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Centrist Think Tank Conducts Study, Finds US Default "Could" Push Country Into Recession
And for today's second most surreal piece of news (the first being that Osama was a fan of RedTube and Adult Friend Finder, whose stock tumbled 25% after its IPO on news that such a loyal customer is now dead), we turn to Reuters which brings us news of a "report" by centrist think tank Third Wave, due out on Monday, which finds that "the United States
could plunge back into recession if inaction in Washington forced a debt
default, according to a new analysis that arrives as the country
reaches the legal limits of its borrowing authority....Some 640,000 U.S. jobs would vanish, the housing
market's woes would deepen, stocks would fall and lending activity would
tighten if the country were unable to pay its bills, according to a
report by the centrist think tank Third Way due out on Monday." And yes, first Dow Jones and now Reuters confirms what we have been warning all this week, namely that "the Treasury Department is expected to hit its
$14.3 trillion borrowing limit on Monday, making it unable to access the
bond markets again. Lawmakers from both parties say they won't approve a
further increase in borrowing authority without steps to keep debt
under control." Yet back to the topic at hand: which is that someone actually paid money to discover what will happen to America when it filed for bankruptcy. If this was a paper out of the San Fran Fed we understand, but private industry? If there is one margin hike we approve of it is for the CME to hike the margin to 1000% cash in trivial common sense BS.
And for those who don't have blood shooting out of their eye sockets at this point, here are the details of what the debtors prison circle of hell would look like for the US.
- Treasury bonds would lose their aura of safety, leading to a half-point increase in their interest rates. That would push up the U.S. government borrowing cost once lending activity resumed, leading to a $10 billion increase in annual budget deficits over the short term.
- The higher interest rates would ripple through the economy, causing gross domestic product to decrease by 1 percent and employers to shed 640,000 jobs.
- Banks would curtail lending. Small businesses would have a harder time expanding and credit-card interest rates would rise. Student loans and car loans would become more expensive.
- The S&P 500 stock index would lose 6.3 percent in value over three months, causing retirement portfolios to shrink, the report said, citing research by financial services firm Janney Montgomery Scott.
- The U.S. dollar's status as the world's reserve currency could be threatened as investors move cash to Swiss francs, Japanese yen, or Euros. That could boost U.S. exports but raise the cost of consumer goods like gasoline and electronics.
- Home mortgage rates, which are tied to U.S. Treasury rates, would rise. Homebuyers taking out an average mortgage for a new home, currently $221,900, would pay an extra $24,738 over the life of the loan, dealing another blow to an already struggling housing market.
"Defaulting on our debt is not an abstract idea that might affect a few institutions on Wall Street; it would harm tens of millions of Americans in profound and lasting ways," the report says.
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And hitting the debt target, doesn't mean bankruptcy.
Tax receipts ect. still flow into government. Just means US has to live within it means.
My guess is after a couple of weeks of "government personnel" living within their means, there will be a vote to raise the debt target ASAP.
Forced Austerity for the working folk and poor.. Wall Streets Welfare Check is cut, certified check pre-dated and mailed!
As said above. The helicopter must have a landing pad. GS, JPM and BAC must have one. We do not.
Everyone on the planet would stop accepting US Dollars while looking for a place that still accepts them in order to dump what they have...Or some less hyperbole ridden version of that. Anyhow, I think the US commodity market would go apesh!t, if nothing else.
"Quick Timmie, short term faciliies now", said Blanfein/Bernanke/Blythe, the Trinity of Wall Street's "Our Cause"... TBTO TBC.
PS: TBTO: Too Big To Oink.
Well, I say if it's going to hit 10's of millions of bankers....let's go for it !
If those 640K people are doing jobs that only exist because of excessive and unsustainable government borrowing, then those jobs should be lost. The sooner the better. Not all jobs need doing, and not all jobs should be protected merely because people are employed doing them.
You don't understand. Our great and wise President has made it clear that government jobs are more valuable than private sector jobs.
*nails on the chalk board*
Nice Sound byte Xeno. Made your comment multi-media.
