Debt ceilling,someone please confirm ????

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posted on Aug, 2 2011 @ 10:00 PM
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A little over an hour ago I watched a report on the Australian tv network channel seven news,saying that the raising of the debt ceilling had been passed.This would mean through congress.I feel theY are misleading us.This forum would be lit up with reports and comments if so and I can't see anything saying this in live firehose.Also they had a financial expert come on and no audio and they cut him off.Am I being played or what?Because this just does not smell right.Some one from the U.S please confirm or debunk for me.




posted on Aug, 2 2011 @ 10:05 PM
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reply to post by 13th Zodiac
 


Yes it passed and Obama already signed it into law. This happened hours ago.



posted on Aug, 2 2011 @ 10:06 PM
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reply to post by 13th Zodiac
 


My understanding is that it passed. Though I was busy today I did check and the news stories were on the vague side but indicated passage.
The credit rating is still unclear however.



posted on Aug, 2 2011 @ 10:08 PM
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reply to post by watcher3339
 


The credit rating will hold at AAA for now.


Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens. The outlook for the U.S. grade is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending following months of wrangling between Democratic leaders and Republican lawmakers.


Source

Looks like we are in the clear for the possible down grade scenario. Now we just have to worry about inflation.



posted on Aug, 2 2011 @ 10:08 PM
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yep, it passed through the senate at the last minute, building suspense just like good theater should. Where it goes from here I'm not sure, but I suspect that was the plan all along.



posted on Aug, 2 2011 @ 10:10 PM
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Many thanks for your replies.Thankyou.



posted on Aug, 2 2011 @ 10:28 PM
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This article has some info you might be interested in.

St. Petersburg Times



posted on Aug, 2 2011 @ 10:32 PM
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Originally posted by SpaDe_
reply to post by watcher3339
 


The credit rating will hold at AAA for now.


Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens. The outlook for the U.S. grade is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending following months of wrangling between Democratic leaders and Republican lawmakers.


Source

Looks like we are in the clear for the possible down grade scenario. Now we just have to worry about inflation.


Would it be horribly terrible of me to think that a little bit of inflation would be such a bad thing.
Provided employers upped the pay: School Loans: GONE! House: PAID!

I have been walking the very fine line of saving cash/buying things now that I expect to be substantially more expensive a year from now.



posted on Aug, 2 2011 @ 11:08 PM
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reply to post by watcher3339
 

You poor child. I hate to cast the harsh light of reality on your hopeful view. If my boss raised wages every time he raised prices in response to inflation (which, by the way, has already been with us for a tiresomely long while and is now about to get much worse) I'd be able to almost keep up with the cost-of-living.

Instead he cancelled my health insurance because it costs to much to insure a 3/4-time employee. Apparently a full-time employee costs less to insure; but he can't afford to take me on full-time. And if inflation gets any worse, he may not be willing to employ me at all.

Somehow I don't think inflation is the answer to our problems. It's not even as good an answer as the ones we all (except for the rich and powerful and the government) know are correct....



posted on Aug, 3 2011 @ 02:37 AM
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reply to post by Ex_CT2
 


Actually, I was just talking about this with somebody today. The true answer to all of our problems lies in total debt amnesty. Think about it-

If they canceled all debt on a national and individual level

1) There would be no need to raise the debt cieling
2) There would be no need for mortgages or rent (as most houses are based on debt)
3) Car payments would go away
4) People's credit card debt would be eliminated.

Some people might say that wouldn't work because without debt how would we buy or pay for things? But, if everyone's debt was canceled, people would have a surplus of money to support commerce moving forward for food, goods, etc, and no one would have to worry about making money to cover the bills since most bills (mortgage/rent, car payments, cc payments) are based on debt.

The only one that would feel it would be the bankers and the people that have made their livings from debt and they've (as a group, not necessarily individuals) have been screwing over the average person for too many years. Don't raise the debt ceiling, just cancel the debt all together, after all, for the most part it is just numbers in a computer without any hard metal to back it up.



posted on Aug, 3 2011 @ 02:37 AM
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reply to post by Ex_CT2
 


Actually, I was just talking about this with somebody today. The true answer to all of our problems lies in total debt amnesty. Think about it-

If they canceled all debt on a national and individual level

1) There would be no need to raise the debt cieling
2) There would be no need for mortgages or rent (as most houses are based on debt)
3) Car payments would go away
4) People's credit card debt would be eliminated.

Some people might say that wouldn't work because without debt how would we buy or pay for things? But, if everyone's debt was canceled, people would have a surplus of money to support commerce moving forward for food, goods, etc, and no one would have to worry about making money to cover the bills since most bills (mortgage/rent, car payments, cc payments) are based on debt.

The only one that would feel it would be the bankers and the people that have made their livings from debt and they've (as a group, not necessarily individuals) have been screwing over the average person for too many years. Don't raise the debt ceiling, just cancel the debt all together, after all, for the most part it is just numbers in a computer without any hard metal to back it up.



posted on Aug, 3 2011 @ 02:39 AM
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ATS is essentially the barometer of the nation. Excluding the sheeple of course lol



posted on Aug, 3 2011 @ 01:44 PM
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reply to post by watcher3339
 


I gave up on saving cash and moved into things that I knew would hold value against inflation, such as silver and other metals. I do keep some cash though. I was told once by a very smart business man to always keep 30 days of operating cash available before investing in anything. He was right in the sense that in the unimaginable circumstance you lose your investment you still have 30 days of operating cash for some breathing room.






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