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(Huffington Post)   Warren Buffett speaks debt ceiling sense while CNBC host spouts Republican talking points   (huffingtonpost.com) divider line 179
    More: Interesting, Warren Buffett, Republican, CNBC, talking points  
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3745 clicks; posted to Politics » on 08 Jul 2011 at 10:17 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2011-07-08 08:37:59 AM
jesus. after literally every single response, she repeats another republican talking point. every one. what was that again about the liberal media?
 
2011-07-08 08:43:26 AM
Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.
 
2011-07-08 08:54:26 AM
Default means not paying a debt you are legally obligated to pay.

/but if you can point out any reference, anywhere where it states default means "not paying interest on your debt"...
 
2011-07-08 09:00:02 AM

BunkyBrewman: Default means not paying a debt you are legally obligated to pay.

/but if you can point out any reference, anywhere where it states default means "not paying interest on your debt"...


default means not paying for your debt. The bare minimum you must pay is the interest on the debt. This is how you avoid a default. Its akin to making the minimum payment on a credit card. But it only works if you stop borrowing/spending more than you take in, which is how we got here in the first place.
 
2011-07-08 09:14:10 AM

DozeNutz: default means not paying for your debt. The bare minimum you must pay is the interest on the debt. This is how you avoid a default. Its akin to making the minimum payment on a credit card.


See how long you can get away with just paying the interest on your mortgage.
 
2011-07-08 09:20:15 AM

kronicfeld: See how long you can get away with just paying the interest on your mortgage.


His mortgage probably is interest-only.
 
2011-07-08 09:31:07 AM

kronicfeld: DozeNutz: default means not paying for your debt. The bare minimum you must pay is the interest on the debt. This is how you avoid a default. Its akin to making the minimum payment on a credit card.

See how long you can get away with just paying the interest on your mortgage.


Pretty much forever. I can pay just the interest (5.25%) and everyone is happy.

The first day I don't make that payment, the rate shoots up to 13% and it triggers a shiatload of other terrifying consequences. But it seems to be the end-times cults that are running the GOP these days, I expect they understand those consequences, they just expect to be dead before they are a factor.
 
2011-07-08 09:33:01 AM

DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.


What the hell is your point?

The "establishment?" Really?
 
2011-07-08 09:41:34 AM

DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.


Even better - keep paying the debt. Ignore Congress.
 
2011-07-08 09:41:39 AM

Howie Spankowitz: DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.

What the hell is your point?

The "establishment?" Really?


"The Man" is trying to suppress DozeNutz's economic solutions. Damn the man!
 
2011-07-08 09:49:30 AM
The talking points about the debt ceiling are just meant to ease the logical fears of the GOP base. The real battle here, as it's always been, is the battle between the No-Tax lobby and actual economic reform. The No-Tax people are running the "Defund Government" plan, and under Bush those people were winning. Now the Republicans with brains have realized they can no longer keep cutting taxes because they would have to cut entitlement spending which is much more of a third rail then taxes ever were.

The GOP leaders will cave, the debt ceiling will be raised, but the fallout will be felt by moderate republicans who voted for it. They will be primaried in 2012, further pushing the GOP into the wacko corner.
 
2011-07-08 09:50:46 AM

Howie Spankowitz: DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.

What the hell is your point?

The "establishment?" Really?


His point is that lazy snowflakes should educate themselves, dirt roads are good enough for anybody, you should test your own food and drugs if you want them to be safe, people needing disaster relief are just crybabies, scientific research is for homos, and these dumpy-looking gentlemen are all we need to stay safe from terrorists...

i.huffpost.com
 
2011-07-08 09:58:57 AM

WTF Indeed: The GOP leaders will cave, the debt ceiling will be raised...


Maybe in a sane world. There are days I wonder if we live in one of those.
 
2011-07-08 10:02:33 AM

Barbigazi: Howie Spankowitz: DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.

What the hell is your point?

The "establishment?" Really?

"The Man" is trying to suppress DozeNutz's economic solutions. Damn the man!


I didn't realize we were talking like this again.