ORI
on Fri, 05/13/2011 - 16:45
#1272918
If those 640K people are doing jobs that only exist because of excessive and unsustainable government borrowing, then those jobs should be lost. The sooner the better. Not all jobs need doing, and not all jobs should be protected merely because people are employed doing them.
****************************************************************
$16 Trillion dollars.. and who it was given too.. not one fucking penny went to welfare / food stamps and / or government workers.
Guess who back stops all $16 Trillion? who pays for any default(s)? who negotiated the terms? not one welfare / poor / government worker! thats who didnt!
http://goo.gl/FnxBZ Treasury Direct $14 Trillion Debt / http://goo.gl/TMl74 $15 Trillion in Loans / http://goo.gl/EXzal / ='s $29T
Your money being printed away, was handed to bankers..
http://research.stlouisfed.org/fred2/series/BASE 3 Years 300% More Dollars Printed Out of Thin Air! Austerity for the Rich!
stop blaming the poor people like they have a billion dollar lobby that robbing your dumbass!
Rich People with a Lobby are robbing you! NOT! poor people you dumb fuck! YOU ARE THE PROBLEM YOU FUCKING SHEEP! now go was rush / fow news or what the fuck ever AM radio and jerk off.. but until your dumbass gets a clue! shut the fuck up!
I assume there is a point buried somewhere in that mess?
Makes as much sense as White House talking points
it is amazing how stupid conservatives get when numerical facts are shoved under thier dumb fucking noses.
you baptist, end of the world anti-abortion let the kids starve fucking freaks will be be dispatched if the lights go out. Pray those tree hugging fag hippies save you, pray.
How about a libertarian pulling himself up by his bootstraps?
My dad spent half of his childhood living in a trailer. That was a step up from the previous house without utilities and running water. It had the classic double crapper outhouse. Yes people still lived that way in Arkansas in the 1950's.
He put himself through college working full time. With some help from my parents and a ton of student loans I am now Obama rich.
I am not the "rich' person screwing the people. I started out middle class. My dad started out far lower. In fact I pay a lot of the taxes for all the people who claim they are too depressed or too tired to work (yes you can get disability for being sad or having chronic fatigue syndrome)
Not all "rich" people are part of the oligopoly. The socialists like to define anyone making 200,000 per year as rich and lump us all together.
I would enjoy joining the rabble and hunting down the bankers and every person that ever worked for AIG, but some of you guys are getting too communist in your views and think that economics is a zero sum game Socialists shouldn't assume that if I have a tiny bit of scratch that I have somehow taken advantage of poor people.
If your little revolution gets too socialistic and just wants to substitute one big government with another big government, then my arms and military skill will be in the service of the other side.
The other side has better scotch anyway.
How about a libertarian pulling himself up by his bootstraps?
That doesn't fit at all with the Organizing for America playbook, tct.
In fact, it kinda-sorta makes you The Enemy for even suggesting such heresy.
We libertarian types are on everyone's enemy list.
We are blamed for single handedly causing the great banking collapse (deregulation of the banking industry).
We are blamed for gunrunning and potsmoking. Guilty as charged.
We are blamed for gun deaths in chicago and DC.
The oligopoly hates us because we would have let the sucker go down. They would have had to get real jobs.
The populists hate us cuz we don't believe in big, coercive government solutions.
Academics hate us because they suck as hard from the government tit as anybody.
Who is the natural friend of the libertarian?
The free man.
I am.
Nature of the world, tct. Nobody likes a truly independent man.
Too hard to lead them, they're too expensive to buy and too unlikely to ever be a ward of the state.
They're not useful to TPTB, in other words - except as a funding source, that is.
Other libertarians, of course. Like Ron Paul. I cannot argue with your points. You express what America used to be.
Libertarian's are the enemy of everyone else. Please. Who cares what party you come from.
I think JW's point is that the Banksters got a free bee check from the FED, (known as the elite banking cartel).
Personally I think of the FED as being America's legal Mafia. Where greed and crimes against the poor and middle class are legal.
You see, Martha Stewart, (somewhat rich), went to Jail for lying to the government.
Lloyd Blankfien, Neel Kashkari, Hank Paulson and the rest of the cartel, (mostly X Goldman employees), were not exactly honest to the government under oath. Yet they walk.
