Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Huffington Post)   More Americans are starting to think defaulting on our national debt might be a bad thing   (huffingtonpost.com) divider line 103
    More: Spiffy, Americans, Everglades National Park, National Historical Park, Jonathan Bernstein, Liberty Bell, U.S. Capitol in Washington, Lincoln Memorial in Washington, CARE Act  
•       •       •

2062 clicks; posted to Politics » on 02 Oct 2013 at 3:39 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



103 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | » | Last | Show all
 
2013-10-02 03:41:25 PM  
Well anyone who doesnt take fwd:fwd:Fwd:Fwd: emails seriously.
 
2013-10-02 03:41:36 PM  
Nah we just need to refinance with a prime sub-equity loan with an inflatable rate. It's what worked in 2007!
 
2013-10-02 03:42:10 PM  
Republicans: "if we default on our debt, then no one will give us money, deficit problem solved. And they said finances were hard work. What's for lunch?"
 
2013-10-02 03:42:43 PM  
Obligatory: The Debt Limit Explained by C. G. P. Grey
 
m00
2013-10-02 03:43:48 PM  
Well, here's the thing.

Based on the priorities of Congress we'll default on our national debt before we pause spying on every American, before we pause foreign aid to countries such as China (to whom we owe the debt in the first place!), and before we pause corporate handouts.

But a panda-cam run by volunteers which might cost a few thousand a year tops? Yeah, that's gotta go.
 
2013-10-02 03:44:18 PM  
Well, good luck with that because it looks to me the GOP is pushing for a constitutional crisis as an excuse to impeach.
 
2013-10-02 03:45:10 PM  

m00: Well, here's the thing.

Based on the priorities of Congress we'll default on our national debt before we pause spying on every American, before we pause foreign aid to countries such as China (to whom we owe the debt in the first place!), and before we pause corporate handouts.

But a panda-cam run by volunteers which might cost a few thousand a year tops? Yeah, that's gotta go.


Blah blah blah, put your money where you mouth is. Dismember our defense forces, and we'll know you're serious.

/doo eeeeeit
 
m00
2013-10-02 03:46:41 PM  

sobriquet by any other name: Blah blah blah, put your money where you mouth is. Dismember our defense forces, and we'll know you're serious.


Not sure what you mean here.
 
2013-10-02 03:47:27 PM  
Republicans: borrowing and debt is out of control! We're heading for a crisis! Nevermind that negative interest rate on treasuries... Do what we want, or we'll cause the very crisis that we say we're so concerned about avoiding in the first place.
 
2013-10-02 03:49:02 PM  

m00: sobriquet by any other name: Blah blah blah, put your money where you mouth is. Dismember our defense forces, and we'll know you're serious.

Not sure what you mean here.


Pretty sure he means we pay too much on defense.
 
2013-10-02 03:49:49 PM  
News Flash: People have opinions on stuff they know little to nothing about.
 
2013-10-02 03:52:52 PM  
Maybe we should increase revenue by taxing the richest 1% at the 1950's level, which is the time conservatives want to go back to, right?
 
2013-10-02 03:54:08 PM  

Zeno-25: Republicans: borrowing and debt is out of control! We're heading for a crisis! Nevermind that negative interest rate on treasuries... Do what we want, or we'll cause the very crisis that we say we're so concerned about avoiding in the first place.


These are the same people who think you have to destory an economy to save it (Austerity).
 
2013-10-02 03:54:18 PM  

YOU GOD DAMN DUMB MOTHERF*CKERS, WHAT DID YOU THINK ABOUT IT IN 2011?  WAS IT A GOOD IDEA THEN?  DID OUR STOCK MARKET ENJOY THE NEAR DEFAULT THEN, YOU CRAVEN PARTISAN SACKS OF DOGSH*T!?!?!?!  THINK, YOU LITTLE MISERABLE PRICKS!  HOW IN THE GOD DAMN MOTHERF*CKIN F*CK DID YOU EVER LEARN TO TIE YOUR SHOE LACES WITH OUTRIGHT RETARDED PEA BRAINS LIKE THIS?  IF I WASN'T ALREADY DEAD I WOULD STAB YOU IN THE GOD DAMN SKULL WITH AN ICE PICK AND THEN MAYBE OUR F*CKSTAINED REPRESENTATIVES WOULDN'T BE THE MOST WORTHLESS SACKS OF JIZZ TO EVER ERUPT OUT OF A PENIS.

