Everything you need to know about the debt ceiling

Good point

 

And to pay for what? two criminal wars and tax breaks to the rich.

But Obama was a meanie to vote against those things.

 

This quote by Emerson might be instructive to you - "A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines." One should be lauded for not abandoning their premises but abandoning conclusions which do not follow from their premises.

Obama had a couple of stated premises: 1) that debt weakens us domestically and internationally and 2) debt is lodestone on our children and children's children 3) putting a lodestone on our children and children's children is wrong. With these premises, viewed in light of his current position he remains consistent.

He is however, inconsistent with his conclusion: that therefore we should not raise the debt ceiling. While he previously believed that raising the debt ceiling would be a way to combat debt and avoid putting a lodestone on our children and children's children, he has since learned better and corrected course. He realizes that while his premises might be correct, his initial argument does not follow. He realizes that to default on our debt would be vastly more ruinous to our children and our children's children and he realizes that the debt ceiling is not a mechanism that increases debt but rather a mechanism which allows debt to increase. If he had let a foolish consistency rule his mind, he would not have let himself come to publicly change his views. He taken Emerson's words to heart.

Some people, on the other hand, like to bandy around the word hypocrite because they foolishly believe that a complete consistency is appropriate at all times while not disentangling argument from premise. They do so because they themselves let a foolish consistency plague their mind and they believe others are similarly plagued. To call Obama a hypocrite on this issue is to show that you are marked with a foolish consistency. It is a mark of a little mind.

 

Janet Yellen is gonna be nominated tomorrow! This should prop the markets up for a few days but im happy bc now she will print more than bernanke and all stocks will rise and so will gold!

the rich will get richer woohoo!!!!

 

meanwhile the poor will get hurt by higher gasoline prices and upcoming inflation. Printing money is politically convenient for Obama (since it's outsourced by the Fed) but has long term consequences, as well as hurting the poor and middle class.

 

I don't think people realize the chain reaction to a default.

1.We get credit downgraded from AAA to AA
2.pensions have to drop treasuries bc they're no longer AAA
3.dollar spirals down, gold and oil rise

I pray we resolve this but the reality is either we cut spending now or face 75% tax brackets like france in 30 years. I say lets cut the fat now and spare our grandchildren the misery. The poor and uneducated can take to the streets and face the swift arm of the resistance police in combat gear. God that would be glorious, Im ready to watch it all unfold, so tired of a new crisis every month. 325 million people, 115 million tax payers, enough is enough, let it burn.

 

Ladies and Gentlemen, the Republican voter.

 

the republican voter is smart enough not to continue to bankrupt his grandchildren to help the poor today. SEe democrats think like poor people, paycheck to paycheck, no long term vision, just live for the moment. So clearly why would anyone in office care? By the time shtf they will be living on the beach somewhere with deep pockets and laughing at the mess they left.

 

Rich kid god complex here folks. You probably don't have too many real friends.

 

HEre's everything you need to know.

Republicans and Democrats share a fishing ship out in the middle of the sea. And a storm is coming.

Republicans: We want more fish.
Democrats: We already negotiated how much fish you get. We can give you more fish but then we want more lobsters in return

Republicans: No way. You already have one lobster we gave you 3 months - why do you need more? We want more fish, or we will shut down the ship and also steer the ship into those rocks destroying everything.

Democrats: We won't be blackmailed.

Republican: Democrats are hard-headed and won't negotiate! They are responsible for crashing the ship into the rocks!

 

The billions being invested in domestic production and refining will hold down gasoline prices. That's probably not going to be a big issue for the next couple of decades:

• Growth in energy production outstrips consumption growth
• Crude oil production rises sharply over the next decade
• Motor gasoline consumption reflects more stringent fuel economy
standards
• The U.S. becomes a net exporter of natural gas in the early 2020s


http://www.eia.gov/pressroom/presentations/sieminski_01212013.pdf


The inflation issue seems to be under control for now also:

Price increases decelerated to a 1.2 percent 12-month pace in August from 1.3 percent the previous month and have been half a percentage point or more below the Fed’s 2 percent goal since November. The August unemployment rate of 7.3 percent compares with the 5.2 percent to 5.8 percent rate that the Fed views as representing efficient labor resource use.


http://www.bloomberg.com/news/2013-...-growth-doesn-t-give-ground-on-inflation.html