What game is left for TPTB nuts to play? Serious question. They've tried all the "ism's" and they've all failed. There is a 0% chance that they'll give up their power. My guess is they'll go full retard destruction or play the alien card to start a new world religion/economy based on command and (mind) control. I guess we'll see soon enough.
Count me in, TCT.
Wanna give me a sob story about living on fixed income when you spent your life waiting to suck on that .gov teat at the end of your days?
Take it to the end of the line.
All you libertarians do is piss and moan about how big bad gummit is oppressing you.
As soon as you actually start DOING SOMETHING ABOUT IT you'll have allies everywhere you look.
But that means taking some risks, and I don't think you care nearly as much about your freedom as you do about that wealth that the big bad gummit is currently helping you keep.
So quit yer whining.
That is good advice JW. Conservatives know who got the money, but building a permanent underclass for a base of power is not going to be allowed going into our future. Swapping your guys for the idiots we have now will also not be allowed.
What are you on? Get a grip.
the evangelical idiots who listen to their preachers and voted Bush in twice..
the ones who pray for the end of the world or the Rapture..
the ones who dont believe in abortion but would let a child starve after birth.. maybe the baby needs to pull him / her self up by the diaper?
the ones who preach enternal hellfire.. which to them is spreading the word.
those idiots...
during the crusades more baptists were killed than musilums, fact.
Der. And if we keep extending and continue our defacto default, then Depression is inevitable.
Der.
Once again these threats are becoming more hilarious by the minute.
Oh and by the way, there's no more blood that can shoot from my eyesockets anymore.
And if it weren't for qe2 we wouldn't be in such a corner right now. The irony.
When do we all stop agreeing in unspoken terms to continue to use fiat and computer digits? When does society wake up?
Last night a friend and I were at a busy bar, having a drink after work. My friend says watch this, he announces to the crowd, "I will buy drinks for whomever can tell me what our last reported National Debt amount is and the limit of debt allowed by law." I kid you not, two people said, "whatever dude". No one could answer.
They will become more interested when gasoline is $10 a gallon.
Yeah or their vodka/redbull is $30.00.
However they will blame the evil oil companies, rather than the true menace of the banking cartel/Fed, funneling endless cheap dollars to Wall Street.
These idiots work for the banking cartel....and yes, they pay $30 for RBV
believe me, I sold them those drinks....
The bar you tried this at, did it happen to be on Broome St. (edit)?
Not doubting that one bit. How about:
Why I No Longer Talk to My Family
Sister: "Things are getting better. The malls are all full."
Brother in law: "A little inflation is good for the economy."
Brother: "Do you really think Obama would work so hard to become president and then risk it all by lying about Osama bin Laden?"
They are my only living blood relatives (plus B-I-L). And I can't talk to any of them for more than like, 20 seconds before I want to puke.
On another note: I wonder if Osama was a Big boob and BJ man or an anal freak?
I posted this in the fukishima thread but quam just had 228 cases of food poisoning. It's radiation sickness.
From eating bad radioactive fish. So it is a matter of definition. Could still be food poisoning if you hire the right PR guy.
Here's your guy!
http://www.youtube.com/watch?v=kGR8hiW-LMQ
no, its food poisoning.
Guam students avoid cafeteria after 300 got sick Published 05:26 p.m.,
Friday, May 13, 2011 HONOLULU (AP) — The day after nearly 300 Guam students got sick, most students bypassed the cafeteria and brought lunches from home, Pacific Daily News reported Friday. Classes were in session Friday and cafeterias were serving food at the five schools where 283 students got sick after eating school food. King's Restaurant, which caters meals at the five schools, was investigating, and Guam health officials awaited results from tests of cafeteria food samples. Students at one of the affected schools, Marcial A. Sablan Elementary, started showing food poisoning symptoms, including vomiting and stomach pains, after eating egg sandwiches and watermelon for breakfast Thursday. More than 200 of those who became ill, including some school personnel, were taken to hospitals. Restaurant and health officials were at the schools Thursday overseeing food storage and preparation procedures. "Right now it's too premature to say that it was one thing, water or eggs, or even a misstep in the procedure that caused (Thursday's) incident," Ike Santos, who oversees Guam Department of Education federal programs, told the newspaper. Officials from the education department's food and nutrition division are expected to visit other schools serviced by King's Restaurant. A report on the cause is expected next week. All food service employees are properly certified and trained, a restaurant spokesman said.
