It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The government didn't fail, because we as citizens ARE THE GOVERNMENT! It is those who are elected that are failures and the bureaucracy that needs to be abolished.
Originally posted by ChaoticOrder
Big wheel keep on turning. Proud Mary keep on burning.
So one must ask what is their motivation for doing such an apparently stupid thing that on the surface seems to have no real benefit for the banks?
Exactly. No bank in their right mind takes a spendaholic that has reached their debt limit, has no method of repayment, has declining income, and is about to default, and then loans them more money?
Bob Greenstein, the widely respected president of the nonpartisan Center on Budget and Policy Priorities, has done just that. His conclusion:
The Boehner-GOP plan is "tantamount to a form of ‘class warfare.’
If enacted, it could well produce the greatest increase in poverty and hardship produced by any law in modern U.S. history."
Think about that. As the economy teeters on the precipice of a double-dip recession, as millions of Americans search in vain for a job, as tens of millions of homeowners are underwater, as poverty soars and the middle class is hammered, the Speaker of the House is pushing a proposal that—let me repeat Greenstein's analysis—“could well produce the greatest increase in poverty and hardship in modern U.S. history.”
Deep cuts in every domestic priority—from education for disabled children to food safety to homeland security to clean air and water. Followed by painful cuts in Social Security, Medicare, and Medicaid.
But not a dollar in new revenue. Not one corporate loophole closed, not one billionaire asked to pay one penny in higher taxes.
Originally posted by Tinman67
Our attention averted, grandstanding completed. What was happening whilst our elected officials filled the news with worthless and unending babbling?
Remember, this is all an illusion. Scripted and edited for maximum effect.
The U.S. Senate returns this morning at 9:30am ET for debate on the debt ceiling compromise worked out between Congressional leaders and the White House. A vote on final passage is scheduled for noon ET, and Senators have agreed that the bill must get 60 votes to pass.
The Republican-controlled U.S. House approved the plan on Monday. The vote was 269 to 161. 66 Republicans voted against the proposal and 95 Democrats voted in favor of the bill.
The measure would raise the debt ceiling in several steps lasting until 2013 and would reduce the federal budget deficit by about $2.1 trillion over a 10-year period. The plan calls for a special joint committee that would be tasked with recommending where about $1.2 trillion of that deficit reduction should come from- in spending cuts or revenue. Those recommendations would then have to be voted on by the full House and Senate under special rules. If the joint committee or Congress fail to act, the bill calls for automatic across-the-board cuts.
Originally posted by getreadyalready
Media has become so good at influencing our thoughts. I can't hardly watch a television anymore, because it literally makes me ill to see the commercials. I also watch my kids, and they "need" everything the commercials tell them they need. Poor kids, the more they need it, the more stuff I take away from them, lol! Not in a mean way, just that I redirect them to something else besides the TV and their toys, and we rarely buy any toys these days.