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Obama on raising the debt ceiling: Then ("Increasing America’s debt weakens us...

Obama on raising the debt ceilingThen ("Increasing America’s debt weakens us domestically and internationally.") and now ("If we hit the debt ceiling, that's essentially defaulting on our obligations which is totally unprecedented in American history," economic adviser Austan Goolsbee says.).
Comments (51)
  • wyostocks
    , contributor
    Comments (7628) | Send Message
     
    This is the same Obama who voted against raising the ceiling when he was a senator.
    Lets see how many Dems so conveniently forget this little factoid.
    But thats OK because everything was different when Bush was President.
    5 Jan 2011, 06:22 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    wyostocks,thanks for reminding us....Obama, you can't have it both ways....
    5 Jan 2011, 06:25 PM Reply Like
  • Credible Clarity
    , contributor
    Comments (160) | Send Message
     
    Also ironic, this Maxine cartoon on senior health care solutions vs/ prison bit.ly/hDNAho. Apologies for link. I couldn't figure out how to paste it in here without distortions too difficult to read.
    5 Jan 2011, 07:30 PM Reply Like
  • Jackson999
    , contributor
    Comments (468) | Send Message
     
    Proves politicians talk out of both sides of their mouth.
    5 Jan 2011, 10:24 PM Reply Like
  • Origa
    , contributor
    Comments (543) | Send Message
     
    Double standard is the standard for whoever is President.
    6 Jan 2011, 12:02 PM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    Two words: "Chicago politician"
    6 Jan 2011, 12:15 PM Reply Like
  • Tom Au, CFA
    , contributor
    Comments (6775) | Send Message
     
    People are starting to "talk the talk."

     

    But they haven't yet begun to "walk the walk."
    5 Jan 2011, 06:25 PM Reply Like
  • ilmor
    , contributor
    Comments (17) | Send Message
     
    Please don't mention Obama on this site; he makes me feel sick!
    5 Jan 2011, 06:29 PM Reply Like
  • coddy0
    , contributor
    Comments (1182) | Send Message
     
    ilmor
    "Please don't mention Obama on this site; he makes me feel sick! "
    =====================
    Buyer remorse

     

    Rationalize the purchase by telling yourself that although you did not got a good value, other did not got it as well.

     

    Other method is to repent your own sins while forgiving others

     

    Preventive care is to realize that

     

    A- Nothing is for free
    B- BS is unaffordable expensive
    5 Jan 2011, 11:42 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    If Ben just buys new issues of US treasury debt for 1000 cents on the dollar, everything should be A-OK. That should keep us under the cap.
    5 Jan 2011, 06:29 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Anyone who listens to politicians or puts their hopes and dreams on them is either an idiot or a parasite.
    5 Jan 2011, 06:59 PM Reply Like
  • ilmor
    , contributor
    Comments (17) | Send Message
     
    Careful - liberal laws and politicians will have you in jail for such threatening speech.
    5 Jan 2011, 07:07 PM Reply Like
  • mra1385
    , contributor
    Comments (24) | Send Message
     
    Are you all forgetting that we were not in a recession back then?
    5 Jan 2011, 07:47 PM Reply Like
  • bmcpic
    , contributor
    Comments (150) | Send Message
     
    Honest, I don't see the issue. Maybe I'm blind, but this is how the system is supposed to work. Whatever side you were on, George W. Bush was a terrible leader. Looking at the numbers, he was just a profligate as Obama, maybe more so. Obama gets into power, doesn't deliver (and no matter what side you are on, if you go listen to campaign Obama and president Obama you would think they were two completely different people) and is now unpopular and being voted out.

