hoping the music never will stop. Guess what, your fucking speakers are blown and the music has stopped. Your “music” is coming out all garbled and isn’t pleasing to the ear anymore. Leverage is leverage. Of course people want to pretend they can afford a fancy car and a big house so THAT leverage is ok in their eyes. When you buy a home on leverage you are a SPECULATOR and you cause ripples in the pricing structure that you shouldn’t be allowed to. Consumer credit is moronic…I can go on if anyone wants to challenge this. 
Let’s be serious for a minute. The biggest budget issues are WAR, tax loopholes and entitlements. THOSE need to be addressed above all else. To get benefits like welfare you should have to go in front of a panel of tax payers and plead your case. It’s us that foot the bill in the end, why shouldn’t we get to decide who gets our tax dollars? In order to go to war we should be under attack and defending ourselves. And not against some BS like “weapons of mass destruction” that don’t exist or “terrorism”, a word that aims to scare us into forgoing further rights (Patriot act). Oh and also elect me because…FLAT TAX for the muthafuckin win! EVERYBODY pays their fair share. None of this going after the rich crap directly…but surely they should pay their fair share % wise, no?
Elect MC 2012
LOL