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.

(Bloomberg)   "A nuclear bomb dwarfing Lehman's collapse." -- Warren Buffett. "A global collapse from Brazil to Zurich" -- Goldman Sachs. "We'll long for the days a disaster of biblical proportions seemed bad" -- Dr. Peter Venkman. "U.S. default" -- John Boehner   (bloomberg.com) divider line 179
    More: Interesting, U.S., Peter Venkman, fire sale, Repos, Mohamed El-Erian, money markets, Carmen Reinhart, obligations  
•       •       •

4412 clicks; posted to Business » on 07 Oct 2013 at 10:29 AM (39 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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

First | « | 1 | 2 | 3 | 4 | » | Last | Show all
 
2013-10-07 09:09:36 AM
Sorry but as the link earlier today mentioned Ted Yoho said "I think, personally, a U.S. default on its national debt would bring stability to the world markets", and over all these experts I would trust Ted Yoho....if I'm insane.
 
2013-10-07 09:15:33 AM
At least places like Austria, Australia and Argentina will be spared.
 
2013-10-07 09:26:48 AM
i42.tinypic.com
 
2013-10-07 09:41:22 AM
Vote every one of those jackholes out of office and try them for willful treason, because holding the U.S. economy, and the world economy hostage, is.
 
2013-10-07 09:49:41 AM
The Venkman quote gets you an vote, subby.
 
2013-10-07 09:50:29 AM

basemetal: Vote every one of those jackholes out of office


Problem: the people who elected them think this is just  great. As John Oliver put it- "They could poison a basket of kittens in front of another basket of kittens, just to make them watch, and still get re-elected."
 
2013-10-07 10:20:35 AM
If I was a billionaire with everything to lose I'd bribe the/an army to replace the failed government. Or maybe just deal with those who are holding the government, so blatantly, hostage.
 
2013-10-07 10:29:16 AM

Slaxl: If I was a billionaire with everything to lose I'd bribe the/an army to replace the failed government.


Um, I'm thinking "unintended consequences" here.
 
2013-10-07 10:32:08 AM

Slaxl: If I was a billionaire with everything to lose I'd bribe the/an army to replace the failed government. Or maybe just deal with those who are holding the government, so blatantly, hostage.


Yes that's worked out great for Egypt.

Here's a better idea: Sane politicians tell the Tea Baggers to shut the fark up and go about their business like adults.  Anyone who thinks the U.S. government is in any way analogous to their personal checkbook should be ignored.
 
2013-10-07 10:39:10 AM
I didn't say I was a rational person and it was a good idea. I just figured now was a good time to put my billions to good use and get my own country. Don't worry, I won't be a brutal oppressor, if you don't force me to be.
 
2013-10-07 10:45:27 AM
This is the problem with putting the nation into the hands of idiots. These folks haven't the capacity to understand what they are playing with, and that's the problem: they are playing with toys, and it's about that real to them. It's a game. A toy. It's playing tough, because they don't understand the consequences.
 
2013-10-07 10:46:52 AM
How many of the tea party congressmen could actually undertand the implications of this article?  That's what scares me.
 
2013-10-07 10:50:33 AM

AliceBToklasLives: Slaxl: If I was a billionaire with everything to lose I'd bribe the/an army to replace the failed government. Or maybe just deal with those who are holding the government, so blatantly, hostage.

Yes that's worked out great for Egypt.

Here's a better idea: Sane politicians tell the Tea Baggers to shut the fark up and go about their business like adults.  Anyone who thinks the U.S. government is in any way analogous to their personal checkbook should be ignored.


Yes, but Jesus. Except the poors. And the messicans. Once they are done with my yard. Damn I need a taco.
 
2013-10-07 10:52:13 AM
I get the feeling Boner often took his ball home if he was losing when he was a kid.
 
2013-10-07 11:00:44 AM
Don't forget...

PEAK OIL!!!!!11!!!!!
img198.imageshack.us
 
2013-10-07 11:06:54 AM
That's a big Twinkie.
 
2013-10-07 11:07:21 AM

OdradekRex: How many of the tea party congressmen could actually undertand the implications of this article?


The man that "masterminded" this disaster is a first-term Senator whose only other significant political experience outside a campaign was as a Solicitor General for five years. He has no business experience at all.