     

    This is our system. We wait until the situation is bad, and then we vote in people to do something about it (i.e. the tea party). We'll be fine. The country was way worse off economically in the 1810s, 1830s (the biggest crash in the Nation's history, as a percentage), late 1860s, 1890s (another terrible depression nobody remembers), 1929-30s, late 1970s, early 1990s, and now 2009. Each time we recover, and the overall standard of living rises. Each time we went nuts over the debt, elected people who would do something about it, and moved on. There is no credible indication it will be different this time. We'll be fine, as we as Americans always have, because our system of government is the best in the world, and our Courts are the fairest in the world. That will always matter to world currency markets. Maybe some rough times ahead, but nothing we can't handle or that we haven't seen before.
    5 Jan 2011, 07:50 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    How old are you? You sound very naive.
    5 Jan 2011, 08:11 PM Reply Like
  • neutrinoman
    , contributor
    Comments (700) | Send Message
     
    The problem with Bush Jr. is that he got the Congressional Republicans to unashamedly embrace large and growing government. The 1990s Republicans failed to accomplish much in shrinking the size and scope of government, except at the margins. The standoff with Clinton did keep government from growing much, though.

     

    The Tea Party is a floating revolt, the son of the Perot movement of 20 years ago, that has found the Republican party a convenient vehicle, at least for now. The Tea Partiers learned from the Perot experience that third parties just split the vote, which self-defeating. The Republican establishment has a problem, because the Tea Partiers have put them under the gun on spending, regulation, and mandates.

     

    Watch what's happening in the UK now, and what happened in Canada and Australia in the 90s. That's what going to happen here in a couple years.
    5 Jan 2011, 08:46 PM Reply Like
  • Uber Vandal
    , contributor
    Comments (296) | Send Message
     
    While I agree with your post that the USA has gone through many depressions, wars, and other calamities, we have a few major differences between now and even the recent past.

     

    For starters, when we had depressions or recessions in the past, once things turned around, we still had factories and/or jobs for employees to go back to. With globalization and automation, many jobs that people once had simply no longer exist nor are going to come back.

     

    Another problem of today is simply try to get anything done without a lot of inconclusive and costly studies and litigation for even the most simple of projects.

     

    And finally, since Paul Volcker stepped down as an economic adviser, to me, that is sending a clear signal for inflation to come barreling down the tracks like an unstoppable train, and once it gets here, it will end in a very ugly wreck.
    6 Jan 2011, 06:17 AM Reply Like
  • Origa
    , contributor
    Comments (543) | Send Message
     
    Hmm, what will the US do, the day they can no longer pay the interest rate of the debt?

     

    With this policy, the US debt is heading fast to 30 Trillion dollar.

     

    Your president should stop trying to copy EU politics, there should be a copyright somewhere.
    5 Jan 2011, 07:50 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    As a true Tea Party patriot, you must insist that your representatives stand firm on a balanced budget. Millions for defense, but not one cent to raise the debt ceiling.
    5 Jan 2011, 07:53 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    zorrow: Your partisanship is showing. Take a look at the austerity budget the conservative UK government has proposed. Massive cuts to defense but none to national health care. Much of the U.S. defense budget subsidizes European social programs because the euro socialists depend upon the U.S. for their defense. Write every democratic congressperson with a defense plant or installation in their district and ask them to defund it. Not going to happen.
    5 Jan 2011, 08:21 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Actually Geoff, this has been fun. Obviously the lines are clearly drawn and you and I are on opposite sides.
    5 Jan 2011, 08:26 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    zorrow: While I have political views which undoubtedly inform my investment decisions, I am agnostic as far as the markets are concerned. I'm here to make money. Are you against that?
    5 Jan 2011, 08:39 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Not at all. I hope we both do well in 2011. "While I have political views which undoubtedly inform my investment decisions". I'm curious, based on your view of the political landscape, what are your top picks for 2011?
    5 Jan 2011, 08:48 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Oops, I didn't hear the "dopey dozen" come in. Hi guys.
    5 Jan 2011, 09:09 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    2011 picks: same as 2010: trade commodities, store some cash; strong balance sheet dividend players for income. Capital preservation is still key.
    6 Jan 2011, 10:57 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    I agree. I'm just chasing dividend x-dates on large cap franchise players with juicy dividends, until the regulatory and political situation stabilizes. And I sstill don't like some Mullah censoring our comments.
    6 Jan 2011, 11:04 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Visit Zero Hedge for some way out comments on a site that doesn't censor.
    6 Jan 2011, 01:07 PM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    thanks, I'll probably be the only liberal; but I prefer lonliness to censorship.
    6 Jan 2011, 01:09 PM Reply Like
  • TraderMark
    , contributor
    Comments (2422) | Send Message
     
    Nothing to worry about folks. The first act of GOP was to weaken anti deficit rules. Now they can cut taxes on any measure without paying for it. Nothing to see here ...

