Geithner says "we're running out of time" to raise the debt ceiling. Bernanke says failure would...


Geithner says "we're running out of time" to raise the debt ceiling. Bernanke says failure would be "calamitous." Pres. Obama says seniors might not get Social Security checks without a deal. But, Kurt Brouwer asks, isn't this the same gang who said TARP, the stimulus, Obamacare, QE1 and QE2 would fix things? Is it any wonder that Americans "just do not trust our leadership anymore?"

Comments (68)
  • kmi
    , contributor
    Comments (4587) | Send Message
     
    Politics are so polarized in the US I got int'l friends and associates calling me up asking what is going on. Everyone wants to know if the US will default and what the repercussions will be on their own sphere.

     

    Basically, the rest of the world is already panicking, and we aren't anywhere closer to resolving the issue.
    14 Jul 2011, 06:32 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    TARP, the stimulus, Affordable Healthcare, QE1, QE2, did fix things. Your not standing in a soup line are you?

     

    Oh, you forgot the GM bailout that saved tens, if not hundreds of thousands of jobs and the American auto industry.

     

    The only leadership I don't trust is the leadership that continually says NO as their solution and magically produces a crisis by NOT voting to increase the debt limit. This is not a crisis folks, unless you say NO. And the right wingers vocabulary is restricted to NO.
    14 Jul 2011, 06:32 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    You know Monngie you should really expand your circle of acquaintances. If you did you might actually be able to see more than one side to every situation. Mark Twain said something like this, when I was young all I saw was black and white in every situation, now that I am older all I can see in most situations are shade of grey. Think about it.
    14 Jul 2011, 06:37 PM Reply Like
  • Positive Equity
    , contributor
    Comments (476) | Send Message
     
    W. (Bush Jr.) ran up a 4.3 trillion dollar debt. Obama ran up a 3.9 trillion dollar debt. Looks like a lot of red from both parties.
    14 Jul 2011, 07:32 PM Reply Like
  • 2PP
    , contributor
    Comments (343) | Send Message
     
    4.3 in 8 years vs 3.9 in 2.5 years, there's no comparison to how these numbers where accumulated.
    14 Jul 2011, 08:12 PM Reply Like
  • ltsgt1
    , contributor
    Comments (1630) | Send Message
     
    Bush ran up 4.3 trillion in 8 years. Obama ran up 3.9 trillion in less than 2 years. If no one would step up to stop this madness, Obama will turn us into Zimbabwens. Obama is Bush on steroid.
    14 Jul 2011, 08:16 PM Reply Like
  • Topcat
    , contributor
    Comments (579) | Send Message
     
    Except Obama put Bush's wars on HIS budget books, which few people understand.
    14 Jul 2011, 08:56 PM Reply Like
  • superpatrol
    , contributor
    Comments (616) | Send Message
     
    Obama is "paying" for bush's wars, and the stimulus was booked on his clock, even though the financial crisis started during the predecessor's term.

     

    frankly, he's not done a great job (especially when the Democrats controlled Congress), but what can be done when handicapped by this idiotic House of Reps?
    14 Jul 2011, 09:15 PM Reply Like
  • kmi
    , contributor
    Comments (4587) | Send Message
     
    super, he isn't just hampered by Repubs but by idiots in his own party as well.

     

    He has the vision but no ability to execute.
    14 Jul 2011, 09:22 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    SuperTard,

     

    Obama's Failed stimulus cost nearly as much as Bush's "wars"

     

    Bush's War? you mean the one the Majority,Democratic Congress voted for. That one?

     

    www.youtube.com/watch?...

     

    Obama supported the Afghan War and continues to do so..

     

    Sorry to break it to you.

     

    And neither represent a major part of the debt.

     

    www.poetpatriot.com/ti...

     

    Keep Dreaming
    14 Jul 2011, 09:29 PM Reply Like
  • mattyw
    , contributor
    Comments (125) | Send Message
     
    I agree, he inherited a bad situation. You guys have some fantasy that the US president will wave some magic wand and set the economy straight. I've got news for you guys: Considering how terrible the Republicans are with the economy, it will take until halfway into Obama's second term to set things right.
    14 Jul 2011, 09:32 PM Reply Like
  • mattyw
    , contributor
    Comments (125) | Send Message
     
    Well, they ARE republicans, common sense and intelligence eludes them.
    14 Jul 2011, 09:33 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Common Sense?

