AdPatron

I really, really hope nothing is signed and the US goes into default. End social security, end medicaid, end medicare would be good too.

RyuLion

I can't wait for tomorrow. :p
..then Monday, etc..

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AdPatron

Not me, I don't have anything planned for Sun, Mon, Tues.

theking

Even if nothing is signed to raise the debt limit...there will not be a default on the debt. The interest will be paid just as it has always been. Social Security...Medicaid and Medicare will not end. The military will be paid...as well as the Veterans. Everything else will be up in the air and there will be repercussions.

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AdPatron

That's what you think.

BlackCrayon

you must be a broke loser who doesn't care if their business crashes and burns, if you even have a business. most of the people who hope for a default have shit fuck all or think they are smarter than everyone else and can somehow gain from the situation.

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you don't know you're wearing a leash if you sit by the peg all day..

AdPatron

I never said anything about businesses crashing / burning. Don't put words in my mouth ass wipe.

What is "shit fuck"?

Anyone can gain from the market falling, just like you can. The dumb asses are those that leave their money in the market while it crashes. That's just pure stupidity.

theking

It is what the lawmakers have stated...so based upon their statements...yes it is what I think.

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AdPatron

And you believed them?! You dumb ass.

theking

You are now dismissed...thank you very much.

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Tempest

The US won't default.. They'll pay their debts and some of the major bills but then there would be shutdowns just like 95/96.

AdPatron

No problem dumb ass. Go home, pick up your toys like a little baby.

AdPatron

I'm hoping for a complete default, but I'll take what I can get.

BlackCrayon

i don't play the market. i belive its corrupt and a large part of the troubles we are having now. they are buying and selling things 2,3,4 times over that only exist on paper. anyways, i run a business that relies on small to medium businesses having capital to spend so i and millions more would be screwed by such a thing.

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you don't know you're wearing a leash if you sit by the peg all day..

GAMEFINEST

they wont default...

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Compound interest.

Bill8

It might be very painful but it would teach americans a lesson.

That might make the pain very worthwhile.

I personally rather hope we do crash into the debt ceiling, and then default. Go thru a month of misery, have all of our interest rates jacked, watch millions go without money, see the markets writhe in pain.

Sometimes a near death experience can be transformational.

AdPatron

I'm never in the market longer than I need to. I'm all out right now, but not before I made a nice bag of money from BIDU last week.

How is it a large part of the troubles?

What about the over valued real estate that AIG insured? Who was the dumb ass that allowed that to happen?

L-Pink

Sure, that will happen.

AdPatron

Ding, Ding, Ding. Exactly what I want.

Captain Kawaii

NPR reported that if the US does default, one of the things it means for us, is the major credit cards companies and banks will raise interest rates on credit cards...it dawned on me that maybe thats what this is all about...besides all the BS fronting shit...a nice little tick up in credit card rates would be good for them...

AdPatron

I thought about that the other day. What if this is just some big scam for a few to make themselves extremely rich?

PornStarToys

I agree, suffering among all seniors, adults, and children!!!!

Holy fuck you two are sick. Just leave the fucking country so none of us have to listen to your shit.

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AdPatron

What about the tax payers that suffer from being forced to give up a percentage of their pay checks to people they don't fucking know? Are you a socialist?

suesheboy

Default is for losers

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stinkyfingers

dance puppets dance. default ... debt ceiling ... are you shitting your pants yet? LOL lets party

Spunky

You guys better pay back Canada..we be cutting off the power and the maple syrup

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AdPatron

Go ahead, shut it off.

Agent 488

was thinking that as well. even if they don't default (which they wont) rates will rise and suck even more money to the banks.

makes sense as all trails for the tea party now lead back to wall street and big business.

glowlite

Pornless = Clueless

Bill8

Really, all dems and independents who lean dem should be hoping for us to hit the debt ceiling, for a suspension of payments, then a default.

You should be hoping for a few months of economic misery, for the checks not to appear in the mailboxes or the accounts, for the suffering, and yes for the deaths.

You republicans should be dreading it. And see in it the beginning of your end.