     

    is.gd/kc58X
    5 Jan 2011, 08:10 PM Reply Like
  • kcr357
    , contributor
    Comments (557) | Send Message
     
    In all honesty, it was in the plan all along to cut taxes. If the result of the measure is having to cut useless gov. programs/welfare reform/pulling out of whatever current "war" we are engaged in because a lack of funding, I am all for it.
    5 Jan 2011, 11:42 PM Reply Like
  • TraderMark
    , contributor
    Comments (2422) | Send Message
     
    Right but now the GOP is saying they cannot even find $100B to cut. They have reneged on day 1.

     

    And now they can pass tax cuts without "paying for them" because of course "they pay for themselves". As shown by the deficit the past 30 years.
    6 Jan 2011, 04:39 AM Reply Like
  • ilmor
    , contributor
    Comments (17) | Send Message
     
    Wow, its incredible to return to this discussion and see that someone is actually calling others racist just because they don't like someone? That is, without a doubt, the most immature thing I have ever read.

     

    In fact, the racism here is most exemplified by the accuser. People who are always crying racism need to quit relying on that worn out and increasingly weak excuse, because it does nothing more than make them look completely stupid.
    5 Jan 2011, 08:34 PM Reply Like
  • mra1385
    , contributor
    Comments (24) | Send Message
     
    Some people think it is racist because: (1) nobody had a problem with GW Bush running up the deficit; and (2) most of the current deficit is a result of the recession and a severe reduction in tax revenues, not increased spending. But Teapartiers dont care about that and would blame Obama no matter what.
    5 Jan 2011, 08:50 PM Reply Like
  • ilmor
    , contributor
    Comments (17) | Send Message
     
    Sorry, but that still doesn't explain the racist remark. How does not liking someone's governing, whether it be Bush or Obama, suddenly become a racist? If someone didn't like Bush, were they a racist? If they don't like Obama, and are therefore deemed racists, were people who didn't like Bush also racists? What's the difference? What makes someone a racist in your view - simply not liking someone?
    5 Jan 2011, 08:57 PM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    i am not a supporter of Obama's Administration but the truth is he inherited the economic mess that we are facing today. I am a GOD fearing Christian who is color blind.
    5 Jan 2011, 09:01 PM Reply Like
  • ilmor
    , contributor
    Comments (17) | Send Message
     
    Yes, he inherited a mess, caused by Democrats, however he has made the situation much worse!
    6 Jan 2011, 05:37 AM Reply Like
  • D_Virginia
    , contributor
    Comments (2280) | Send Message
     
    > a mess, caused by Democrats

     

    Tunnel-vision isn't healthy. You should have a doctor look at that...
    6 Jan 2011, 08:38 AM Reply Like
  • MichaelN2
    , contributor
    Comments (2) | Send Message
     
    LOL, -15 in a matter of minutes, on this post and the same -15 on his comment below.

     

    Looks like couple of conservative commenters figured out the multiple-account trick.

     

    SA: You might start limiting votes by IP address rather than by account. Most reputable website comment communities must do this for precisely this reason. Welcome to the 21st century.