     

    You mean Like when you borrow money you have to pay it back, or 2+2=4, not three.

     

    Let us know when somebody knocks some sense into you, before the markets do.
    14 Jul 2011, 09:36 PM Reply Like
  • 2PP
    , contributor
    Comments (343) | Send Message
     
    The cost of the 2 wars has been static for both administrations and have cost basically the same. The stimulus and the non-war in Libya and their costs are on Obama. Why can't liberals just accept the fact the all politicians are the same, they lie and deceive, they pander to the special interests, and are in it for their own self interest. I voted for Nixon and he was corrupt, I voted for Clinton once and he was corrupt and horny. I didn't vote for Obama but he is by far the most polarizing, corrupt, politician in my lifetime. He has lied about Gitmo, Iraq, Afghanistan and has driven our country to the brink of bankruptcy. Obama's debt's are his own and no one elses.
    14 Jul 2011, 09:49 PM Reply Like
  • superpatrol
    , contributor
    Comments (616) | Send Message
     
    this is the type of response I'd expect only from a classless dimwit.
    my fave part is where you have wars in quotes
    lol
    14 Jul 2011, 10:14 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Supertard,

     

    Dimwit?

     

    You failed to specifically respond to any of the details presented to you.

     

    Like,

     

    The costs of the Wars vs the failed stimulus (FACT) by Obama's own objectives,

     

    Who voted for it,

     

    Obama's 2008 campaign supporting the Afghan War,

     

    How about The Dems controlling both legislative bodies while authorizing "Bush's" War while Obama has failed to get the same for Libya?

     

    Just who is the Dimwit?
    14 Jul 2011, 10:27 PM Reply Like
  • Playing the Ponzi
    , contributor
    Comments (143) | Send Message
     
    It's ironic. I voted for Obama because I was pissed at Bush's wasteful ways. Registered as a Democrat to vote for him in the primaries and all. How could Obama be worse than Bush? Surely he would help reign in the rising disparity between the have's and have-not's in this country, right?

     

    Oh. Wow. I had no idea how wrong I could be.

     

    As for the debt ceiling, both sides are right, imho. It IS a spending problem, as Republican content. And they SHOULD close tax loopholes (i.e. "raise taxes") as Democrats contend. Both sides are so busy clinging to ideology that they are incapable of deal-making.
    14 Jul 2011, 11:48 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    That is precisely why NO is not an answer. Shades of grey are much more complicated than that.
    15 Jul 2011, 03:20 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    It couldn't be that President Obama had to run up 3.9 t in debt to keep as many of us as possible out of soup lines after Bush ran our economy off the cliff.

     

    No, couldn't be that.
    15 Jul 2011, 03:22 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    There's only one comparison to the cliff GW ran us off of and that is the Great Depression.
    15 Jul 2011, 03:23 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    You got it Superpatrol.
    15 Jul 2011, 03:24 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Yes, there are some idiots in the Democratic Party that impeded progress. The called Red Dogs. As far as I'm concerned there Republicans in Democratic clothing.
    15 Jul 2011, 03:28 AM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3554) | Send Message
     
    Monngie,

     

    Rush Limbaugh said he wasn't going to retire until everyone agreed with him.

     

    The problem is the current GOP group has become over-idealistic, dogmatic, and uncompromising. They see this strength of will as a virtue, however, you can't will yourself to live through train wreck simply by holding a conviction stronger than anyone else.

     

    This generation of GOP simply has lost the ability to gather information and make rational judgement based off of that information.

     

    I feel like some 15th century religious leaders just stand up on the podium and then anyone who disagrees or actually tries to think practically is ex-communicated and branded a traitor.

     

    Ideology has replaced critical thinking.
    15 Jul 2011, 03:28 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    1980dufus

     

    If TARP, the stimulus, QE1, QE2, and the GM bailout didn't fix things. We would all be standing in soup lines.