CurrentlySober

I cant wait for the 1st...

Cause its my birthday !

So everyone has to be nice to me all day !!!

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Failed

I don't believe people who wish this fully understand the scope of what they're wishing for. Why would you want people who are fighting to defend this country not to get paid, nor those who have fought and were injured to the point of not being able to work again while defending our freedoms. That's beyond anti-American!

Then you have those people who have worked their entire lives and paid into the system their entire lives, who were told by our government they could count on that money when they retire. This wasn't lack of planning, it was trusting their government and expecting to get back a piece of what they put in.

The disabled, who also had to pay into the system in order to get this INSURANCE benefit. They were hurt and now wish to collect on what's rightfully theirs.

Of course there are abuses of the system, certainly not the majority.

In total, about 55 million people receive social security payments. Even if the approximate payment per month is only $1,000, that's a decrease of $55 billion dollars just for August. This will not just hurt those people who receive the benefits, but our entire economy will be affected. Every day business will lose mass amounts of money, mass layoffs will ensue, we'll be thrown into a spiral of internal collapse that has never been seen before.

You think you'll benefit from this?

55 million pissed off people, out of work, no money to pay for rent, food, etc. Good God, even if only a small % are pissed off enough to fight back, imagine the chaos on the streets.

I wish people would think before they speak/type.

Barry-xlovecam

seeandsee

super hero obama to solve this problem

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tony286

Dont be mad at him. He is just saying what the pundits tell him. You are right so many businesses run on credit, employment agencies for one, companies that do a 60 to 90 net.
What I worry about is when those credit cards people use to buy porn with go to 30 to 40 % interest they will go sit in a drawer and sales will dry up. Also these people that think some how things will be better if this happens. Like if it all crashes and burns things will be better afterwards. Nope it will get really really bad for a long time.And most here dont have the means to sit something like that out.
This isnt about debt its they want to make Obama a one term president. They dont care if they sacrifice the economy to do it.Why else do you think they want to break the raising of the debt ceiling in two parts so the second part is right before the election. Watch they take it all back, they will start spending like drunk sailors again like they did during Bush and Reagan. Its a game and I blame Obama for playing it with them. I wish Hilary had won at least she had balls.

iamtam

tea bagger!

Failed

My argument was for soldiers pay. Please read before you rant. By defaulting, our soldiers won't be paid. I was not arguing for or against other military spending. Is military spending out of control, absolutely, but not paying our soldiers isn't a solution.

Again, this has nothing to do with the people who've already paid into the system, such as seniors and the disabled. They paid money to ensure their entitlement benefits. It's not their fault the government mishandled these funds and they don't deserve a default

No, you absolutely don't. This wouldn't be good for anyone. Perhaps this was just you acting tough, more than sensible.

I think your rant was more an argument against talking points you've heard on the news than against the points I was making. Calm down, take a breath, and than try again!

AdPatron

How original.

AdPatron

Then they shouldn't have joined. They knew the risks of going to combat, why do I have to support their decisions to go fight?


Suckers lol.




This is false. A majority of the disabled have never paid anything into the system.




They were duped by those they elected. If they didn't pay SS, they'd already have their money and then they wouldn't be pissed off.

cykoe6

There will be no default regardless of what happens this weekend.

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AdPatron

BTW, if our troops really cared about the great USA... they wouldn't want to get paid. If it's a job for them, then maybe they should quit. Sorry, but I'm not going support people who make bad employment decisions. They should have never joined.

AdPatron

Yeah, I get the feeling it'll be a last min deal go down. It would be nice to see a complete default though.

Failed

I always take a step back, I get heated from these discussions too. After all, this whole sad affair is very personal to us all, and we all have a lot at stake.

I do think we need to raise the debt cap in the short term to avoid hurting people who don't deserve to be hurt. Starting the day after, we then need to start chopping the things you mentioned above, and a lot more.

But, who will do this? It's up to the American people to not forget about what happened here and to not let any politician forget it either. Unfortunately, we seem to have short attention spans and memories when it comes to issues like this.

