Financial Armageddon!!

[eri]

as the full article says

the previous 64? times their debts have grown close to the limit

they have simply lifted the limit

[eri]

has nz

got the mojo

to gogo?

It looked at not just reading and math, but also how adults solve problems and their comfort with new technologies that are key to getting and keeping a job. Spain and Italy, which have suffered deeply in the economic downturn, were at the bottom of the list in nearly all measures.

is this something increasing benefits would fix?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11137035

[skid]

Which re-stated, goes: USA has always been able to borrow more to pay
the interest due on the incomprehensible trillions they've already borrowed.

America has the money. This is a political problem.
If they actually default ,it will be whats called a ''technical default'' which is obviously better than a real default but I still would not like to think of the repercussions this would have on the world economy.

http://www.thedailybeast.com/articles/2013/10/07/house-gop-won-t-budge-on-clean-cr.html

[Perry]

America has the money.

America may have it: the USA does not
have it. It's in hock, up to its eyeballs.

[eri]

friend of a friend quote

I can't pass along John's specific investment advice because he charges each subscriber $3,000 a year for that and we're not permitted to share it. But I can pass along his overall diagnosis that "the current impasse in Washington will last longer than the market expects. What the Tea Party doesn't understand is that once you shatter confidence, it is very hard to get it back."

[skid]

America may have it: the USA does not
have it. It's in hock, up to its eyeballs.

Yes its in hock--but it can print the money to cover the debt ceiling expansion and avoid a short term calamity.
Thats not what is shutting the gov down.
Its a political problem.
Its a small group of right wing conservative hard liners that are hijacking the process.
They dont like the heath reform laws that were passed (and confirmed by the supreme court)so they are trying to change it by threatening to highjack the debt ceiling vote)thus causing the shut down.
If the vote was brought to the floor ,most agree that the democrats and enough of the republicans would vote it in--but the republican speaker will not let this happen because of concerns of the repercussions from the hard liners.(tea party) Most of them are so wrapped up in their own little world that they actually dont care if the US defaults.
This is the worse possible scenario for the economy.
Obviously the debt needs to be faced ,but there are much better ways to deal with this--starting with tapering the quantitative easing
If this gets out of hand-there will be some carnage and it will be far reaching--even to the point of a housing collapse way over here--regardless of the housing shortage.

[skid]

Remember the song by Elton John ""Madman across the water""

[skid]

http://www.stuff.co.nz/world/americas/9257395/Shutdown-or-shakedown-The-US-crisis-explained

[eri]

i think the last time this happened was clinton's first term

the voters were so pissed off with the republicans that clinton was a shoe-in for his 2nd term

surveys seem to show that again the voters are mainly blaming the republicans

so while obama can't have a 3rd term

this may very well gift the next term to hillary?

[speights boy]

[elguapo]

Its a small group of right wing conservative hard liners that are hijacking the process.

They haven't hijacked the process, this is the process.

They dont like the heath reform laws that were passed (and confirmed by the supreme court)so they are trying to change it by threatening to highjack the debt ceiling vote)thus causing the shut down.

Again, it's not hijacking, they have control of the budget and won't pass it without significant cuts.

Obviously the debt needs to be faced ,but there are much better ways to deal with this--starting with tapering the quantitative easing

This is dealing with the debt by defaulting.

If this gets out of hand-there will be some carnage and it will be far reaching

Currently the most newsworthy part of this is the National Parks Service using armed guards to prevent people from recreating.

[speights boy]

Currently the most newsworthy part of this is the National Parks Service using armed guards to prevent people from recreating.

"From my cold dead hands"

Don't worry America; we are laughing at you, not with you.

To my mind the most significant effect of the shutdown so far is Obama's no show at Apec.
Has raised China's importance in the region.

[elguapo]

To my mind the most significant effect of the shutdown so far is Obama's no show at Apec.
Has raised China's importance in the region.

The irony being he skipped this to stay in the middle of a problem he has no control over.

[speights boy]

The irony being he skipped this to stay in the middle of a problem he has no control over.

Which is exactly the point the Chinese leadership is making when they are trying to persuade countries to cozy up with them.
We are the true regional leader, we remain in political control, we control the money, we can get things done.

[skid]

Dont buy the bit about significant cuts--they are after Obama care pure and simple--they could make plenty of cuts in other areas

Agree thats one way to deal with the debt--In the worst possible way--There are better ways (as I said) like stopping the QE

Even most Republicans know the tea party are an embarrassment and will most likely harm their chances of getting elected next time around

Interesting that the Republican speaker will not allow a vote by all (including republicans)
He knows that enough Republicans would vote to pass the bill)
Even he is being Hijacked....ok pressured, by the tea party extremists.
He is caught between a rock and a hard place (at all of our expense)
I feel sorry for those Americans that will lose yet another chunk of their pension fund if this turns into another GFC.
(of coarse all of us will potentially be affected if it gets out of hand)
Hopefully its all theatrics