     

    The wars 1.2T. Just a drop in the bucket you say.

     

    1980Dufus, that's the kind of mentality that got us into our financial mess.
    15 Jul 2011, 03:34 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    That's if we're lucky, and if we vote the Republicans out with as much zeal as they were voted in.
    15 Jul 2011, 03:36 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    What about he had to spend that money to correct the insanity of W, the NOT SO FISCALLY CONSERVATIVE REPUBLICANS, AND THE NEOCONS that ran us into war and off the cliff, DON'T YOU UNDERSTAND?
    15 Jul 2011, 03:38 AM Reply Like
  • kmi
    , contributor
    Comments (4587) | Send Message
     
    You know Lightway, I remember voting for McCain in the 2000 Repub primary. By 2008 the right wing fringe had so taken over the party McCain, traditionally a moderate, took on positions that I simply could not support. Then he added Palin to the mix.

     

    I can't believe the crap the coming out of this generations GOP, and worse yet their supporters right here on SA. I agree with your depiction completely.
    15 Jul 2011, 07:48 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Well, the next step after ex-communication and branding them as traitors is merely to burn them at the stake!

     

    I think Grover Norquest is one of those religious leaders.

     

    When they get done signing all their pledges. They won't even have to attend sessions of Congress, they're votes will be cast before they even show up or take office.
    15 Jul 2011, 02:40 PM Reply Like
  • realornot
    , contributor
    Comments (1263) | Send Message
     
    If Obama does pull the plug on Seniors then he is going to be in HOT water! There will ten of thousands of them surrounding the white house demanding checks.
    14 Jul 2011, 06:37 PM Reply Like
  • ltsgt1
    , contributor
    Comments (1630) | Send Message
     
    We borrow one dollar for every three dollars we spend. Something has to give. We are a little better off than the Europeans only because we can print. But we would end up in the same hole if we don't do something about the entitlements now.
    14 Jul 2011, 08:20 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    No, they'll be in front of RNC Headquarters and rightfully so.
    15 Jul 2011, 03:41 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Well, we agree about something. But, that being said, it's no reason to manufacture a debt crisis by refusing to raise the limit.

     

    Raise the limit.

     

    Deal with the deficit.

     

    Simple as that.
    15 Jul 2011, 03:43 AM Reply Like
  • KSAccountant
    , contributor
    Comments (773) | Send Message
     
    What?! Our politicians lie to us? Why, I have never heard such a thing! Truth is, we can argue over the debt ceiling all we want but cutting $100 billion of spending here or adding $250 billion there in tax increases does nothing to address both the $14+ Trillion in debt we have and the almost $1 Trillion yearly deficit. We need painful, painful solutions where everyone, not just the rich, not just those on Social Security, not just those in the military are effected. I hate to say it but we need both drastic spending cuts and increased taxes we cannot have one without the other. I do not want my taxes to go higher but I also do not want 14,000% inflation either because our government must print money to pay its debts.

     

    Unfortunately, it seems both parties would rather play "chicken" than address the issue that America is insolvent and we need to work to fix that. We can do it!
    14 Jul 2011, 06:38 PM Reply Like
  • superpatrol
    , contributor
    Comments (616) | Send Message
     
    the answer is to fix the economy first. you borrow during bad times (especially when you can obtain a fixed interest close to 0%), and you pay it back during the good times (ala the late 90s).
    14 Jul 2011, 09:30 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Supertard,

     

    "and you pay it back during the good times "

     

    Did not happen, despite your Utopian Thinking.

     

    Take the Pain, like a man.

     

    Time to pay.
    14 Jul 2011, 09:33 PM Reply Like
  • superpatrol
    , contributor
    Comments (616) | Send Message
     
    i refuse to be baited into any further discussion with someone who is in the land of Hoover Economics... there has been progress in the study of economics since the 1920's.

