(07-23-2011 08:00 AM)Fo Shizzle Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

I don't believe that for an instant.

A short term default definitely wouldnt. If Congress goes into suicide modes and lets this last deep into September, then yes it could get that bad. The market is fluid and can adjust, but the question is how long it will be patient in such a circumstance. No one knows that answer. I would hope that they could hold it together for 3 weeks to a month but as I said, no one really knows.

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

(07-23-2011 10:49 AM)RobertN Wrote:  

(07-23-2011 08:00 AM)Fo Shizzle Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

I don't believe that for an instant.

Well, given that you live in a fantasy world, I don't think any of us expected you to believe it.

I just don't buy either "party" line. BTW..How's that working for you?

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Robert and his ilk do not care where the money comes from or who has to pay it back...He just wants his HBO.

(07-23-2011 11:17 AM)Jugnaut Wrote:  

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

So we should just put the gun to our head now you say? I disagree. I think we can get out of this financial hole. I dont think signalling economic surrender is what is best for our nation over the next 3 decades. Do we need to make changes? Of course, but killing the last bit of wealth the middle class has accumulated on purpose is definitely not the way to go.

(07-23-2011 11:17 AM)Jugnaut Wrote:  I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

Our debt is nowhere near that as a percentage of GDP. That is why the situation is not so dire, we aren't at the end game, we can make reasonable cuts now and continue to work towards paying off our debt. There is no immediate need to lop off half of the government budget.

Two things about this whole situation tick me off:
1. Both sides are still playing politics. Republicans walked away, as usual, when they don't get everything they want. Obama suggests some reasonable (but tough) cuts, and Democrats in Congress flip their lid. Neither side in Congress seems interested in making tough decisions.
2. Everyone freaking out about the federal budget issues, while ignoring the much more dire state of certain state and local governments.

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time.

How did you get to that conclusion? You've said it more than once. Where?

(07-23-2011 11:41 AM)SumOfAllFears Wrote:  

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time.

How did you get to that conclusion? You've said it more than once. Where?

I'm interested in that as well. I'm trying to figure it out, but like Contessa, I don't have a degree in economics (took a couple of classes, but no degree).

(07-23-2011 11:17 AM)Jugnaut Wrote:  

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

Well, you seem to have missed what he was saying. The third option is to cut slowly to lessen the impact on the economy. Granted, the Republicans are pushing for the "deep, quick cuts" because it suits them politically. If the economy completely tanks, then there is a decent chance that they take over power. I don't believe you are thinking for yourself here, I believe you read or heard this from some rightwing source and seems "logical" to you. Unfortunately, you are getting played by the Republican party.

I'm not one for deep cuts right away, but there should be plans to cut that deep gradually.

(07-23-2011 12:03 PM)RobertN Wrote:  

(07-23-2011 11:17 AM)Jugnaut Wrote:  

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

Well, you seem to have missed what he was saying. The third option is to cut slowly to lessen the impact on the economy. Granted, the Republicans are pushing for the "deep, quick cuts" because it suits them politically. If the economy completely tanks, then there is a decent chance that they take over power. I don't believe you are thinking for yourself here, I believe you read or heard this from some rightwing source and seems "logical" to you. Unfortunately, you are getting played by the Republican party.

Republicans are pushing for the "deep, quick cuts" because when future cuts were promised in the passed they never materialized. The GOP rightly knows that Obabba adding $4.1 billion a day to the debt is destroying the recovery.

(07-23-2011 12:03 PM)RobertN Wrote:  

(07-23-2011 11:17 AM)Jugnaut Wrote:  

(07-23-2011 11:02 AM)aTxTIGER Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Not paying our obligations is not the only issue. Cutting 40% of our federal budget in one fell swoop would throw us into an instant recession. Basically, we would be cutting 10% of GDP at one time. Now, I agree that we should cut that amount from the federal budget, but you want to do that over time so the economy and markets can adapt and respond. Doing it at once would shock the markets, raise interest rates, put massive pressure on debtors, and increase unemployment to double digits at one time.