*grabs English to 60's nutbag translator for rest of thread*

Groovy.
 
2011-07-08 10:02:48 AM

Angry Drunk Bureaucrat: Maybe in a sane world. There are days I wonder if we live in one of those.


The base maybe crazy and some of the freshman maybe as well, but the leadership and senior guys aren't. Separating talking points from reality is the hardest part of politics, well second hardest. Hiding the mistress is the hardest.
 
2011-07-08 10:06:10 AM

Wendy's Chili: Howie Spankowitz: DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.

What the hell is your point?

The "establishment?" Really?

His point is that lazy snowflakes should educate themselves, dirt roads are good enough for anybody, you should test your own food and drugs if you want them to be safe, people needing disaster relief are just crybabies, scientific research is for homos, and these dumpy-looking gentlemen are all we need to stay safe from terrorists...

[i.huffpost.com image 550x400]


Personally, I've started my own Coast Guard. It's been a little slow going, what with the whole not having any ocean front property thing.
 
2011-07-08 10:12:40 AM

WTF Indeed: Hiding the mistress is the hardest.


A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.
 
2011-07-08 10:14:43 AM

Barbigazi: WTF Indeed: Hiding the mistress is the hardest.

A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.


Old school huh? Vat of acid is the way to go man.
 
2011-07-08 10:18:26 AM

WTF Indeed: Barbigazi: WTF Indeed: Hiding the mistress is the hardest.

A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.

Old school huh? Vat of acid is the way to go man.


That's a common mistake. See, most people already own a shovel, but if your mistress goes missing and your company card has a large vat and several gallons of acid on it...you're going to have to do some explaining.
 
2011-07-08 10:22:50 AM

Barbigazi: WTF Indeed: Barbigazi: WTF Indeed: Hiding the mistress is the hardest.

A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.

Old school huh? Vat of acid is the way to go man.

That's a common mistake. See, most people already own a shovel, but if your mistress goes missing and your company card has a large vat and several gallons of acid on it...you're going to have to do some explaining.


That's why you have to plan ahead. It's not like your mistress is the only thing that will never need getting rid of. Political enemies, ex-wives, pesky neighborhood kids, Jehovah's Witnesses they all have to go somewhere. Do you really want to be digging an eight foot hole every time?
 
2011-07-08 10:25:16 AM
A default by the US will make the debt grow far worse than it does now, since we're going to pay significantly more interest on the debt. Anyone who doesn't see this is pretty dumb.

Also, DozeNuts appears to not understand how Treasury notes/bonds/bills work.
 
2011-07-08 10:25:46 AM

Angry Drunk Bureaucrat: WTF Indeed: The GOP leaders will cave, the debt ceiling will be raised...

Maybe in a sane world. There are days I wonder if we live in one of those.


Remember the lead up to the government shutdown, this will most likely mirror that exactly, we will probably pass something on the morning of the 3rd or whatever. Ugh
 
2011-07-08 10:27:25 AM
CNBC: Watch why Mark Haines's cause of death was listed as shame!
 
2011-07-08 10:29:49 AM

MisterTweak: kronicfeld: DozeNutz: default means not paying for your debt. The bare minimum you must pay is the interest on the debt. This is how you avoid a default. Its akin to making the minimum payment on a credit card.

See how long you can get away with just paying the interest on your mortgage.

Pretty much forever. I can pay just the interest (5.25%) and everyone is happy.

The first day I don't make that payment, the rate shoots up to 13% and it triggers a shiatload of other terrifying consequences. But it seems to be the end-times cults that are running the GOP these days, I expect they understand those consequences, they just expect to be dead before they are a factor.


Not dead. They expect to have moved on to K Street jobs, made a fortune, and then retreated into their bunkers with their loot, probably in the Cayman Islands. If you're going to await the rapture, you might as well be comfy.
 
2011-07-08 10:30:57 AM

kronicfeld: See how long you can get away with just paying the interest on your mortgage.


Serious question: do you know the difference between a fully-amortizing mortgage and how our national debt is financed?