     

    peace out
    14 Jul 2011, 10:34 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    It doesn't have to be all that painful if it's done properly, with the knowledge that it's going to take a long time to get back on track. The key word is "done" not NO.
    15 Jul 2011, 03:46 AM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    That's a good one Super...Hoover Economics. You nailed that one on the donkey......errr....as...
    15 Jul 2011, 03:48 AM Reply Like
  • HiSpeed
    , contributor
    Comments (1301) | Send Message
     
    "I'm shocked, shocked to find that gambling is going on in here!"
    14 Jul 2011, 06:52 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    The failure to raise the debt limit by the so called deadline will be a non event, akin to making a late payment on your credit card. There might be short term turbulence in the markets, but Treasury will continue to issue debt and the Fed will continue to buy it. This is political gamesmanship full of sound and fury signifying nothing. Politicians will continue to overspend and find other people to pay for it. The day of reckoning may be coming, but not this year.
    14 Jul 2011, 06:53 PM Reply Like
  • bigbenorr
    , contributor
    Comments (1156) | Send Message
     
    What about the rating downgrades? wouldn't that hurt demand for treasuries?? I don't think the Fed can continue buying enough debt on its own to keep up with current spending levels. Surely there would be at least some reductions in spending.
    14 Jul 2011, 07:35 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    The Tea Party is using this phony crisis to force spending cuts. At best, they can only hope to reduce the growth of spending. The Fed is already the buyer of last resort of treasuries. Rates will inevitably go up and then real crisis will begin. This is what gold is telling us. The politicians will lead you off the cliff if you follow them.
    14 Jul 2011, 08:16 PM Reply Like
  • Pragmatic Bear
    , contributor
    Comments (89) | Send Message
     
    I can't believe that the people in charge will let the United States default on our debt. It would be a disaster, I am quite certain that a global depression would follow considering that we are the reserve world currency and our debt is seen by all as a safe haven investment.
    14 Jul 2011, 06:54 PM Reply Like
  • Topcat
    , contributor
    Comments (579) | Send Message
     
    I think you are correct, and sold all my longs after the run up last week, and am now short. This is a HUGE crisis. I've told my friends with 401ks to get to cash or money markets quick. You can blame the people who voted enough young TPers with little knowledge of the world markets in the last election.
    14 Jul 2011, 08:59 PM Reply Like
  • tigersam
    , contributor
    Comments (1707) | Send Message
     
    Kurt Brouwer,

     

    These program did fix the system that was messed up by previous regime.
    14 Jul 2011, 07:04 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    Tigerscam,

     

    What "System?"

     

    The Banking Cartel?

     

    And you bought it?

     

    Stock Pick for You.... RST

     

    They need you, as a customer, and you certainly need their help.
    14 Jul 2011, 08:21 PM Reply Like
  • tigersam
    , contributor
    Comments (1707) | Send Message
     
    Stock Pick for You.. BMY. Good anti depression drugs..
    15 Jul 2011, 05:33 AM Reply Like
  • RiskAverseAlert
    , contributor
    Comments (174) | Send Message
     
    Geithner says, "We're running out of time," but who is "we?" Club Fraud at the Fed and the Swindling Marauders at Treasury? The game couldn't end soon enough!
    14 Jul 2011, 07:33 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    And if it does Risk where will you go, to you bunker filled with dehydrated food.

     

    I don't have a bunker. I say let the game continue.
    15 Jul 2011, 03:52 AM Reply Like
  • valueinvestor123
    , contributor
    Comments (325) | Send Message
     
    Stanley Druckenmiller is smarter than anyone in the government and he laid out a very coherent argument in the WSJ on why we would be better off going into technical default if it also means we make real cuts for the future than if we just raise the debt limit.

     

    online.wsj.com/article...
    14 Jul 2011, 08:20 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    During the Civil War we basically had a dictator for a few years in Abraham Lincoln. He stretched and abused the powers of his office in his quest to keep the Union together.

     

    Hate to say it but we may need the same thing over a 2-3 year period. Maybe we should call up Putin and ask him if he's willing to come over and balance the budget?
    14 Jul 2011, 09:06 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
     
    What exactly have you been consuming?
    14 Jul 2011, 09:10 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    He'd get it done.