I don't think most people have any idea how bad things are. We have to make drastic immediate cuts to spending or we'll face a much worse fate than a technical default. To put it in perspective, it would be like a family taking in $30,000 a year but spending $45,000. They already have $140,000 in debt and basically no equity or savings. Their interest payments are at minimum $4200 a year. There interest is only going to go up every year as they add $15000 a year to their debt. Unless they restructure their debt or drastically cut out all the spending that is not absolutely essential, there is no way to pay it off. That's the financial situation of the US. Oh and then add in that the family is going to take in their elderly parents and pay all their expenses too. (aka medicare and SS). You quickly see there is almost no way we can pay off our debts. So the real question is, do we restructure now and suffer the pain, or do we wait til we're so far in debt we're completely screwed.

Well, you seem to have missed what he was saying. The third option is to cut slowly to lessen the impact on the economy. Granted, the Republicans are pushing for the "deep, quick cuts" because it suits them politically. If the economy completely tanks, then there is a decent chance that they take over power. I don't believe you are thinking for yourself here, I believe you read or heard this from some rightwing source and seems "logical" to you. Unfortunately, you are getting played by the Republican party.

Republicans are pushing for the "deep, quick cuts" because when future cuts were promised in the passed they never materialized. The GOP rightly knows that Obabba adding $4.1 billion a day to the debt is destroying the recovery.

(07-23-2011 11:17 AM)Fo Shizzle Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Robert and his ilk do not care where the money comes from or who has to pay it back...He just wants his HBO.

My money comes from my hard work. I don't have HBO or "cable" for that matter. I eat beans, rice and ramen noodles with an occasional splurge into getting some chicken leg quarters(when they go on sale for 49 cents/pound). Stop pretending that you know something when you have no clue.

(07-23-2011 12:14 PM)RobertN Wrote:  

(07-23-2011 11:17 AM)Fo Shizzle Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Robert and his ilk do not care where the money comes from or who has to pay it back...He just wants his HBO.

My money comes from my hard work. I don't have HBO or "cable" for that matter. I eat beans, rice and ramen noodles with an occasional splurge into getting some chicken leg quarters(when they go on sale for 49 cents/pound). Stop pretending that you know something when you have no clue.

If your side win the deficit battle, you won't have enough money for the ramen noodles.

(07-23-2011 12:14 PM)RobertN Wrote:  My money comes from my hard work.

Congratulations, that is step one on becoming a conservative.

(07-23-2011 12:07 PM)nomad2u2001 Wrote:  I'm not one for deep cuts right away, but there should be plans to cut that deep gradually.

I could get behind that, if there was any way to guarantee those cuts occur.

(07-23-2011 12:16 PM)SumOfAllFears Wrote:  

(07-23-2011 12:14 PM)RobertN Wrote:  

(07-23-2011 11:17 AM)Fo Shizzle Wrote:  

(07-23-2011 10:57 AM)Raider_ATO Wrote:  

(07-23-2011 12:42 AM)UM2001GRAD Wrote:  Default = Great Depression v2.0

Is that easy enough for you idiot righties to understand.

Is it easy enough for YOU to understand that we bring in more than enough money to cover our credit payments?

A family would cut its spending drastically and live on ramen, rice and beans. The US is looking to get another credit card so we don't have to cut out HBO and miss the last season of Entourage.

Robert and his ilk do not care where the money comes from or who has to pay it back...He just wants his HBO.

My money comes from my hard work. I don't have HBO or "cable" for that matter. I eat beans, rice and ramen noodles with an occasional splurge into getting some chicken leg quarters(when they go on sale for 49 cents/pound). Stop pretending that you know something when you have no clue.

If your side win the deficit battle, you won't have enough money for the ramen noodles.

Well then, I would have to go to a food pantry and get foor and thank you for your donation. Probably get better food there then ramen noodles anyway. :)

(07-23-2011 12:18 PM)GrayBeard Wrote:  

(07-23-2011 12:14 PM)RobertN Wrote:  My money comes from my hard work.

Congratulations, that is step one on becoming a conservative.

It is also step one in becoming a liberal and a human being.