Article

2011-07-22 Economy

US seeks deal to avoid 'economic Armageddon'

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2011-07-22 00:00|| || Front Page|| [11127 views ] Top

#1 US seeks deal to avoid 'economic Armageddon'

It's not if, it's when. The later the harder and deeper.

Posted by Procopius2k 2011-07-22 00:02|| 2011-07-22 00:02|| Front Page Top

#2 Maybe for the governing class. For the average Joe trying to make a living and raise a family it will be a relief from the crushing burden inflicted on us by Those Who Spend Other Peoples' Money.

Posted by Eohippus Phater7165 2011-07-22 01:13|| 2011-07-22 01:13|| Front Page Top

#3 Its either default or hyperinflation.

Posted by phil_b 2011-07-22 03:00|| 2011-07-22 03:00|| Front Page Top

#4 Its either default or hyperinflation

I bet on them to manage to get both.

Posted by g(r)omgoru 2011-07-22 03:14|| 2011-07-22 03:14|| Front Page Top

#5 Could be worse, could be raining.

Posted by S 2011-07-22 04:16|| 2011-07-22 04:16|| Front Page Top

#6 This can't be all cuts, there has to be a balance," Reid said.

Why start now, Harry? It's been spend, spend, spend for the last 75 years.

Posted by Bobby 2011-07-22 05:54|| 2011-07-22 05:54|| Front Page Top

#7 The US govt. is going to argue right up to the deadline. They will then default and after that the dollar will be devalued. No one will take responsibility and each will blame the other.

Unemployment and crime will go up. Do you own a gun? The mail will be delivered three days a week. Gas prices will climb to $6/gallon in a year.

Houses in neighborhoods will be abandoned and nobody will collect the garbage or mow the lawns. Some women with kids to feed will become prostitutes at the Mall.
Your car will be broken into and you will learn to steal yourself or get your kids to do it.

Your daughter will move in with a man who owns a bar...or a grocery store. You will see young men loitering down at the corner after dark. Dogs will disappear. There may be a few houses that catch on fire for no apparent reason. The cops wont come when you call.

And your vote wont mean shit.

But HEY! Obama is The One. Hope and Change, brothaman.
Greek Columns and such wonderful speeches.....anybody remember any of the memorable lines from any of the speeches? Yeah?

Sing it for me.

Posted by de Medici 2011-07-22 06:16|| 2011-07-22 06:16|| Front Page Top

#8 crikey, people, the US is in deep s**t.

really deep. like oceanic trench deep .... you can't afford the wars, the foreign aid and the UN anymore

cut them all out and save yourselves

If the US goes down the one shining beacon of free speech will be snuffed out

SAVE YOURSELVES

Posted by anon1 2011-07-22 07:57|| 2011-07-22 07:57|| Front Page Top

#9 " crikey, people, the US is in deep s**t". Many see what is just ahead but it's like the frog story.Put a frog in hot water and he jumps out. Put that frog in water then turn the heat up. He stays till he's cooked or croaked (he he). People are doing just as our government. They are charging again to maintain the lifestyle they believe they have earned. 401's, retirements have been hammered also. This story is being played out in many parts of the world. We are not alone in this. We haven't had the Arab spring or the riots in Greece and others. We could and perhaps will.

Posted by Dale 2011-07-22 08:53|| 2011-07-22 08:53|| Front Page Top

#10 ..if and when the poor riot, the pols eventually send in the National Guard.
The problem is that if and when the middle class riot, they are the National Guard.

Posted by Procopius2k 2011-07-22 09:15|| 2011-07-22 09:15|| Front Page Top

#11 Post by de Medici 2011-07-22 06:16||

There is the New Orleans Katrina scenario where it was Armageddon--Widespread looting, shootings, dog-eat-dog.

There also is the Nashville flood scenario where people did not loot, there were no shootings, people helped each other get out of a crisis.

Most likely, we will experience both scenarios in this country. Red states might follow the Nashville scenario; blue states the New Orleans scenario. The high crime cities--further breakdown of law and order under a crisis scenario.

If we do get into the Katrina scenario and people riot, there will be no holding them back. The ruling political class had best run for the hills.

Posted by JohnQC 2011-07-22 10:04|| 2011-07-22 10:04|| Front Page Top

#12 JohnQC, I would not break it into Red States and Blue states so much as Red Counties and Blue Counties.

Urban centers are more likely to have trouble, they are also more likely to have democratic mayors who have encouraged dependency policies.

Posted by rjschwarz 2011-07-22 10:13|| 2011-07-22 10:13|| Front Page Top

#13 My guess is we chug along without a major riots or problems, but hiring, the job market and the economy stay pathetic until we have a new president. Then when things start to recover both sides take credit (Dems claiming their policies just took longer than expected).

The cycle continues.

Hopefully there will be a mandate at the next election that will allow us to break the cycle for good.

Posted by rjschwarz 2011-07-22 10:19|| 2011-07-22 10:19|| Front Page Top

#14 Saw el prez give a speech to a bunch of terrapins not too long ago, quite awkward.

I've always wondered who would loan more money even if the debt limit was raised. Personally they only way I would buy any sort of bond is if it were at a 1:1 tax deduction. Problem is in DC that there would be pols who would go, hey sounds like a great idea!

Posted by swksvolFF 2011-07-22 11:58|| 2011-07-22 11:58|| Front Page Top

#15 S: "Could be worse, could be raining."

Ka-boom! :-(

Posted by Barbara 2011-07-22 12:03|| 2011-07-22 12:03|| Front Page Top

#16 So Boehner, not Boner, and O'Bummer are playing a grand game of chicken while the whole world watches to see who blinks. My guess, sorry to say, is Boehner will. The big question is who can go to the voters and blame the other for a default. I'm thinking Bummer thinks he's the one who holds that card. Hope I'm wrong.

Posted by Ebbang Uluque6305 2011-07-22 15:27|| 2011-07-22 15:27|| Front Page Top

#17 Meanwhile, the word has leaked out that all this time, the FED has had a secret plan to prevent a US default, and is confident that they can prevent it. But it was a secret, because they wanted to keep the pressure on for sky high taxes.

Posted by Anonymoose 2011-07-22 15:40|| 2011-07-22 15:40|| Front Page Top

#18 Boehner is just setting up his alibi when it all goes down. Whether the jury/tribunal buys it or not, it's a better hand to play than the other two have dealt themselves.

Posted by Procopius2k 2011-07-22 15:43|| 2011-07-22 15:43|| Front Page Top

23:30 anon1
23:12 SteveS
23:10 Procopius2k
22:42 Rob Crawford
22:30 swksvolFF
22:26 tu3031
22:09 Procopius2k
21:46 anonymous2u
21:40 anonymous2u
21:15 Eohippus Phater7165
20:24 tipper
20:20 Halliburton - Mysterious Conspiracy Division
20:13 lotp
19:24 Ebbang Uluque6305
19:22 tipper
18:59 Rhodesiafever
18:57 Anguper Hupomosing9418
18:44 Rhodesiafever
18:28 Mercutio
18:22 Anonymoose
18:22 Omerong and Tenille9154
18:20 Omerong and Tenille9154
18:17 Omerong and Tenille9154
18:13 Rob Crawford