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I never thought the day would come when I would say this. I think countries, individuals, and businesses ought to pay their debts.
However, this latest business where Senate Minority Leader McConnell now states in advance of any meetings he will not agree to any tax increase whatsoever really means he doesn't want to bargain. The only thing left to talk about if the GOP leadership (including Eric Cantor in the House) is what federal spending to cut. This could potentially be catastrophic for the poor and middle class alike. While some spending cuts are absolutely necessary, huge spending cuts will dramatically reduce consumption and demand. The short term outlook for unemployment would be for it to increase to 15% or more. On the other hand, the highest income tax rate for the wealthiest people in this country is only 35%. This is hardly confiscatory. It just goes to show how much the GOP is in the hip pocket of the wealthiest people in this country.
I think in this last month before default is inevitable, Obama should pull out all stops. Pulling out all stops would mean if the GOP won't negotiate than go campaign in the districts where individual house and senate members reside and state their willingness to allow default rather than tolerate even minimal tax increases on the wealthy.
However, if push comes to shove than I reluctantly say "default". I think we should be damned if we let a few Tea Potty republicans run this country.
There is no way to appropriately discuss this in "business, finance and investingg" -- it needs to be taken to the "political topics"...
It does pertain to horrible business model and financial decisions by the federal government and why no one wants to invest with them any longer. Or how it effects everyone's individual investments such as stock purchases or 401K plans.
I think the government needs to do both in order to actually "get ahead" and pay back our debt. Increase taxes on the wealthy but only by a small margin like 5% AND cut our spending significantly!! How they cut spending is going to be the "meat and potatoes" of how everything else in the economy is effected and if we could potentially see rioting in the streets. Being that as it is, I bet they cut all the programs for the elderly or sick first as they wouldn't be much of a threat if they rioted. Expect things like social security, medicaid, and medicare to get the axe first.
Stop spending (wasting) money on Iraq, Afcrapistan, (and the rest of the 'stans), put a tariff on the trade imbalance, and take US off Oil -- the gov and overall economy would come out fine.
Stop spending (wasting) money on Iraq, Afcrapistan, (and the rest of the 'stans), put a tariff on the trade imbalance, and take US off Oil -- the gov and overall economy would come out fine.
Think the GOP would support ANY of that?
i support getting out of afghanistan and iraq (tomorrow), not the tariff and not taking us off oil. the oil thing isnt even a legitimate thing to discuss. how do you just suddently "take us off oil?"
There will be no default. All of this posturing and saber rattling is just a drama game of chicken and a contest of wills that looks great on CNBC and other shill sites. Trust me. A deal will be made. "Just in time" of course. That is absolutely, positively, 100% assured and guranteed. Just like there are slot machines in Las Vegas, just as Jessica Alba would be a great cure for any man with ED, and just as Needles, CA is hot right now, a deal will be made and "disaster" averted.
A default would send the DOW cratering to about 5000 in a matter of weeks and there is no way in hell the Feds are going to allow that to happen. As far as they are concerned, the investors and Big Banks are the most important people in the world and must be kept "whole". Because if THEY go down, you will not only go down with them, but be the one that breaks the proverbial fall. They don't take haircuts. That's what the taxpayers are for. Going into an election year, it's much more politically palatable (and achievable) to raise taxes on everyone by a few bucks than it is to see another round of en masse layoffs and eviscerated 401(k) accounts. I still think the Dow, despite its weekly ups and downs (which as we all know-it's the swings that are where the money is at), will close 2011 at 14,000 or above and close this decade at 50,000 or higher. If for no other reason than it being artifically pumped up for maximum phsychological value by the ones who control the printing press.
As usual, "moral hazard" will be thrown out the window. The banks will make out like bandits. But we will rationalize it the same we did in '08 by saying "doing nothing would've been worse". Remember. The dollar *always* trumps prinicple.
The Greeks and Britons won't stand to see their wealth stolen to keep banks thousands of miles away solvent, but we will. As long as we get new I-thingy's and have a new season of "American Idol" to look forward to, all will be well.
There is no comprimise necessary, just remove the cap from the wage tax, put a 1 cent a share stock transaction tax and remove the Bush Tax Cuts. The Democratic Leadership has done fine without Monte Hall Obama giving everything away. The Republikaaners won't let their Aristocrat Masters suffer
i support getting out of afghanistan and iraq (tomorrow),
or even yesterday, huh?
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not the tariff
Yeah, sort of funny (funny strange -- not funny ha, ha) how totally dys-educated the US has become on that. You may know the tariff is one tax that is fully laid out in the US Constitution as a funding source for the .gov, but it has become a religion to be against all tariffs and only for "free-trade" (whatever that is), while the lack of tariffs enriches the transnational corporations and bleeds US dry.
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and not taking us off oil. the oil thing isnt even a legitimate thing to discuss. how do you just suddently "take us off oil?"
Had to add "suddenly" to make the practical the impossible? Just asking based on observation. No one said "suddenly."
Just like an obese person can cut back without starving the US can taper off Oil over 20 to 40 years. Allows a drop of 5% a year or less.
The surplus that will create all the way down the falling production curve of conventional Oil will allow US to ween away from it and keep US from going broke while doing so.
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