 
2013-10-02 03:55:11 PM  
coeyagi: YOU GOD DAMN DUMB MOTHERF*CKERS, WHAT DID YOU THINK ABOUT IT IN 2011?  WAS IT A GOOD IDEA THEN?  DID OUR STOCK MARKET ENJOY THE NEAR DEFAULT THEN, YOU CRAVEN PARTISAN SACKS OF DOGSH*T!?!?!?!  THINK, YOU LITTLE MISERABLE PRICKS!  HOW IN THE GOD DAMN MOTHERF*CKIN F*CK DID YOU EVER LEARN TO TIE YOUR SHOE LACES WITH OUTRIGHT RETARDED PEA BRAINS LIKE THIS?  IF I WASN'T ALREADY DEAD I WOULD STAB YOU IN THE GOD DAMN SKULL WITH AN ICE PICK AND THEN MAYBE OUR F*CKSTAINED REPRESENTATIVES WOULDN'T BE THE MOST WORTHLESS SACKS OF JIZZ TO EVER ERUPT OUT OF A PENIS.

F*ck.  The Kinnison pic didn't work.  Here:

static.guim.co.uk
 
2013-10-02 03:55:19 PM  
Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.
 
2013-10-02 03:56:37 PM  

coeyagi: F*ck. The Kinnison pic didn't work. Here:


Yeah, kinda doesn't make sense without it.
 
2013-10-02 03:59:47 PM  
...which means exactly diddly-squat to those chunderfarks up on Capitol Hill.
 
2013-10-02 04:02:23 PM  

Angry Drunk Bureaucrat: coeyagi: F*ck. The Kinnison pic didn't work. Here:

Yeah, kinda doesn't make sense without it.


The pic definately helped.

Otherwise it looked like someone snapped.
 
2013-10-02 04:02:27 PM  
The fact that there are any people at all who actually think it's a good idea to default on our debt blows my mind.
 
2013-10-02 04:03:09 PM  
The problem here, is that 64% of the teapartiers think it is ok to not raise the debt limit.  These people, of course, are the ones that are going to determine who wins the republican primaries and thanks to gerrymandering, who will win a majority of the house.   So, if the republicans know what is good for them, they will destroy the economy.
 
m00
2013-10-02 04:03:57 PM  

Magruda: Pretty sure he means we pay too much on defense.


Well, see I would disagree here.

We don't pay too much money on defense. We pay too much money on something we're calling defense but actually isn't.

So I think this isn't even a proposition of "cutting our defensive capabilities" -- it implies a false dichotomy. This is a proposition of ending corporate welfare to private companies with defensy-sounding-names, and changing foreign policy to stop creating these monsters we "have to" fight 20 years later. I put "have to" in quotes because it goes something like this:

Step 1: Go to a country half way around the world, topple their legitimate government because it nationalized its natural resources and won't let American (or British) exploit them.
Step 2: Instigate a coup, and install a dictator and sell him all sorts of weapons, including chemical
Step 3: When the dictator stops being our friend, we use air-strikes / sanctions to try and bring him around. Or maybe we find a Muslim extremist group and give them 500 million dollars to topple our no-longer-dictator-friend.
Step 4: Wait for chaos
Step 5: Declare the war-torn country with impoverished people who now hate us an ENEMY OF FREEDOM, and clearly we need to build more aircraft carriers, jets, bombs, and other hardware to keep this thread in check! Plus we need to spy on Americans more, and curtail civil liberties.
Step 6: Give a lot of contracts to the corporations who lobby government to do these things
Step 7: Use the shiny new capabilities and goto step 1

That's "defense spending"
 
2013-10-02 04:05:04 PM  

birchman: The fact that there are any people at all who actually think it's a good idea to default on our debt blows my mind.