What do you think?

/ this entire country is currently being held hostage by a Canadian and a bunch of inbred nitwits in a state we stole from Mexico...
 
2013-10-07 11:07:33 AM

Nadie_AZ: The Venkman quote gets you an vote, subby.


subby, tell him about the twinkie.
 
2013-10-07 11:08:54 AM

hubiestubert: This is the problem with putting the nation into the hands of idiots. These folks haven't the capacity to understand what they are playing with, and that's the problem: they are playing with toys, and it's about that real to them. It's a game. A toy. It's playing tough, because they don't understand the consequences.


Tea Party reps and their followers are firmly convinced defaulting won't be a big deal at all. They have convinced themselves and NOTHING will sway them.

If we don't default, they will just say it wouldn't have been a bad thing if we had. Recent history shows this to be true.
 
2013-10-07 11:10:03 AM
9/11 times a million....
 
2013-10-07 11:13:33 AM

basemetal: Vote every one of those jackholes out of office and try them for willful treason, because holding the U.S. economy, and the world economy hostage, is.


Treason would mean that they have betrayed the country to a foreign power. This is more like Seditious Conspiracy.
 
2013-10-07 11:15:12 AM

mediablitz: Recent history shows this to be true.


Is 5 days recent enough history?

The last time we did this idiotic dance the cost hit as much as 75 basis points. And that was AFTER the ceiling was raised with the automatic cuts provisions.

The teabaggers believe there's been minimal disruption solely because they're far enough down the food chain that these temporary fights don't hit them directly and they don't pay attention to anything else (companies can lose billions of value in a day over this sort of shiat).

The cost of their irrational behavior is smoothed considerably by the time it gets to their modest 401ks and savings accounts. That will not be true if we actually default.
 
2013-10-07 11:17:06 AM
Look what Obama made us do!
Whaaaaa! Break all his toys!
 
2013-10-07 11:22:08 AM
You and your "economists" and "business" experts ... are no match for my personal opinions and experiences.

A little default is good for you. Kind of like salt.
 
2013-10-07 11:25:48 AM

Walker: Sorry but as the link earlier today mentioned Ted Yoho said "I think, personally, a U.S. default on its national debt would bring stability to the world markets", and over all these experts I would trust Ted Yoho....if I'm insane.


It would, though!

"Completely leveled terrain" is about as stable as you can get!
 
2013-10-07 11:26:09 AM
Well that laid out the situation in stark and uncompromising terms. Whether the Tea Partiers will choose to trust economists over their guts is still the question.
 
2013-10-07 11:33:09 AM
I don't know about the rest of you, but I'm saving a bunch of money to invest in the stock market next spring after everything craters.  As long is the money is worth a touch more than Zimbabwe bucks, I figure riding the stock upswing will be very profitable.
 
2013-10-07 11:37:25 AM
Failing to raise the debt ceiling will not result in a default on any U.S. backed securities.  Current revenues are greater than those needed to finance the debt.  That means that even if we hit the debt ceiling, and even if Congress fails to raise it, the U.S. will not default.  So you can all stop claiming otherwise any time now.
 
2013-10-07 11:38:14 AM

bulldg4life: I don't know about the rest of you, but I'm saving a bunch of money to invest in the stock market next spring after everything craters.  As long is the money is worth a touch more than Zimbabwe bucks, I figure riding the stock upswing will be very profitable.


That's assuming you have your cash under your matress.  If the banks tank, FDIC insurance will be worth nothing.  Remember the Banks in Cyprus and the bail-in by depositors?  You may wind up owning stock - in struggling banks.
 
2013-10-07 11:45:08 AM

StopLurkListen: You and your "economists" and "business" experts ... are no match for my personal opinions and experiences.

A little default is good for you. Kind of like salt.


They even rhyme, mostly
 
2013-10-07 11:46:07 AM

OdradekRex: bulldg4life: I don't know about the rest of you, but I'm saving a bunch of money to invest in the stock market next spring after everything craters.  As long is the money is worth a touch more than Zimbabwe bucks, I figure riding the stock upswing will be very profitable.

