Congress has lost its mind... - Page 35

classicman · 07-18-2011, 10:00 PM

The real deal on the debt debate

Quote:

The debt ceiling debate rages on, with President Barack Obama daring the GOP to call his bluff
and Sen. Mitch McConnell declaring a deal impossible with this White House.
These days, it’s hard for most Americans to sort through the red-hot mess that is Washington.

In a gerrymandered America, extremism sells at the polls and in the world of political talk.
Fact blurs with fiction and simple math becomes fuzzy.

Here are 10 truths about the debt crisis you won’t hear over the next month
from the halls of Congress or the West Wing.

Read more:

This is a great read.

skysidhe · 07-19-2011, 09:38 AM

I watched some news programs last Sunday trying to understand the debt ceiling. As usual,much finger pointing to the other side.

From what I understand, if the debt ceiling isn't increased there will be no money to pay debts. If it is increased the government can borrow money to pay it's debts. What I do not understand is where this borrowed money would come from? From or who would the government borrow money or do they just make more? Steal more? ah-hem...I mean take from peter to pay Paul. I thought peter was broke too.

glatt · 07-19-2011, 09:46 AM

This is who they have borrowed from in the past. If you have a mutual fund, they may have borrowed some money from you, depending on the kind of fund you might have.

skysidhe · 07-19-2011, 09:52 AM

Thanks glatt.

SOoo. Off topic but relates to your comment. I am wondering, in light of the economics of the moment, if company profit sharing at a 3/1 match shouldn't be considered at this time.

OR Maybe if there was a loss, I wouldn't be losing my own contributions.

skysidhe · 07-19-2011, 10:02 AM

On Topic.

Just looking at the table, I see borrowing from the federal reserve has gone down by 5% from 2007-2008 and foreign borrowing has increased 3% in the same time frame.

I could be wrong, but I am thinking this is the case because there wasn't any money in the federal reserve outside of making money and raising the taxes on SS and raising the retirement age. Doesn't the government borrow (spend ) 40% of whatever is generated already. I understand the need not to default on debts but I think the government needs to also make some cuts in spending as well.

glatt · 07-19-2011, 10:05 AM

If you can swing it, it's usually a good idea to tighten a belt and save, especially if the company is going to match some of it.

I've been wishing I could have a crystal ball. Lots of uncertainty right now. I'm actually not sure that Washington is going to get this thing fixed. I mean, they are fucking politicians, but they aren't insane, are they? If they default, I'm afraid it's gonna be real bad. Crystal ball, tell me, is it time to cash everything in for gold and start stocking up on guns and ammo?

skysidhe · 07-19-2011, 10:16 AM

If I could, buy gold, I would.

I think I can swing contributions. I do need to get my state exemptions up from zero. That was an oversight. I can put half of what I would save by increasing my exemptions, pay into profit sharing and come out with the same net check.

That said..

If they let it default then they are insane. If they are playing scare tactics to get the constituents riled up, to see who can push their own agenda further, then they are morally flawed. Why do they talk out of both sides of their faces.

They make a media circus out of something so crucially important.

Spexxvet · 07-19-2011, 12:02 PM

Quote:

Originally Posted by skysidhe

If I could, buy gold, I would.

I wouldn't. I saw yesterday that gold is selling for $1600 per ounce, an all time high. Should have bought it a couple of years ago.

piercehawkeye45 · 07-19-2011, 12:04 PM

Quote:

Originally Posted by glatt

I've been wishing I could have a crystal ball. Lots of uncertainty right now. I'm actually not sure that Washington is going to get this thing fixed. I mean, they are fucking politicians, but they aren't insane, are they? If they default, I'm afraid it's gonna be real bad. Crystal ball, tell me, is it time to cash everything in for gold and start stocking up on guns and ammo?

It seems politicians always fight to the very end to get the political edge and then a plan gets passed at the last second. I'm hoping that is just a pragmatic approach to a very difficult political environment by experienced politicians (McConnell's deal shows this very well IMO).

The idealists are the ones that scare me. I'm starting to think many of the tea party republicans actually believe that defaulting could be a good option.

piercehawkeye45 · 07-19-2011, 12:07 PM

Quote:

Originally Posted by skysidhe

If they let it default then they are insane. If they are playing scare tactics to get the constituents riled up, to see who can push their own agenda further, then they are morally flawed. Why do they talk out of both sides of their faces.

They make a media circus out of something so crucially important.

As annoying as it is, I'm beginning to believe this how the game has to be played for politicians. Or at least that strategy has been the most successful for politicians for past 50 or so years.

glatt · 07-19-2011, 12:21 PM

Quote:

Originally Posted by piercehawkeye45

The idealists are the ones that scare me. I'm starting to think many of the tea party republicans actually believe that defaulting could be a good option.

Exactly. They are the wild card, and they could hurt us all very badly. Everyone else is predictable. I think they aren't even sure what they are doing or how far they are willing to go.