Howie Spankowitz: DozeNutz: Default means not paying interest on your debt. We can pay the interest on our debt, its only about 10% of tax income. You can actually pay for Social Security, MediCare and interest, but the other 30% of government would have to be cut.

This is NOT what the establishment wants you to know.

What the hell is your point?

The "establishment?" Really?


Not going to speak for him, but here's how I interpret what he's saying: a technical default on the debt would mean that the US fails to pay interest or rollover principle on the outstanding debt. You can pay for this interest expense as well as Social Security and Medicare without cutting a penny out of any of them, but expenses elsewhere will have to be cut. This could mean closing national parks temporarily (a tragedy, I know), immigration services get closed temporarily, etc.

None of these would constitute a technical default on the debt in the same way that a business that can't issue a dividend for a quarter isn't in default on its debt.

/if I misinterpreted you, DozeNutz let me know
 
2011-07-08 10:32:22 AM

FlashHarry: jesus. after literally every single response, she repeats another republican talking point. every one. what was that again about the liberal media?


She served the useful purpose of putting The Derp on a tee, while the smart guy in the room casually knocked it out of the park.
 
2011-07-08 10:32:46 AM
damn dirty liberal media!!
 
2011-07-08 10:32:59 AM

MindStalker: Remember the lead up to the government shutdown, this will most likely mirror that exactly, we will probably pass something on the morning of the 3rd or whatever. Ugh


THIS. It's farking theater - why is this so hard for other people to realize? Is throwing the entire world economy into the shiatter a good thing for corporations? No. So will the GOP do it? Again, no. But they've managed to pump so much fear into this meaningless game of chicken that they can basically get whatever they want - Obama's talking about slashing SS and Medicare now.

Why the fark should I vote for this jellyfish? What's the difference between Obama being "in charge", and just letting the Reps do everything directly? It's the same goddamn result either way. Our President is a colossal failure.
 
2011-07-08 10:33:02 AM

WTF Indeed: Barbigazi: WTF Indeed: Barbigazi: WTF Indeed: Hiding the mistress is the hardest.

A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.

Old school huh? Vat of acid is the way to go man.

That's a common mistake. See, most people already own a shovel, but if your mistress goes missing and your company card has a large vat and several gallons of acid on it...you're going to have to do some explaining.

That's why you have to plan ahead. It's not like your mistress is the only thing that will never need getting rid of. Political enemies, ex-wives, pesky neighborhood kids, Jehovah's Witnesses they all have to go somewhere. Do you really want to be digging an eight foot hole every time?


Personally, I have vast tracts of land and a backhoe. I can see how acid could be the answer for smaller spaces.
 
2011-07-08 10:33:51 AM

RexTalionis: A default by the US will make the debt grow far worse than it does now, since we're going to pay significantly more interest on the debt. Anyone who doesn't see this is pretty dumb.

Also, DozeNuts appears to not understand how Treasury notes/bonds/bills work.


I wonder if this is part of the strategy...it didn't occur to me before. The GOP plan has clearly been, for some years, to "kill the beast." They say they want to do that by starving it, but somehow when they're in office, the beast only gets worse, deficits get larger. So if our interest payments went up even more, it would give them yet more ammunition to say, "We need to stop these slave reparations...I mean, Social Security and Medicare benefits, before it's too late!"

Seriously...this is no crazier than invading Iraq while cutting taxes. I think they believe that Amerika will somehow be "born again" after they kill it.
 
2011-07-08 10:34:20 AM

MindStalker: Angry Drunk Bureaucrat: WTF Indeed: The GOP leaders will cave, the debt ceiling will be raised...

Maybe in a sane world. There are days I wonder if we live in one of those.

Remember the lead up to the government shutdown, this will most likely mirror that exactly, we will probably pass something on the morning of the 3rd or whatever. Ugh


So, the TRILLIONS of dollars invested in US backed securities in the ERISA plans of america(money that has to be invested in AAA investments by law) will be legally obligated to sell and buy new securities. Yeah, sounds like a stellar plan with no broader consequences.

/Buffet is right, this may be the most asinine plan ever.
 