It'll teach dem libs a lesson!

//sure, Billy Bob Cletus Leroy, in the way that shooting up a school full of kids will teach a few bullies a lesson.
 
2013-10-02 04:05:15 PM  

birchman: The fact that there are any people at all who actually think it's a good idea to default on our debt blows my mind.


Well, I mean it's foreign debt, to foreigners, right?  Who cares what they think, they can't affect our derrgern economy!  If they do, we'll just bomb 'em!
 
2013-10-02 04:05:48 PM  

Name_Omitted: Now is the time to GO into debt.


I think the government should do that.
 
2013-10-02 04:07:30 PM  
no shiat.
 
2013-10-02 04:11:33 PM  

Name_Omitted: Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.


Yeah right buddy, what do economists say on the subject..... (checks macroeconomics  text) Oh... Well then objection withdrawn.
 
2013-10-02 04:11:46 PM  

sobriquet by any other name: m00: Well, here's the thing.

Based on the priorities of Congress we'll default on our national debt before we pause spying on every American, before we pause foreign aid to countries such as China (to whom we owe the debt in the first place!), and before we pause corporate handouts.

But a panda-cam run by volunteers which might cost a few thousand a year tops? Yeah, that's gotta go.

Blah blah blah, put your money where you mouth is. Dismember our defense forces, and we'll know you're serious.

/doo eeeeeit


Please.  The minute we cut the DoD budget, we'll be invaded and over run by New Zealanders.  It's tough work, keeping the Kiwis at bay....
 
2013-10-02 04:13:08 PM  
For a party that claims to be pro-business the GOP is amazingly clueless on cause and affect. Capital can leave a nation faster than teens can leave a house party when the cops show up. Remember when the Dow hit 6500 and unemployment blasted off? That was just uncertainties in the derivitives market on how to unwind half a trillion in iffy mortgages. This is the dull faith and credit of the nation.
Add on that continuing to spook the market with near defaults will only push rates up for the debt we already carry. Idiots!
 
2013-10-02 04:16:37 PM  
I don't think we should default... but our debt addiction is like a crack cocaine addiction and we are way past due an intervention of some kind.
 
2013-10-02 04:19:59 PM  

dwrash: I don't think we should default... but our debt addiction is like a crack cocaine addiction and we are way past due an intervention of some kind.


If only there were some sort of spiritual guidance that we could follow that help us understand how bad debt is.
 
2013-10-02 04:20:31 PM  

Zeno-25: Republicans: borrowing and debt is out of control! We're heading for a crisis! Nevermind that negative interest rate on treasuries... Do what we want, or we'll cause the very crisis that we say we're so concerned about avoiding in the first place.


Then they'll prove they were right all along. Especially about Obama.
 
2013-10-02 04:20:31 PM  

madgonad: For a party that claims to be pro-business the GOP is amazingly clueless on cause and affect. Capital can leave a nation faster than teens can leave a house party when the cops show up. Remember when the Dow hit 6500 and unemployment blasted off? That was just uncertainties in the derivitives market on how to unwind half a trillion in iffy mortgages. This is the dull faith and credit of the nation.
Add on that continuing to spook the market with near defaults will only push rates up for the debt we already carry. Idiots!


It''s not the GOP as much as it is the Tea Party. The Tea Party only vaguely understands issues like "being pro-business." They don't see any contradiction between that and tanking the economy with incredibly bad political tactics. They are terrible at their jobs and there is a contingent of simple minded folk who love them for it.
 
2013-10-02 04:20:56 PM  

wrs1864: The problem here, is that 64% of the teapartiers think it is ok to not raise the debt limit.  These people, of course, are the ones that are going to determine who wins the republican primaries and thanks to gerrymandering, who will win a majority of the house.   So, if the republicans know what is good for them, they will destroy the economy.