I think they got it covered. Their major food importer is in Cyprius which off towards the med but don't know where exactly.
http://www.pacificnewscenter.com/index.php?option=com_content&view=artic...
Nope article says they were just screening packages from japan.
Yep looks like just regular food poisoning.
looks like they may have gotten/wounded Muammar
I feel much safer now
"Centrist Think Tank"....if I recall correctly, this is just another "Rothschild" long line of illustrious BS....lol
Just about time for them to trot out the aliens from Roswell to terrify us with.
Anything less just won't cut it.
right!
come out and tell america we have been secretly paying for new part for an alien space ship and thats why we are this deep in shit!
anything! other than we got ripped off by lil nerdy accountants! for $16 trillion fucking clams!
"and it's gone"
Anyone here could have told them that without unmitigated government and fed spending the whole *pretend we're not in a recession* charade would fall apart.
Actually based on the majority of the posts several months ago, most here were expecting immediate hyperinflation and couldn't conceive of a contraction at the end of qe2.
I was definitely alone in my opinion that you think "anyone here could have told them."
Another point that people will suddenly claim they believed all along.....that "everyone knew" that qe3 wouldn't start right away. The majority of posters on zero hedge had, until recently, believed that qe3 would start right away.
I maintained then, and now, that we will have to have a significant contraction and deflationary scare before Bennie starts qe3.
ah, good to see a sensible, reasoned post occasionally. it will be interesting to see how many of those ZH posters saying QE3 (and more) is guaranteed, and predicting hyperinflation, will put up their hands to say they were wrong if these dont eventuate. in case that happens, i have saved a whole thread full of such claims, as a file, so some of them can be reminded. :)
of course, when QE3 doesnt eventuate, said posters will be saying it is just a ploy to deflate the commodity markets so the banksters can get long again, etc etc.
soooo, if deflation is the game, it's a race between commodities and equities, afterwards between bonds and the select few currencies to survive, and the last round plutonium vs gold standard.
Default, but all my friends are doing it, why can't I?
U.S. succumbs to peer pressure in debt default!
Just wants to be liked!
Apologizes to Canada
Grounded for life
Only a smattering of expected headlines from quasi-news agencies from around the internets, following the economic default of the USA in 2011.
In other news it looks like the Cleveland Cavaliers will be going to the SuperBowl this year!!! film @ 11.
Why if America defaults on its debt...the dow may go down another 100 points or so!!! But you will have to glue the sack man's hands to his sack first!
Either keep paying up, or we're gonna have to send Vinnie over to see you.....
Seems like a good idea to me... let's start the default.
Until we actually confront the problems with an intention to resolve them they will never be resolved.
Wait a minute, if the CME would hike margins to 1000% for bullshit, could it then still afford to operate itself? But this would mean..... ummmm..... I'm so confused
I feel so much better knowing the we have "CON"gress working on this one !!!
A recession is virtually impossible as long as retail stocks continue skying.
And a bond market dislocation is impossible as long as PIMCO remains short, as too many enterprising speculators at the PigMen firms are going to try to break him.
Look how easy it was to break the commodity speculators.
Breaking Bill Gross, who suddenly tried to take on Uncle Gorilla, will be just as easy.
Sorry, stocks are not the economy. Stocks were sky high when the last recession was already underway in December 2007. When money goes directly to Wall Street from the Fed it actually makes the economy worse.
+1 You are right. That's why capitalism has died in America. The Bernanke and people like Robo think it is. Pecker head Ben thinks if they pump the stock market others believe the economy is fixed. Housing still sucks, most people are under water in their house. They owe more than their house is worth because of the FED's policies. Pump and dump. Now the FED is at it again. Pumping the stock market at the cost of taxpayers.
The stock market is now the FED's next Pump and Dump Scam. There are only so many new buyers. Last one in gets to hold the fiat. Just might be Robo, who knows.
How many were short banks in January of 2008? How many gunned for these shorts?