2011-07-08 10:35:05 AM
The Government simply cannot make the minimum payments or pay just the interest.

The US government issues bonds which have fixed time periods for return of principle and interest. Since the government constantly issues such bonds, new ones are always coming due.

To further complicate things, some of the bonds the government issues have call options. This means the government can buy the bonds back at a certain time if it wants to. Many of these call-option bonds have rates that increase a lot after a certain point, so the government almost always exercises their calls to avoid paying much higher interest rates.

So default means we will pay higher market interest rates for current debts and future debts. As Buffet says, we are not Greece. Anyone who has student loans or a mortgage will likely have been in a situation where their debt was more than they made. Not all deficits are evil.
 
2011-07-08 10:36:31 AM
Buffet - I would pay senior citizens living check to check before making payments to our own fed.

Idiot lady - why?

Go fark yourself lady
 
2011-07-08 10:36:35 AM
Wendy's Chili: and these dumpy-looking gentlemen are all we need to stay safe from terrorists...

is that from the rally at Gravelly Point?
 
2011-07-08 10:37:00 AM
It seems apparent that Greenspan is not targeting market-price indicators. So what is he targeting? Maybe he has the so-called housing bubble in his sights, or the mortgage credit-expansion behind it. If he is watching housing, he's looking the wrong way. The key reason behind the surge in housing investment is the shower of tax advantages that have fallen on this sector since the 1997 tax bill. On a tax basis, it's much better to invest in homes than in stocks as home-sale profits are tax-free up to $500,000.

-- Larry Kudlow, 2005

How awful is CNBC? This is the supposed "smart guy" on the channel.
 
2011-07-08 10:38:43 AM

RexTalionis: A default by the US will make the debt grow far worse than it does now, since we're going to pay significantly more interest on the debt. Anyone who doesn't see this is pretty dumb.


We're going to end up paying significantly more interest on the debt when interest rates rise back even to normal levels. On the order of hundreds of billions - if not trillions - more.

THIS is why the ballooning debt is a problem. The more debt we pile on, the more the Fed will want to monetize it, the less foreigners want to hold US Treasuries (forcing the Fed to monetize THOSE in addition to new issuances from the Treasury), and the less your dollar will be able to buy.
 
2011-07-08 10:39:37 AM
images.cheezburger.com
 
2011-07-08 10:39:42 AM

Barbigazi: WTF Indeed: Barbigazi: WTF Indeed: Barbigazi: WTF Indeed: Hiding the mistress is the hardest.

A lot of people go for the shallow grave, not me. I say take the time and dig it 6-8 feet deep. You'll be glad you did.

Old school huh? Vat of acid is the way to go man.

That's a common mistake. See, most people already own a shovel, but if your mistress goes missing and your company card has a large vat and several gallons of acid on it...you're going to have to do some explaining.

That's why you have to plan ahead. It's not like your mistress is the only thing that will never need getting rid of. Political enemies, ex-wives, pesky neighborhood kids, Jehovah's Witnesses they all have to go somewhere. Do you really want to be digging an eight foot hole every time?

Personally, I have vast tracts of land and a backhoe. I can see how acid could be the answer for smaller spaces.


Isn't country livin' the best.
 
2011-07-08 10:44:00 AM

MindStalker: Remember the lead up to the government shutdown, this will most likely mirror that exactly, we will probably pass something on the morning of the 3rd or whatever. Ugh


That's what I'm thinking.

If I were the DNC head (which I am not by the grace of god), I'd counsel several Democrats to actually vote no on raising the debt ceiling, just to force more Republicans to have to vote yes. I'm frickin' tired of this "push to the last minute, scream up a storm, pass with 2 Rs, denounce same as RINOs, get all demands met, then scream about how the Ds forced it through" BS.
 
2011-07-08 10:44:06 AM

ps69: Buffet - I would pay senior citizens living check to check before making payments to our own fed.

Idiot lady - why?

Go fark yourself lady


Seriously, do these people have a human soul?
 
