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Moody shilling again : brief default to put the US back into recession

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posted on Jun, 28 2011 @ 06:29 PM
Fact is, the US is still in recession/depression. Continuing to spend like a drunken sailor will not fix things.

I wonder why newspaper or anyone for that matter still continue to listen to these SOBs at Moody after all they have done...

op Economist: Even Brief Default Will Cause New Recession And Blow Recovery ‘Out Of The Water’

How big are the stakes on Capitol Hill right now? According to one of the most influential economists in federal policy making, the next four weeks will make the difference between a slow glide toward economic recovery, and a severe tumble into a new recession.

Moody's chief economist, and former McCain economic adviser Mark Zandi is forecasting GDP growth of 4 percent by the end of the year and into next. But in response to a question from TPM, he told reporters at a breakfast meeting hosted by the Christian Science Monitor that his forecast would be "blown out of the water," if Congress fails to "reasonably gracefully" raise the national borrowing limit.

If Congress fails to raise the national debt limit by early August, the Obama Treasury Department will have to choose between defaulting on obligations to the country's creditors -- triggering higher interest rates and perhaps damaging the country's credit rating for months and years to come -- or freezing outlays to contractors, entitlement beneficiaries and others who are also expecting prompt payment as well. In either case, the macroeconomic impact will be staggering, according to Zandi.

They guy is full of it in several ways...

He works at Moodys.
He's the former economic adviser of McCain.
He's predicting 4% growth in the coming months.
He thinks if the debt ceiling is raised interest rates will not rise and the US will keep it's credit rating.

Ridiculous. The guy is a joke.

posted on Jun, 28 2011 @ 06:48 PM
i wish i could put my head in the sand too. sometimes its easer that way.

posted on Jun, 28 2011 @ 07:27 PM

Originally posted by camaro68ss
i wish i could put my head in the sand too. sometimes its easer that way.

Yes easier but not solving anything. The real thing and challenge is to put away pride and face the real challenges in front of us before the 300 mp/h luxury car hit the wall, period.


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