     

    And he's less corrupt than our current idiots in DC!
    14 Jul 2011, 10:39 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    I don't want to get down wind of you. The stuff your smokin' would knock an elephant out.
    15 Jul 2011, 03:54 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    He's been consuming the hard liquor of statism. He looking for a strong leader on a white horse.
    "And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death, and with the beasts of the earth."
    Revelations
    14 Jul 2011, 09:38 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    No, looking for a way to sideline our idiots in Congress and their form of crony capitalism that benefits the triumvirate of the financial elite, bureaucrats, and the politicians themselves.
    14 Jul 2011, 10:40 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Maybe he's looking for a strong leader riding on a white dinosaur from the Kentucky Creation Museum.
    15 Jul 2011, 03:57 AM Reply Like
  • jackdeaton
    , contributor
    Comments (30) | Send Message
     
    Funny how our liberal government........the first thing they can think of to cut is social security........how laughable......why not foreign aid? Why not foreign countries that pander to terrorism? The list goes on and on........but instead.......basically we will cut the EXACT thing that helped us through wars, and has supported us with their labors..the very backbone of our country. This shows Obama's true colors like nothing else can....
    14 Jul 2011, 10:01 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    jackdeaton,

     

    LOL.

     

    That's not unlike the local school board elections when the first thing they threaten to cut, is school buses.

     

    Whatever extortionist tactics they can use, to fleece the sheeple into submission.
    14 Jul 2011, 10:05 PM Reply Like
  • Hypnos7
    , contributor
    Comments (137) | Send Message
     
    You do realize that defense, Social Security and Medicare are each over 20% of the 2011 federal budget, whereas foreign aid is less than 1% ?

     

    You should try creating your own balanced budget here:

     

    crfb.org/stabilizethedebt/
    14 Jul 2011, 10:21 PM Reply Like
  • Monngie
    , contributor
    Comments (973) | Send Message
     
    Jeez 1980....you know I hate it when I have to agree with you!
    15 Jul 2011, 03:58 AM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3554) | Send Message
     
    Kurt Brouwer is asking a poor question by lumping in bunch of different programs and then asks it to "fix things".

     

    What does that even mean? Fix who? Fix what?

     

    Hey guys I have a new workout, new girlfriend, and a new computer, I sure hope that will "fix things".
    14 Jul 2011, 11:13 PM Reply Like
  • Killer454
    , contributor
    Comments (971) | Send Message
     
    The Obama admistration is engaging in fearmongering and hype.

     

    If there is a default on the debt, it will be because the administration deliberately chose to default.

     

    The federal government takes in more than enough revenue to pay interest on the debt. All it has to do is prioritize paying that first.

     

    The same goes for social securty payments, it has enough for that too.

     

    The Repbulicans should call Obama out on that BS and ask him what other spending he is putting in line ahead of that if he's claiming he can't pay it.
    14 Jul 2011, 11:21 PM Reply Like
  • Joe Dirnfeld
    , contributor
    Comments (1124) | Send Message
     
    The budget deficit this year is at about10% of GDP and it's on track to continue indefinitely. That cannot stand, eventually the cumulative amount would bury us in the Greek style. It's time to start cutting spending dramatically, though that has never happened in my living memory.

     

    The simple solution is confiscatory taxes , just protect yourselves, and vote accordingly.
    14 Jul 2011, 11:25 PM Reply Like
  • Davephd
    , contributor
    Comments (1142) | Send Message
     
    Let's see, 50% of our citizens pay no income tax and I forget what high % work for a government agency. Who was it that said "When a country's citizens discover they can raid the treasury, that country soon has neither citizens nor treasury."
    14 Jul 2011, 11:26 PM Reply Like
  • warrenrial
    , contributor
    Comments (550) | Send Message
     
    Obama was never any good and never will be. He hates America and he proves it everday.
    14 Jul 2011, 11:27 PM Reply Like
  • warrenrial
    , contributor
    Comments (550) | Send Message
     
    Has Geithner paid his taxes yet.
    14 Jul 2011, 11:37 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3360) | Send Message
     
    No, He Filed an extension.
    14 Jul 2011, 11:41 PM Reply Like
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