I heard some commentator saying that this week is the week where everyone is going to put forward their plans that will never pass so they can point to their plans come election time and appease their base. And next week is when they finally put this thing to bed by making deals. But I'm not so sure the Tea party people are going to make a deal next wheek when they are supposed to.

Happy Monkey · 07-19-2011, 12:25 PM

Quote:

Originally Posted by glatt

If you can swing it, it's usually a good idea to tighten a belt and save, especially if the company is going to match some of it.

I've been wishing I could have a crystal ball. Lots of uncertainty right now. I'm actually not sure that Washington is going to get this thing fixed. I mean, they are fucking politicians, but they aren't insane, are they? If they default, I'm afraid it's gonna be real bad. Crystal ball, tell me, is it time to cash everything in for gold and start stocking up on guns and ammo?

It'll be time to buy lots of stocks in a couple of weeks.

Clodfobble · 07-19-2011, 06:20 PM

Quote:

Originally Posted by Spexxvet

I wouldn't. I saw yesterday that gold is selling for $1600 per ounce, an all time high. Should have bought it a couple of years ago.

True dat. I have a relative who deals in gold professionally, and he is a very happy man right now.

TheMercenary · 07-19-2011, 06:22 PM

What Sheila Jackson Lee and Eric Cartman Have in Common

http://biggovernment.com/chartsock/2...ave-in-common/

TheMercenary · 07-19-2011, 06:23 PM

Quote:

Originally Posted by piercehawkeye45

As annoying as it is, I'm beginning to believe this how the game has to be played for politicians. Or at least that strategy has been the most successful for politicians for past 50 or so years.

Neither side cares about the country, they only care about the next election and holding on to power.

07-19-2011, 10:16 AM	#517
skysidhe ~~Life is either a daring adventure or nothing.~~ Join Date: Apr 2006 Posts: 6,828	If I could, buy gold, I would. I think I can swing contributions. I do need to get my state exemptions up from zero. That was an oversight. I can put half of what I would save by increasing my exemptions, pay into profit sharing and come out with the same net check. That said.. If they let it default then they are insane. If they are playing scare tactics to get the constituents riled up, to see who can push their own agenda further, then they are morally flawed. Why do they talk out of both sides of their faces. They make a media circus out of something so crucially important. Last edited by skysidhe; 07-19-2011 at 10:29 AM. Reason: not buying gold

07-19-2011, 06:22 PM	#524
TheMercenary “Hypocrisy: prejudice with a halo” Join Date: Mar 2007 Location: Savannah, Georgia Posts: 21,393	What Sheila Jackson Lee and Eric Cartman Have in Common http://biggovernment.com/chartsock/2...ave-in-common/ __________________ Anyone but the this most fuked up President in History in 2012!

07-19-2011, 09:38 AM	#512
skysidhe ~~Life is either a daring adventure or nothing.~~ Join Date: Apr 2006 Posts: 6,828	I watched some news programs last Sunday trying to understand the debt ceiling. As usual,much finger pointing to the other side. From what I understand, if the debt ceiling isn't increased there will be no money to pay debts. If it is increased the government can borrow money to pay it's debts. What I do not understand is where this borrowed money would come from? From or who would the government borrow money or do they just make more? Steal more? ah-hem...I mean take from peter to pay Paul. I thought peter was broke too.

07-19-2011, 09:46 AM	#513
glatt ™ Join Date: Jul 2003 Location: Arlington, VA Posts: 27,717	This is who they have borrowed from in the past. If you have a mutual fund, they may have borrowed some money from you, depending on the kind of fund you might have.

07-19-2011, 09:52 AM	#514
skysidhe ~~Life is either a daring adventure or nothing.~~ Join Date: Apr 2006 Posts: 6,828	Thanks glatt. SOoo. Off topic but relates to your comment. I am wondering, in light of the economics of the moment, if company profit sharing at a 3/1 match shouldn't be considered at this time. OR Maybe if there was a loss, I wouldn't be losing my own contributions.

07-19-2011, 10:02 AM	#515
skysidhe ~~Life is either a daring adventure or nothing.~~ Join Date: Apr 2006 Posts: 6,828	On Topic. Just looking at the table, I see borrowing from the federal reserve has gone down by 5% from 2007-2008 and foreign borrowing has increased 3% in the same time frame. I could be wrong, but I am thinking this is the case because there wasn't any money in the federal reserve outside of making money and raising the taxes on SS and raising the retirement age. Doesn't the government borrow (spend ) 40% of whatever is generated already. I understand the need not to default on debts but I think the government needs to also make some cuts in spending as well.

07-19-2011, 10:05 AM	#516
glatt ™ Join Date: Jul 2003 Location: Arlington, VA Posts: 27,717	If you can swing it, it's usually a good idea to tighten a belt and save, especially if the company is going to match some of it. I've been wishing I could have a crystal ball. Lots of uncertainty right now. I'm actually not sure that Washington is going to get this thing fixed. I mean, they are fucking politicians, but they aren't insane, are they? If they default, I'm afraid it's gonna be real bad. Crystal ball, tell me, is it time to cash everything in for gold and start stocking up on guns and ammo?

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