[Jotapay]

$this->bbcode_second_pass_quote('Forney2008', 'A')lso according to KD, the government stimulus being spent was not supposed to work but apparently it has at least artificially kept the markets up and stabilized the unemployment situation. ( in all fairness, I agree that things will more than likely head south again soon as we cannot maintain the ever growing debt burden, plus with the whole Europe situation).

[NoWorries]

Jotapay is correct.

Obama himself publicly stated that "without the stimulus bill, we would be in a Depression now." (You can look it up.)

I'm wondering what happens after the stimulus ends.

[Roy]

$this->bbcode_second_pass_quote('', 'I') don't agree that you get banned if Karl disagrees with you. You get banned by not following the rules in the terms of service or rules in a sub-forum.

[Jotapay]

$this->bbcode_second_pass_quote('Roy', '1'). But Karl sure doesn't like it when the conversation turns in more controversial directions. There are certain subjects there that he will not allow to be broached.

2. Don't be a stranger to PO.com. Your posts add a lot of value and insight to this place.

[Sixstrings]

This is flying all over the doomer internetz:
$this->bbcode_second_pass_quote('', '[')b]I am hearing from my sources in Europe and in the Middle East, the Hedge Funds and Big Money, they plan to attack the US dollar tomorrow in a very substantial way.

(snip) So there is a clear oligarchy in America, Hank Paulson is from that oligarchy, they are working against the interests of the people of the US. To reiterate my point, Americans at this point don't deserve to have their own country. A lot of big money around the world is going to drop the dollar and basically disenfranchise the US economy.

This is not just a remark in passing, this means that the US economy goes belly up effectively and the dollar gets completely wiped out the face of the earth and gold goes to 1400, 1500, 1600 dollars an ounce because the big money in the world is sick of the liars, Tim Geithner, Barack Obama, Ben Bernanke, they are sick of the financial terrorism, they are sick of the grand standing, and they are going to drop kick them over gold post into a sea of their own bad debts. So forget about the specifics here, we are talking about wholesale countrywide loss of their sovereign credit. The US government bond will be about as valuable as garbage.
http://www.presstv.ir/detail/146243.html

[Sixstrings]

$this->bbcode_second_pass_quote('pstarr', 'O')h good. Then I can build that workshop table tomorrow?

[SeaGypsy]

Good dig Six.
I suspect the last line has as much to do with what's going on as any conspiracy.
The USA has no real strength if it does not regain it's position industrially, all the service economy bull looks fine when there is oil oozing out of the sand everywhere. Not now bud. Everyone wants that stuff.
If you want it you have to pay in the market. Much of this market is futures, nearly all of it to some extent.
With the backside falling out of it's trousers, due to over reliance on service jobs and failure to keep an eye on the ball internationally, the USD$ future is looking very shakey both as reserve and as oil futures base currency.
There has to be some economic violence, something extreme, to bring back the date projected for ending USD$ reserve status. The details of how this is going down, I look forward to learning about.
Don't forget Uncle Sam, this has to happen. God or no God, the USA has no right to use up the world's resources at the rate it does, the ledger must balance sooner or later. Looks like it's being audited as we chat.

[Sixstrings]

$this->bbcode_second_pass_quote('', 'W')ell here's Boehner's "compromise"; what it does is:

Lie once again about "cutting spending." It does no such thing. It increases spending - every year. Bogus and outright-fraudulent "baseline budgeting" means that if they intended to boost spending $300 billion but only increase it $200, that's a $100 billion "cut." If you ran your household like this you'd be broke in a week. For the US, it will take a bit longer.

No tax increases. That's nice, but let's not forget that while the Democrats scream about the "Bush Tax Cuts" the FICA tax cut was theirs. Obama signed it. You cannot keep reducing income and increasing spending forever.

The cuts, fraudulent though they are, aren't even real anyway - and not binding either. There's nothing before 2013, which means a downgrade is almost certain. Further, raising the debt ceiling now for the whole among but allegedly finding the "cuts" over 10 years is an outright fraud by a ratio of 10:1.

A 2013 timeline for actual changes means nothing, since the next Congress is not bound by what this one does. Period.

Sequesterization didn't work in 1997. It won't work in 2011 either.

We failed to get to $4 trillion. That's what S&P said they needed, and they said they needed to see that within the next three years. Now we find out if S&P has any balls.
We also get to find out if the so-called "Tea Party" is worthy of the name. Yeah, I posted that my opinions change when facts do, and they appeared to.

Boehner needs to be ejected from Congress in the next election, and the remaining "mainstream" Republicans must go with him, along with any claiming to be "Tea Partiers" who vote for this abortion.

All of them.

In the meantime, kill this bill and by doing so balance the budget in three days.
http://market-ticker.org/

[eastbay]

Why not simply raise the debt limit to infinity and get it over with? It'll eventually reach there anyhow.

[JohnRM]

I will take even an illusionary agreement that just boosts the ceiling. If people think everything is okay, then everything will be okay for just a little longer. I am not quite ready for the serious trouble. Give me one more decent year or two, please!

[Sixstrings]

$this->bbcode_second_pass_quote('JohnRM', 'I') will take even an illusionary agreement that just boosts the ceiling. If people think everything is okay, then everything will be okay for just a little longer. I am not quite ready for the serious trouble. Give me one more decent year or two, please!

[Cog]

Just remember, you are now prepping for a much more serious event now than if there had been real cuts to the budget. Delaying those cuts have made things infinitely worse.

[prajeshbhat]

Found this post on some conservative site ranting about Obama's plans. An old guy posted this response to the mindless rant.
If only everyone thought like this.
$this->bbcode_second_pass_quote('', '
')John Easterling says:
July 22, 2011 at 4:03 am

Kathleen,

I will soon be turn 65. I’ve paid into SS/Med since 1964. I also served in Vietnam in 1966-67, went to college on GI bill and built my first house with GI bill assistance. I suffer from the effects of agent organge, but have not filed for veterans benefits because I am employed full time and happy to be so. I’ve given to my country, my country has given to me. I feel fairly treated so far and i think the country feels the same towards me.

I only expect to get back what I have paid for. If the American people through their elected officals decide that they are not going to keep up their end of the agreement, I will be very dissapointed and will become a cynic about the whole process.

Here is my question for everyone who wants a balanced budget. How will they do it? What, exactly will they cut, what taxes will go up. Put it all on the table, identify the cuts, tell the voters what it is going to cost them, then ask the voters to vote on it. I think it will take a shared sacrifice. Hopefully we will find the courage for it, but given our collective selfishness, it will take a catostrophe to get us there. It looks like that is just ahead.

These are the questions I would like to get answers to, and you seem to me to be the kind of young lady who would like those answers to.

Thank you for taking the time to read this.

kind regards,

John

[babystrangeloop]

$this->bbcode_second_pass_quote('prajeshbhat', 'F')ound this post on some conservative site ranting about Obama's plans. An old guy posted this response to the mindless rant.
If only everyone thought like this.
$this->bbcode_second_pass_quote('', '
')John Easterling says:

I only expect to get back what I have paid for.

[Sixstrings]

$this->bbcode_second_pass_quote('babystrangeloop', 'I')f he had written "I participated in building a world that sucked down all the natural resources and output an every-growing stream of toxic waste so I'm ready to reap all the benefits of my actions." then I would think he was sane. As-is he's simply delusional, relating to the world on purely economic terms.

[careinke]

$this->bbcode_second_pass_quote('Sixstrings', 'O')kay so you want to blame the baby boomers. Are they really the problem? There are over two billion Chinese and Indians.. but there ain't two billion American baby boomers..