2011-07-08 10:44:19 AM

Hydra: We're going to end up paying significantly more interest on the debt when interest rates rise back even to normal levels. On the order of hundreds of billions - if not trillions - more.


Yeah, so what? We would be paying even HIGHER interest rates than what you're saying in the event of a default. So, isn't it preferable to NOT default and not pay the REALLY high interest rates?
 
2011-07-08 10:44:47 AM
It really is stunning how blatantly hypocritical folks be in this whole financial debate. GOP raises debt ceiling year over year and runs two wars off the books to give tax cuts then stamps their feet and pouts when it is time to pay up.

//listened to NPR coverage of the last shuttle this morning and they had some tea-bagger on who in the same response said both we need to trim govt spending but we need to fund the space program because the NASA engineers are losing their jobs. Some people just don't get the math thing!
 
2011-07-08 10:45:13 AM

WTF Indeed: Barbigazi:
Personally, I have vast tracts of land and a backhoe. I can see how acid could be the answer for smaller spaces.

Isn't country livin' the best.


Deer flies. :\
 
2011-07-08 10:47:36 AM

InmanRoshi: It seems apparent that Greenspan is not targeting market-price indicators. So what is he targeting? Maybe he has the so-called housing bubble in his sights, or the mortgage credit-expansion behind it. If he is watching housing, he's looking the wrong way. The key reason behind the surge in housing investment is the shower of tax advantages that have fallen on this sector since the 1997 tax bill. On a tax basis, it's much better to invest in homes than in stocks as home-sale profits are tax-free up to $500,000.

-- Larry Kudlow, 2005

How awful is CNBC? This is the supposed "smart guy" on the channel.


The channel really went downhill around 2006 when rumors of Fox Business Channel began to swirl. Since Fox declared they were "bringing wall street to main street" (re: mores tits and less math) it left CNBC in the middle. Stuck below Bloomberg it had no choice but to go downmarket with Fox Business. Both channels are now programmed for scholars with GEDs in business.
 
2011-07-08 10:47:51 AM

DozeNutz: default means not paying for your debt. The bare minimum you must pay is the interest on the debt.


I have heard this before, but in the case of the nation as far as the ratings agencies are concerned doesn't default mean not paying for your obligations? which would include social security and military pay to individuals?
 
2011-07-08 10:48:06 AM
Yet there's still a ton of people who think the media is super liberal and won't give conservatives a fair shake...
 
2011-07-08 10:48:33 AM

InmanRoshi: It seems apparent that Greenspan is not targeting market-price indicators. So what is he targeting? Maybe he has the so-called housing bubble in his sights, or the mortgage credit-expansion behind it. If he is watching housing, he's looking the wrong way. The key reason behind the surge in housing investment is the shower of tax advantages that have fallen on this sector since the 1997 tax bill. On a tax basis, it's much better to invest in homes than in stocks as home-sale profits are tax-free up to $500,000.

-- Larry Kudlow, 2005

How awful is CNBC? This is the supposed "smart guy" on the channel.


1. That dude is a jesus freak super-christian tea partier.
2. He was literally cheering the market off the cliff days before we had "72 hours left."
3. He's still paid for his financial "advice". Has a tv and radio show.

On a pure cost basis, he may well be one of the worst human beings to ever live.
 
2011-07-08 10:49:45 AM

Wendy's Chili: and these dumpy-looking gentlemen are all we need to stay safe from terrorists...


I don't know if I've ever seen a photo that makes it more obvious that, to some people, a gun is just a detachable penis.
 
2011-07-08 10:49:56 AM

RexTalionis: Hydra: We're going to end up paying significantly more interest on the debt when interest rates rise back even to normal levels. On the order of hundreds of billions - if not trillions - more.

Yeah, so what? We would be paying even HIGHER interest rates than what you're saying in the event of a default. So, isn't it preferable to NOT default and not pay the REALLY high interest rates?


But then we wouldn't be inviting all that foreign investment by having a party that constantly threatens to default on our debt. Don't you see how great that would be for attracting investment in us?
 
2011-07-08 10:50:17 AM
Has the Debt Ceiling ever not been raised?
 
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