How many thought Einhorn was fucking insane for shorting Lehman in July of 2007, three months ahead of the indices hitting their all time high.
In Jan of 2008 LEH was a $65 stock, BSC a $90 stock and MER a $55 stock. Think about how many would have thought you worthy of institutionalization if you have told them where those names would be in Jan of 2009.
A recession is virtually impossible as long as retail stocks continue skying.
Robo, I almost never junk and/or comment on your stuff because I genuinely like having a "contrarian" opinion (which at ZH is of course more-or-less unflitered CNBS) here.
But that has to be one of the flat-out, weapons-grade stupidest things I've ever read.
Just saying, is all.
wonder how the Pigmen determine their next sacrifice/victim: If Bill is the next LEH, did he already fuck them over before announcing his short position...
I didn't see: now, from the ONION News...
Hey Tyler,
Just FYI, when "Third Way" started out in 2009, wading into the Obamacare debate, they billed themselves as "progressives". Of course, the far left progressives demanded they stop using the appelation when they supported a hybrid approach instead of take the "my way or the highway" tact and settle for nothing less than a public option.
Do you think they might want to help support Mr. Obama and Geitner's demand to raise the debt limit with no strings?
Just thought I'd add my two cents
My Regards
Hey Tyler,
Just FYI, when "Third Way" started out in 2009, wading into the Obamacare debate, they billed themselves as "progressives". Of course, the far left progressives demanded they stop using the appelation when they supported a hybrid approach instead of take the "my way or the highway" tact and settle for nothing less than a public option.
Do you think they might want to help support Mr. Obama and Geitner's demand to raise the debt limit with no strings?
Just thought I'd add my two cents
My Regards
today i learned that centrist think tanks do not like the idea of default.
i have zero questions.
"Lawmakers from both parties say they won't approve a further increase in borrowing authority without steps to keep debt under control."
So let me get this right ... the politicians will only let themselves increase the debt if they promise to themselves they won't increase the debt?
Is there some book or course that could help me understand these political metrics?
St Augustine said it in a way that might be more understandable.
Lord make me chaste, but not just yet.
you dont need a book or course. it means that politicians from each side will increase the debt limit if policiticans from the other side promise they wont increase debt in the way they like to spend money.
politicians all have a similar MO, but they have individual/group agenda.
Composite U.S. gov't i.e. all 87,504 government units (50 state and 87,453 local) has combined liquid assets of approx. $100 trillion according to their comprehensive annual financial reports (CAFR).
http://video.google.com/videoplay?docid=6703413885850200097#
"You'll see it's all a show, keep 'em laughing as you go, just remember that the last laugh is on you." - Monty Python
A hundy?
a really big hundy!
I remember the Knights of Ni: come back and I will bite you in the knees! Agh - but that was the better days of the FED - when they had teeth!
""the United States could plunge back into recession if inaction in Washington forced a debt default, according to a new analysis that arrives as the country reaches the legal limits of its borrowing authority....Some 640,000 U.S. jobs would vanish, the housing market's woes would deepen, stocks would fall and lending activity would tighten if the country were unable to pay its bills, according to a report by the centrist think tank Third Way due out on Monday."
-
smells like deflation to me
ergo
I am wrong and surely the FED will print
ergo
inflation
ergo
It's always an awesome fucking day to BTFDs
ergo
Buy silver.
Default will not be forced, it will be by design and will- and Timmy will get his orders to default (probably next year).
As usual - big jugs never give the rumpty-pumpty as much as firm tits: you need them built for speed, not life-rafts! May your silly-cons protect you: Titus the great!
Man, this is like the rosiest prediction of doom i've ever seen
pardon the DP, but could this be the'greasing of the wheels' to get the sheeple used to the possibility?
or get 'em thinking that $6 gas is q-infinitely better than the alternative.
Social Security to run permanent deficits:
http://www.washingtontimes.com/news/2011/may/13/social-security-deficits...
Ouch!
Yeah, SS to be toast by 2036. So, if you are 40 today, do yo think about how to stop paying into the shithole or just flip the channel from the NBA playoffs to the Yankee game?