That's assuming you have your cash under your matress.  If the banks tank, FDIC insurance will be worth nothing.  Remember the Banks in Cyprus and the bail-in by depositors?  You may wind up owning stock - in struggling banks.


I have all these pieces of paper that say I own gold. Should I have the actual gold??!?!?!
 
2013-10-07 11:47:13 AM

quizzical: Well that laid out the situation in stark and uncompromising terms. Whether the Tea Partiers will choose to trust economists over their guts is still the question.


Actually, it's a horrible article, because it assumes that something that will not happen, will in fact happen, and then talks entirely about the horrible consequences of that event, while completely ignoring the fact that it won't actually happen.  This article is like writing an entire story about how devastating it will be when the incoming meteor hits the earth, when every knows that it will actually miss by the earth entirely.

mediablitz: Tea Party reps and their followers are firmly convinced defaulting won't be a big deal at all. They have convinced themselves and NOTHING will sway them.


I believe that what they have convinced themselves of is that failing to raise the debt limit will not be a big deal.  This may or may not be true.  What is true is that an actual U.S. default would be devastating.  What is false is that failing to raise the debt ceiling will cause a default.

I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.
 
2013-10-07 11:47:29 AM

Talondel: Failing to raise the debt ceiling will not result in a default on any U.S. backed securities.  Current revenues are greater than those needed to finance the debt.  That means that even if we hit the debt ceiling, and even if Congress fails to raise it, the U.S. will not default.  So you can all stop claiming otherwise any time now.


There you have it! Everything is hunky dory. This has no negative ramifications.

Thanks, internet expert!
 
2013-10-07 11:48:54 AM

Talondel: I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.


You say this as if it is the only issue that matters in the debt limit debacle.

Talondel: This may or may not be true.


Ah. I see...
 
2013-10-07 11:49:32 AM
Hmmm. Fark dropped my "intellectually dishonest" comment to Talondel...
 
2013-10-07 11:52:30 AM

Walker: Sorry but as the link earlier today mentioned Ted Yoho said "I think, personally, a U.S. default on its national debt would bring stability to the world markets", and over all these experts I would trust Ted Yoho....if I'm insane.


And for what it's worth, that isn't what Mr. Yoho said.  He said he thought failing to raise the debt limit would be a good thing: ""I think we need to have that moment where we realize [we're] going broke," Yoho said. If the debt ceiling isn't raised, that will sure as heck be a moment. "I think, personally, it would bring stability to the world markets," since they would be assured that the United States had moved decisively to curb its debt."  -  http://www.washingtonpost.com/politics/for-ted-yoho-government-shutdo w n-is-the-tremor-before-the-tsunami/2013/10/04/98b5aa8c-2c3c-11e3-8ade- a1f23cda135e_story_1.html

So once again, what he things (right or wrong) is that failing to raise the debt ceiling could be a good thing.  That's probably not true.  But it's not the same thing as saying that a 'default' would be a good thing, which would certainly be false, but which isn't what he said.  You appear to be either confused about the difference or deliberately misquoting. If you have a different quote from a better source, please feel free to share.
 
2013-10-07 11:53:05 AM

skozlaw: inbred nitwits in a state we stole from Mexico


Well, after we implode, can we sell it back to them for a combo plate?
 
2013-10-07 11:55:44 AM
So, I should withdraw my finances from my credit union savings account and store it in a box at home?
 
2013-10-07 11:57:32 AM

mediablitz: There you have it! Everything is hunky dory. This has no negative ramifications.

Thanks, internet expert!


If you go back and read my post, you should be able to discern that I am not making the  argument that you have ascribed to me. It will certainly have ramifications.  Those ramifications do not include a default on U.S. securities, which is what the linked article and the vast majority of those posting in this thread assume.

mediablitz: You say this as if it is the only issue that matters in the debt limit debacle.


No, I say that as if it were the only issue being discussed in this thread and the horribly inaccurate linked article.

mediablitz: Hmmm. Fark dropped my "intellectually dishonest" comment to Talondel...


?
 
2013-10-07 11:57:57 AM

Talondel: quizzical: Well that laid out the situation in stark and uncompromising terms. Whether the Tea Partiers will choose to trust economists over their guts is still the question.