From the way some of them talk, they seem to believe that keeping the debt ceiling in place will prevent us from going further into debt.  They don't realize debt is a source of money.

Honestly, I think we could avoid a lot of problems in this country if we could insert a basic course on the debt market in your average high school social studies class (or whatever they call it these days).
 
2013-10-02 04:21:39 PM  
Hopefully it won't come to that. Since Obama has to break *some* law if we hit the ceiling, might as well just keep selling Treasuries as usual, beyond the limit. Much better than the other options: breaking appropriations law, entitlement law, tax law, or actually defaulting.

He'll get impeached, but that'll happen regardless.
 
2013-10-02 04:22:03 PM  

m00: Magruda: Pretty sure he means we pay too much on defense.

Well, see I would disagree here.

We don't pay too much money on defense. We pay too much money on something we're calling defense but actually isn't.

So I think this isn't even a proposition of "cutting our defensive capabilities" -- it implies a false dichotomy. This is a proposition of ending corporate welfare to private companies with defensy-sounding-names, and changing foreign policy to stop creating these monsters we "have to" fight 20 years later. I put "have to" in quotes because it goes something like this:

Step 1: Go to a country half way around the world, topple their legitimate government because it nationalized its natural resources and won't let American (or British) exploit them.
Step 2: Instigate a coup, and install a dictator and sell him all sorts of weapons, including chemical
Step 3: When the dictator stops being our friend, we use air-strikes / sanctions to try and bring him around. Or maybe we find a Muslim extremist group and give them 500 million dollars to topple our no-longer-dictator-friend.
Step 4: Wait for chaos
Step 5: Declare the war-torn country with impoverished people who now hate us an ENEMY OF FREEDOM, and clearly we need to build more aircraft carriers, jets, bombs, and other hardware to keep this thread in check! Plus we need to spy on Americans more, and curtail civil liberties.
Step 6: Give a lot of contracts to the corporations who lobby government to do these things
Step 7: Use the shiny new capabilities and goto step 1

That's "defense spending"


When you're a cop, sometimes you gotta invent criminals to bust.
 
2013-10-02 04:23:26 PM  

Name_Omitted: Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.


Playing devil's advocate: if we could pay that interest rate forever, sure... But in 10, 20 years we have to *refinance* those bonds as they mature, at whatever the prevailing rate of interest is at the time...
 
2013-10-02 04:23:28 PM  
Fifty-six percent said they would consider failing to raise the debt ceiling a bad thing for the country, while 38 percent said it would be a good thing.

That's farking scary. It should be something like 80%
 
2013-10-02 04:24:50 PM  

Gaseous Anomaly: Hopefully it won't come to that. Since Obama has to break *some* law if we hit the ceiling, might as well just keep selling Treasuries as usual, beyond the limit. Much better than the other options: breaking appropriations law, entitlement law, tax law, or actually defaulting.

He'll get impeached, but that'll happen regardless.


Did they get rid of the trillion dollar platinum coin gambit?  That was legal
 
2013-10-02 04:25:37 PM  
Thank god there's no chance in hell of it ever happening.

I have more shocking news, the stripper doesn't like you.
 
2013-10-02 04:26:30 PM  

stratagos: Name_Omitted: Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.

Playing devil's advocate: if we could pay that interest rate forever, sure... But in 10, 20 years we have to *refinance* those bonds as they mature, at whatever the prevailing rate of interest is at the time...


Why are we assuming that the interest rate in 10, 20 years is going to be greater than the current interest rate? Especially after we've spent the last decade or two repairing our infrastructure?
 
2013-10-02 04:26:58 PM  

Name_Omitted: Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.


Our company will show negative returns this year, does that mean I get to refuse paying my bills, too?
 