Yeah, SS to be toast by 2036. So, if you are 40 today, do yo think about how to stop paying into the shithole or just flip the channel from the NBA playoffs to the Yankee game?
And the bureaucratic thinking:
But, what about those deficits that will have piled up for all those year? When do those get paid back?
Social Security is already toast, just like the soldier who takes a 7.62 to the chest and stumbles around with a glazed look in his eyes not realizing he is already dead. The trust fund is cash flow negative and the only assets it has to meet the shortfall are US government bonds. In case you didn't notice the US government is running deficits, hence Treasury's perpetual DEBT REFUNDING instead of DEBT REPAYMENT. So not only is Social Security no longer underwriting a significant portion of Congress's excess spending, the negative cash flow now requires that new Treasury debt must be issued on the open market to meet 100% of the current Social Security shortfall plus 100% the maturing debt held by the trust fund itself.
'R U' workin?
'Treasury bonds would lose their aura of safety', the bin Laden compound in Pakistan had the same aura.
The statement below is a lie. The exact opposite is true if we show some fiscal sanity.
"The U.S. dollar's status as the world's reserve currency could be threatened as investors move cash to Swiss francs, Japanese yen, or Euros. That could boost U.S. exports but raise the cost of consumer goods like gasoline and electronics."
Get ready for the next Act of terrorism, I mean Distraction, CUZ QE3 is about to be pumped into the american economy. Hmmm? I wander if there will be a presidential assasination attempt using an amtrak train to run over obama. In a nutshell, why would everyone start selling silver unless they were trying to raise cash inorder to
BUY THE PRE-QE3 DIP.
You know, there's this picture of BHO rising out of the waves and OBL pulling his leg
Are you talking about me!
In other news, water is wet!
you beat me to it! sooo, I'm going with yellow + blue make green.
That was the old way - then they did .. red minus everything = blue (or similar crazy stuff): I just paint, not brilliant - but worth a hanging!
Unless it is H2, then it needs O! But it also needs help for H to be two! My Gods, it is even too comlicated for me. Jesus Christ!
James Dines on Silver and Gold Markets and what is coming next for Rare Earths and Lithium
We will make a few observations to share with you today: nothing is going straight up - we will have a lot of corrections on the way - they will provide only buying opportunities. Our Catalyst is firmly in place, QE 2.5 is confirmed by Mr Bernanke - FED will leave amount of QE Stable, interest and maturing debt will be reinvested. Any trouble in the market will be met with QEn+1 in the coming election year.
We have noted, before the Silver parabolic rise junior mining companies in Silver and Gold were not making the new highs, now after the Silver "blood bath" junior miners were holding the grounds. This summer will provide new buying opportunities into the solid junior mining names. All these Central Banks verbal interventions will bring volatility and have only one target - to make debasing of US Dollar gradual and prevent the next collapse of the financial system. You have to look deeper than day to day market rumours and Houses talking their books. China and their holdings of US Treasuries will be the guide. http://sufiy.blogspot.com/2011/05/james-dines-on-silver-and-gold-markets...
Welcome to Keynasian welfare economics, and Fatal Conceit coming to your neck of the woods. Top to bottum it is a Judgement of moral gravity.
http://www.reuters.com/article/2011/05/11/us-usa-debt-municipalities-idUSTRE74A0TK20110511
"Why I Am Not a Conservative," Hayek distinguished his classical liberalism from conservatism. Among his grounds for rejecting conservatism were that moral and religious ideals are not "proper objects of coercion" and that conservatism is hostile to internationalism and prone to a strident nationalism. Not that the World is any better to any solution.