Actually, it's a horrible article, because it assumes that something that will not happen, will in fact happen, and then talks entirely about the horrible consequences of that event, while completely ignoring the fact that it won't actually happen.  This article is like writing an entire story about how devastating it will be when the incoming meteor hits the earth, when every knows that it will actually miss by the earth entirely.

mediablitz: Tea Party reps and their followers are firmly convinced defaulting won't be a big deal at all. They have convinced themselves and NOTHING will sway them.

I believe that what they have convinced themselves of is that failing to raise the debt limit will not be a big deal.  This may or may not be true.  What is true is that an actual U.S. default would be devastating.  What is false is that failing to raise the debt ceiling will cause a default.

I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.


Please explain, specifically, how the United States government will avoid default when it possesses insufficient funds to meet all financial obligations.
 
2013-10-07 11:58:02 AM

Talondel: I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.


You do realize there are billions of dollars in other federal obligations that don't include servicing government-backed securities, right?
 
2013-10-07 11:59:29 AM
Will the Chinese come in and go on a repo spree?   Will the Big Mac cost a million dollars?   Could the USA become annexed by Canada or Mexico?   Stay tuned for the next episode of Boners for Tea Party.
 
2013-10-07 12:02:26 PM

qorkfiend: Talondel: I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.

You do realize there are billions of dollars in other federal obligations that don't include servicing government-backed securities, right?


Correct.  It's also about confidence in the dollar.  You lose that, and the economy loses the premium the world is willing to pay for US dollar assets as a safe investment.
 
2013-10-07 12:03:21 PM

Dimensio: Please explain, specifically, how the United States government will avoid default when it possesses insufficient funds to meet all financial obligations.


What the linked article is talking about is the ramifications of a default on U.S. back securities (bonds, bills, notes, etc.).  Current revenues are more than sufficient to pay those obligations.  This will lead the U.S. to fail to meet other obligations, such as S.S. payments, medicare and medicaid payments, and probably even money owed under various contracts.  These failures will have negative consequences.  But they will not be the consequences discussed in the linked article, which assumes there will be a default on U.S. Treasuries, which is a false assumption.

qorkfiend: Talondel: I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.

You do realize there are billions of dollars in other federal obligations that don't include servicing government-backed securities, right?


I do.  But failing to meet those obligations is not what the linked article is talking about.  It's talking about the consequences of a U.S. default on it's Treasuries.  Anyone who actually read the article should be able to discern this from the 2nd and 3rd paragraphs.
 
2013-10-07 12:05:28 PM

OdradekRex: qorkfiend: Talondel: I will say it again for those who aren't following: Regardless of whether or not the debt ceiling is lifted, there will be no U.S. default on government backed securities.

You do realize there are billions of dollars in other federal obligations that don't include servicing government-backed securities, right?

Correct.  It's also about confidence in the dollar.  You lose that, and the economy loses the premium the world is willing to pay for US dollar assets as a safe investment.


I'm not sure I agree that it would necessarily effect the value of the dollar.  That has more to do with the perception of the Federal Reserve than of the government as a whole.  But even if I accept that premise is true, the effect on the economy is a tiny fraction of what the linked article is claiming will happen.
 
2013-10-07 12:05:32 PM
Talondel, when the US Treasury runs out of funds to pay ongoing obligations, under what mechanism are you asserting that this would not lead to a default?
 
2013-10-07 12:07:20 PM
Mint the damn coin Jean-Luc!! ... er .. Obama!
 
2013-10-07 12:10:34 PM
How about we sell parts of TX/AZ/NM back to Mexico? That could net us a few million.
 
2013-10-07 12:11:02 PM
If it ever comes down to the IRS directly funding the interest on the debt to prevent bond default, it's time to get out my tricorne hat and go to tea party meetings to go full ragederp on them for continuing to fund the IRS. Because at that point allowing this political arrangement to continue is as unnecessarily cruel as refusing to put down a draft horse with 4 broken legs because we really had such fond memories of it as a pony.
 
2013-10-07 12:15:21 PM
Talondel:

I'm not sure I agree that it would necessarily effect the value of the dollar.

Wow.
 
Displayed 50 of 179 comments

First | « | 1 | 2 | 3 | 4 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report