2013-10-02 04:32:11 PM  
As an aside, you gotta love the fearmongering on CNN:

Fear of a possible U.S. default takes a toll on stocks.  Dow ends 64 points lower.  Nasdaq and S&P fall 0.1%

ZOMG 64 POINTS--THAT'S CLOSE TO 90%* OF THE DOW IN ONE DAY!!!!

(* Unskewed from the original value of 0.39%).

I'm certainly not taking the derp side, or arguing that the shutdown could have a negative effect on the economy, but can we wait until it actually does before we start inciting riots in the streets?

I truly feel for those people born into this world without the natural skill or subsequent learning to understand the difference between propaganda and information.
 
2013-10-02 04:32:21 PM  
Hitting the debt limit does not mean we welch on our already outstanding debt. We are not going to default. We will prioritize interest payments ahead of all other spending, and essential services out from there. When money runs out it runs out. We will not be able to borrow more money so unless the IRS stops accepting money we will just have to be more frugal with spending until someone comes up with a real plan to budget correctly.

Fortunately, political blame is free so there will be a lot of that to go around.
 
2013-10-02 04:33:13 PM  

Corvus: Fifty-six percent said they would consider failing to raise the debt ceiling a bad thing for the country, while 38 percent said it would be a good thing.

That's farking scary. It should be something like 80%


Yes, but we're all idiots, 100%, so there's that.
 
2013-10-02 04:33:43 PM  

stratagos: Name_Omitted: Here's the thing.  Now is the time to GO into debt.  Give any business the opportunity to borrow at the Fed's rate, and watch how many of them say no.

Rebuild our highways.
Refurbish our public buildings.
Reduce our operating costs in the long run using absurdly cheap money now.

Act like a business.

Playing devil's advocate: if we could pay that interest rate forever, sure... But in 10, 20 years we have to *refinance* those bonds as they mature, at whatever the prevailing rate of interest is at the time...


Whether that's a problem depends on where the economy, taxes, expenditures, inflation, etc. go.

In this particular case of negative real rates, there's no way to lose; we'll pay less in the future (through taxes or new debt) than we pay today. The long-run fiscally prudent thing to do would be to stop collecting taxes - unless the economy *shrinks* before we roll over the bonds, it'll be less painful to tax tomorrow than today.

Also, long-term deficit projections (to the extent they mean anything at all) have been looking a lot better in the last couple years, thanks to slowing in health care cost growth, plus sequester cuts (which don't look to be going anywhere anytime in the foreseeable future).
 
2013-10-02 04:35:25 PM  

ManRay: Hitting the debt limit does not mean we welch on our already outstanding debt. We are not going to default...



farm4.staticflickr.com
 
2013-10-02 04:36:03 PM  

ManRay: We are not going to default. We will prioritize interest payments ahead of all other spending, and essential services out from there.


Not legal, nor is Treasury logistically capable of doing so (so they say).

ManRay: We will not be able to borrow more money so unless the IRS stops accepting money we will just have to be more frugal with spending until someone comes up with a real plan to budget correctly.


If Congress has a problem with how much debt we're racking up, why don't they take it up with the people who set tax rates and appropriate government expenditures?
 
2013-10-02 04:38:27 PM  

Vlad_the_Inaner: Gaseous Anomaly: Hopefully it won't come to that. Since Obama has to break *some* law if we hit the ceiling, might as well just keep selling Treasuries as usual, beyond the limit. Much better than the other options: breaking appropriations law, entitlement law, tax law, or actually defaulting.

He'll get impeached, but that'll happen regardless.

Did they get rid of the trillion dollar platinum coin gambit?  That was legal


True, that plan wouldn't break any laws now that I think of it. I wonder if that means Obama *has* to use it.
 
m00
2013-10-02 04:40:02 PM  

Gaseous Anomaly: If Congress has a problem with how much debt we're racking up, why don't they take it up with the people who set tax rates and appropriate government expenditures?


Corporations?
 
Displayed 50 of 103 comments

First | « | 1 | 2 | 3 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »
Advertisement
On Twitter






In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report