El Salvador (1980), Libya (1981), Sinai (1982), Lebanon (1982 1983), Egypt (1983), Grenada (1983), Honduras (1983), Chad (1983), Persian Gulf (1984), Libya (1986) , Bolivia (1986), Iran (1987), Persian Gulf (1987), Kuwait (1987), Iran (1988), Honduras (1988), Panama (1988), Libya (1989), Panama (1989), Colombia, Bolivia, and Peru (1989), Philippines (1989), Panama (1989-1990), Liberia (1990), Saudi Arabia (1990), Iraq (1991), Zaire (1991), Sierra Leone (1992), Somalia (1992), Bosnia-Herzegovina (1993 to present), Macedonia (1993), Haiti (1994), Macedonia (1994), Bosnia (1995), Liberia (1996), Central African Republic (1996), Albania (1997), Congo/Gabon (1997), Sierra Leon (1997), Cambodia (1997), Iraq (1998), Guinea/Bissau (1998), Kenya/Tanzania (1998 to 1999), Afghanistan/Sudan (1998), Liberia (1998), East Timor (1999), Serbia (1999), Sierra Leon (2000), Yemen (2000), East Timor (2000), Afghanistan (2001 to present), Yemen (2002), Philippines (2002) , Cote d'Ivoire (2002), Iraq (2003 to present), Liberia (2003), Georgia/Djibouti (2003), Haiti (2004), Georgia/Djibouti/Kenya/Ethiopia/Yemen/Eritrea War on Terror (2004), Pakistan drone attacks (2004 to present), Somalia (2007), South Ossetia/Georgia (2008), Syria (2008), Yemen (2009).”
If all evil happens when all stand by what would trade do if you paddled your own canoe. If we have surplus trade it in fair measure. They will listen since broken windows is all .gov noise. All indication's are back yard thieves to date. No issue with a honest gatekeeper.
JP Morgue Increases Physical Silver in New Vault 39% in 2 Days During Manipulative Take-Down! http://silverdoctors.blogspot.com/2011/05/jp-morgue-increases-physical-s...
Osama had a fettish for blowing things up. Is it really suprising he had a bit of a porn fettish? Regarding the default/recession aspects of the article. Is that a trick question? It is the 13th, and TEPCO is on fire!
P.S. I got long usd/jpy 2 days ago. COT reports are helpful, but have a lot of slush in them!
You need a "think tank" to tell you that Main Street economy s*cks?! How much did these "geniuses" get paid for that startling information?
Here is Dr. Housing Bubble...FOR FREE:
"The housing bubble especially in California was a self-feeding machine of delusion. We had job growth in high paying finance and real estate jobs because of the mania so this in turn helped to push home prices further. Home prices went up thus pushing commissions up and creating more funny money. It was one giant Ponzi scheme and everyone was making money doing nothing except trading homes back and forth and pretending that a granite counter top and a bucket of paint suddenly made a home “worth” $50,000 more. "
http://www.doctorhousingbubble.com/housing-bubble-pops-again-california-...!+Mail
Notice the misleading assumption, i.e., "if" the U.S. defaulted. It cannot and will not default on its bonds. There is more than sufficient money to pay interest on all outstanding debt --- after all, interest payments are only 12% of our budget and our budget is only half financed with debt. Ergo, the only "default" would be the failure to pay government contractors, our soldiers' pay, government employees (including pension contributions), and certain entitlement programs that do not have their own source of funding, such as Medicare. Nor would it be a 100% default, as you can easily pay 50% of all such obligations or 100% of some and 0% of others.
In short, the headline should read "If the government stops spending money it doesn't have we will deepen the recession."
Duh. But that is no reason to keep doing it. Lots of things cause recessions and we always come out of it, don't we?
Right...
It's analagous to credit cards.
If I am using credit cards to fund my style of living and I go to the bank (in this case congress) and I ask them for another line of credit and they decline me, I haven't defaulted on my obligation to pay my creditors...if I'm eating out, going to bars, buying flat screen t.v's, than I'm gona' need to cut back on that. BUT if I cut back I have not defaulted to my creditors, I have simply been cut off from more borrowing.
Same shit here.
And if interest rates go up it rewards the responsible savers who have so far been punished with these low rates. Why should we continue to reward irresponsible behavior?
Exactly - if they default it will be because they chose to do so.
Just like local governments punish the voters if they won't allow new taxes by failing to pay police and fire first. Never the layers of executives at city hall or the useless boards that 'manage' business and enforce zoning and limit occupations under the excuse of protecting the public from lethal haircuts.
Given that the USSA has been in depression for about 3 years, these reports are laughable.
Sorry: since 1913! We can argue points, but the start is clear!
Did we get out of Depression yet? Schills listening to Lakshman Achuthan . he is another idiot
ECRI Co-founder
There is 0% chance of debt staying bellow this limit.
