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President Obama announces that an eleventh-hour debt deal has been reached

Discussion in 'BBS Hangout: Debate & Discussion' started by Northside Storm, Jul 31, 2011.

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  1. Northside Storm

    Northside Storm Member

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    #41 Northside Storm, Aug 1, 2011
  2. DaDakota

    DaDakota Balance wins
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    Was listening to a speech from their President, and he said defaulting did not really do them any harm, and that all the prognosticators said it would kill them as a country/government and nothing of that sort happened.

    DD
     
    #42 DaDakota, Aug 1, 2011
  3. bobrek

    bobrek Politics belong in the D & D

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    #43 bobrek, Aug 1, 2011
  4. Mr. Clutch

    Mr. Clutch Member

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    I think you guys are each right, but just talking about different things.

    Iceland did suffer at first, but has recovered relatively quickly.

    Look at the graph in the link Bobrek posted.
     
    #44 Mr. Clutch, Aug 1, 2011
  5. Major

    Major Member

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    Regardless of what he said, it's not remotely true.
     
    #45 Major, Aug 1, 2011
  6. Major

    Major Member

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    Which graph? All the graphs in the Wiki link seem to end before 2009. But regardless, the reason they survived at all was that they got bailed out - the US doesn't have that option because there's no one big enough to bail them out.
     
    #46 Major, Aug 1, 2011
  7. pirc1

    pirc1 Member

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    #47 pirc1, Aug 1, 2011
  8. Major

    Major Member

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    Also, sorry to sidetrack the discussion. Iceland is a totally different issue to the US. Their reasons for crashing are unique to them and not directly related to anything going on here.
     
    #48 Major, Aug 1, 2011
  9. B-Bob

    B-Bob "94-year-old self-described dreamer"
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    Yeah, LOL, they had the least diverse economy on the planet (banking uber alles.)

    I really would like to travel their though, while it's more affordable. Sorry to continue the derail!
     
    #49 B-Bob, Aug 1, 2011
  10. pirc1

    pirc1 Member

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    What is so great about Iceland? Isn't it just a volcanic iceberg?
     
    #50 pirc1, Aug 1, 2011
  11. B-Bob

    B-Bob "94-year-old self-described dreamer"
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    To some (freaky) few of us, the natural beauty is really compelling. It's also, apparently, an amazing place to see the aurora borealis. And maybe red hair and freckles are more interesting to some of us. :eek:
     
    #51 B-Bob, Aug 1, 2011
  12. pirc1

    pirc1 Member

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    Well, good time to book a trip there now I guess, since school is still out for you. :grin:
     
    #52 pirc1, Aug 1, 2011
  13. Northside Storm

    Northside Storm Member

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    [​IMG]

    (I think Iceland is a poor comparison to the United States or any large developed economy to be fair, a large reason for its failure is because of the fact that the banking sector was like 50% of the economy, and a large reason for its recovery due to devaluation is because the other 50% is about exporting either fish, raw metals or manufactured goods. There are only around 300,000 people in Iceland.)
     
    #53 Northside Storm, Aug 1, 2011
  14. Mr. Clutch

    Mr. Clutch Member

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    Oops, saw the graph wrong. Krugman's posted a lot about how Iceland has recovered faster than a lot of Euro countries because it has its own monetary policy. (Yeah, sometimes I agree with Krugman).
     
    #54 Mr. Clutch, Aug 1, 2011
  15. B-Bob

    B-Bob "94-year-old self-described dreamer"
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    Yeah, I work a 12-month schedule, and "vacation" was all about visiting parents and inlaws this year. (No complaints, but no Iceland either.)
     
    #55 B-Bob, Aug 1, 2011
  16. Northside Storm

    Northside Storm Member

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    Thing is though, devaluation works for Iceland because it is a massively export-oriented economy. It's not an example that can easily be lifted onto other countries given the concentration of their industries and the small size of their populace.
     
    #56 Northside Storm, Aug 1, 2011
  17. Sweet Lou 4 2

    Sweet Lou 4 2 Member

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    This was an idiot's deal. Cutting spending in a weak economy is about as stupid as Washington can be.

    Obama and the Tea Party will be kicked out of power when the economy slips back into recession.
     
    #57 Sweet Lou 4 2, Aug 1, 2011
  18. SunsRocketsfan

    SunsRocketsfan Member

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    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]

    i wouldnt mind visiting.. there is a strange majestic beauty to a desolate place with no human development.

    Just got back from a trip from Alaska and it was gorgeous. Plus I got a picture with Sarah Palin..... well a cardboard cut out of her :)


    Anyways back on topic. . i just find it funny and how it sucks to be Obama. He got a debt deal done but he's being blasted from the left and the right.
     
    #58 SunsRocketsfan, Aug 1, 2011
  19. pirc1

    pirc1 Member

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    Looks pretty good, but I prob won't be visiting it. :p
     
    #59 pirc1, Aug 1, 2011
  20. Mr. Clutch

    Mr. Clutch Member

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    Yeah, I don't disagree with that. Was just saying it has recovered relatively well
     
    #60 Mr. Clutch, Aug 1, 2011
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