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Therefore, as usual, Congress will raise the debt limit again. That doesn’t end the financial problem. It adds to it even as it postpones and enhances possible insolvency.
The new lenders that the government seeks out to lend it new cash are likely to demand higher interest rates, except for one major lender, which is the Federal Reserve System.
Originally posted by bozzchem
I took a Geithner this morning and it was bad. No more chili cheeseburgers, nachos and hot peppers for a while. Those Geithners hurt like hell.
Originally posted by barkingdogamato
reply to post by bozzchem
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.
Austan Goolsbee, chairman of the President’s Council of Economic Advisors, said Sunday on ABC’s “This Week” that not raising the debt limit would mean the United States is “essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic.”
Change we can believe in ?
Originally posted by Shenon
Not looking good for Europe either...there are talks that Portugal and Spain should ask for Bailouts as well...but both are still blocking,saying they dont need help...we saw how that ended with the others And i,as a German,expect to pay for this,again...
Edit: And the Value of the Euro goes down too because of this Mess..edit on 10-1-2011 by Shenon because: (no reason given)
Originally posted by Alethea
reply to post by FlyingJadeDragon
So what are the scenarios if the limit is not raised? What happens when "insolvency" is declared? How will this affect the nation in general, and the people individually? What is worst case? What is best case?
Does it simply mean imports are cut off? The welfare checks dry up? What should we expect?
Can "insolvency" be a good thing as a catalyst to bring about something more stable in the future?