A fine run down of the headline points of previous intervention.
Dang, Earnie, do you think that would be really bad? Duh!
Being as how I am a redneck-jerk getting flooded out by Ole Mis. WTF...right.
Let's hit the re-set button, wipe out all the rich banksters, piss off the average main streeter so they will march with pitchforks and rope to Wall Street and DC and string up the corrupt fuckers who have ruined this country and maybe the world to line their pockets with money made from illegal means. (I have no problem with rich people who made it legally...leave them alone)...then maybe we can change the rules and go back to our roots of self reliance and fair play.
Jeez - when was that? Jesse James, the Kid, or was it Butch & Sundance: name the movie if you can't name reality! Moron!!
So if the USA defaulted, the S&P would lose 6% over 3 months? So how exactly did the S&P gain 100% since March '09 and a default would only lose 6% from this level? Check me if I'm wrong, but I would say a default would be more damaging than the initial financial crises that drove us to 666, no?
What a joke.
The thing about a default is that millions of people would lose their jobs and have to go get productive jobs. Tough.
about that porn found in Osama's compound--perhaps the Navy SEALs planted it.
What gives the impression that we aren't still in the depression following the Nixon gold window default in 1971? Gold was $35/oz back then, GDP was about $1.1 trillion, public debt was $408 billion. Now the GDP is running around $15 trillion, gold is $1,500/oz and public debt near $15 trillion. Consider the possibility that value lost, squandered or stolen during the intervening intergenerational game of monetary three-card monte could explain the vast disparities.
About time. Bring it on.
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If the stockmarket was the economy then Zimbabwe would be the most booming economy on earth.
So as the Fed gradually transforms FRN into Parker Bros notes the stockmarket can be pumped 360,000 whilst the population scrounge through bins looking for food.
If you try not to day-trade: if you have friends and family of the old-school - the market is a mess. So you have only one mid term position. It will protect you and yours.
And it is not yours to know: me and my family only - every time! Buy buy (fools)!
I had never heard of redtube till now, turns out the saint was into bitches BITCHEZZZ! EEEWWWWW!!!!! I wonder how many otherwise decent females posted photos of their little tuna boats there and now realize that people like that masturbate to them?
You guys are all missing the point.
This "study" wasn't done to find facts. This "study" was commissioned because the Administrations KNOWS it's going to default, and it has to, and needs "permission" from "experts" who it can then scapegoat once the default occurs.
Link knows
Missing Link nailed. Game, Set, Match, and for .gov someone will be dinner. Do not fight fiat's history. Hits "flesh" are already started in house in the USDA albeit slowly. The Beast's minions are chewing its fingernails on who looks tasty. As the taxpayer is being exterminated the Leviathan's agents will thrash and devour any in its path. It has no soul until it finds it since capital is firmly sidelines as Junior Senators convey stop picking winners and loser's. Easy money, or Structural survival. Choose....
ha ha ha.
so typical.
lets payhalf the country to dig a ditch and the other half to fill it up.
thanks peter. you cant be beat.
In related news: People die if they are killed!
Don't you have to get out of the depression before going back into one? The math in this article is also absurd. My calculations for the S&P 3 month loss is 5.678%.
Tim bug eyed Geithner "The US won't default". Ha, yeah right. And btw.....the conservative negative effects are for the ultra rich only....the rest of us will look like an anthill that just got hit with a lawnmower.
Fuck these centrist fucking fuckheads.
The big question for me is what will happen to other debt if the U.S. government defaults on its debt? I mean mortgages, car loans, credit card debt, corporate debt, margin accounts etc. That's a tough question. Instead of making many such decisions it's a lot easier to just issue a new Amero currency unit that's equal to one old Dollar unit.
China will be pissed but then again those dollars they hold have lasted longer than any of the junk merchandise they've sent us.
In related news: People die if they are killed!
This report is NOT from a "centrist think tank". This is coming from George Soros foundations and organizations connected to him, Obummer and the DemoRats....... Please do more homework before giving these people credit for reports. They are politically LEFTIST and have a major agenda of ruining America.
http://www.thirdwavefoundation.org/category/year/2010/
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