     

    Now, there will be -15 on this comment in 3...2...1....
    6 Jan 2011, 09:15 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    I know they do that to me.I refer to whoever it is as the "dopey dozen" But that's nothing compared to SA's censorship.
    6 Jan 2011, 09:24 AM Reply Like
  • TeresaE
    , contributor
    Comments (3041) | Send Message
     
    @mra1385

     

    "nobody had a problem with GW"

     

    Really? I had a problem with it and wrote, on average, a letter a week to my useless "representatives." John Williams at Shadowstats, most certainly had a problem. Peter Schiff, he complained about it too.

     

    The problem was the citizens were too busy working cash jobs in construction, or flipping houses, or cashing out their home's "equity" to fund trips to the ocean to notice those of that had a HUGE problem with it.

     

    Of course, GWB's spending was to protect our children, at least that's the playbook people have bought into.

     

    Our problems are so much deeper than Red vs. Blue, Obama vs Bush or any other such nonsense.

     

    Glad to see misdirection, propaganda, "entertainment" and liberalized education work in the real world. Brings all those articles/classes I've had over the years into sharp focus.
    6 Jan 2011, 11:30 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    The Mullahs are considering your comment. Temporarily, you have permission to post. Howver if we decide it is not what you wanted to say, or you said it wrong; we will edit or delete as necessary.
    6 Jan 2011, 11:39 AM Reply Like
  • surfgeezer
    , contributor
    Comments (6699) | Send Message
     
    IMHO the real problem with the debt, is NOT cost of service or what are children are left holding. Both are bad, don't get me wrong, but the real cost is in jobs and the artificially higher dollar from the debt buying, instead of goods buying, that other countries can and are doing to effect exchange rates. The strong dollar advocates are flat wrong for the country and only appeal to the short sighted consumerism that Americans excel at. A strong dollar is great as a symptom of a strong economy, but we have neither and is directly tied to politicians proming something for nothing. BOTH PARTIES.

     

    We simply live in a competitive world and big guns will not make up for a non competitive currency, nor will making our workers have the best job conditions mandated help us. That does not mean spending on infrastructure or other net savers like less oil, or targeted tax breaks and a review of old targeted breaks should not be up for discussion.

     

    But the only really worrisome debt is the debt to other countries, as that directly affects exchange rates. It is huge, and I have to bring in the new Euro bond. This transfers debt from individual countries to the whole zone, including Germany that has benefited the most from the weak Euro. Notice China was happy to bail out their consumers. They understand the value of a cheap currency for growth and just opened a new credit card acct. for the Euro zone.
    5 Jan 2011, 11:56 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    Does anybody know what happened to half the commentary posted on this thread that disappeared overnight , Wednesday night?

     

    Is this SA Censorship or technical dificulty.

     

    I feel the need to know.
    6 Jan 2011, 08:24 AM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    Deleting some content and not others, changes the context of the remaining comments.

     

    If they felt this thread was getting out of hand, they should have deleted the entire thread, and notify all that posted to it and the reason.
    6 Jan 2011, 09:04 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Deleting any comment without explanation is affront and an insult to the opiner and to our entire way of life. I've yet to see an explanation. I say boycott.
    6 Jan 2011, 09:34 AM Reply Like
  • mikeybronx
    , contributor
    Comments (347) | Send Message
     
    what are we boycotting? i hope its gasoline prices.
    6 Jan 2011, 09:37 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    The explanation for the censorship needs to be posted here. What is your policy, how was it applied. Come on out here and say something. You had no problem reaching into a political discourse and editing it to your liking. Man up SA.
    6 Jan 2011, 09:54 AM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    Thanks, zorrow, for standing up to free speech....
    6 Jan 2011, 10:52 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Free speech is guaranteed by the First Amendment to the U.S. Constitution. It applies solely to the federal government and to state governments by virtue of the Fourteenth Amendment. SA is free to censor at will. Just saying.
    6 Jan 2011, 11:02 AM Reply Like
  • zorrow
    , contributor
    Comments (848) | Send Message
     
    Lets see. If I'm the anonymous Mullah, I can replace your comment with, "Free speech is free to censor by virtue of the Fourteenth Amendment. Just say yes to SA."
    6 Jan 2011, 11:27 AM Reply Like
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