Failed

I'm not sure where you're getting your information, but go to the source and view the correct information. http://www.ssa.gov/dibplan/dqualify.htm You absolute must have paid in enough to get the benefits!

dyna mo

On a call with reporters, a senior administration official told reporters that two types of activities would continue in the event of a government shutdown.

First, operations that have other funding sources such as user fees or appropriations that are not done annually will continue to operate.
Second, any activities ?necessary for the safety of life and protection of property? of the U.S. and its citizens would continue.
This generally means military and law enforcement operations would continue.

Administration officials told National Journal on Wednesday that the following government services could possibly cease in the event of a government shutdown:
Federal Housing Administration's new home loan guarantees may cease. During spring home buying season, this suspension of new issuances could have a gravely adverse effect on recovery of housing market.
Private mortgage lenders across the country could suspend new home loan closings as a result of having no assurance those loans will be guaranteed. Some 30 percent of the market is FHA loans.
Small Business Association approval of applications for business loan guarantees and direct loans to small businesses would likely cease, impacting the engines of our economy, which could slow economic momentum.
Internal Revenue Service's processing of tax refunds for paper-filed returns (approximately 30 percent of total), and performance of tax audits, would be suspended.
Operation of E-Verify activities by DHS would be suspended, which could slow down new hiring.
Patent processing will be suspended.
Non-emergency consular and passport operations may be suspended, though this is still under discussion with the State Department.

These services would stop:

All areas of the National Park Service and National Wildlife Refuge Systems will be closed. Limited access to public lands could adversely affect communities that depend on recreational tourism.
Smithsonian Institution and National Gallery of Art would close to the public (although Kennedy Center will remain open, due to significant private funding sources).
Many Environmental Protection Agency functions, including review of environmental impact statements. Only functions necessary to protect life and property will continue.
E-commerce transactions on U.S. government websites.
Many civilian employees at the Defense Department would be furloughed.
The National Institutes of Health clinical center would not take new patients or initiate new clinical trials. Trials in process would continue.
District of Columbia: Trash collection would be suspended for first three days of funding lapse. Public libraries (except for security), and a variety of District offices that perform non-excepted functions, including the Department of Motor Vehicles, would suspend operations. The Cherry Blossom Parade scheduled for this weekend would not take place.

These critical services would not cease:

Social security checks for seniors, people with disabilities and survivors would still go out (though the Social Security Administration is still finalizing plans).
Medicare payments will continue for a temporary period. They would be cut off in the event of an extended shutdown, but the official said that meant a shutdown that lasted for months. ?I think we?re into a hypothetical beyond a period of time that any shutdown has lasted,? the official said.
Troops would be able to continue to work, though they will not be paid until the government began to function again.
Critical homeland security functions such as border security would continue.

AdPatron

You're ignoring Supplemental Security Income, which doesn't require anything to be paid into the system.

Failed

It does have conditions to be met first. But, let's say that 60% of these people are faking, why would we want to hurt the other 40% with legitimate cases, plus the masses of others on SSD who have all actually paid in.

So, while I'm on board for cleaning up the system and specifically targeting that 60%, we can't just let these politicians say "fuck em all."

AdPatron

I say fuck'em all. If you can stand, you can work.

dyna mo

the U.S. government may have to decide which bills to pay. What comes first: Social Security checks? Military spending? Food stamps?
There's not even a choice, says Jerome Powell, a former Under Secretary of the Treasury for Finance.
"Interest will be paid first," he says. "There's really no thought process there, it just has to be that way."
Why pay interest on U.S. government bonds before paying for, say, food stamps?
"If we start defaulting on our debt there are going to be a whole lot more people on food stamps than there are now," Powell says.
That's because government debt is essential to the plumbing of the economy. People and companies treat investments backed by Treasury bills almost like cash — and they expect T-bills to be as reliable as cash.
"Treasury bills are the only financial instrument in the world where anyone can invest in them and believe there is literally no risk of not being paid back," Peterson says.
Mark Peterson is the treasurer of ServiceMaster, a company based in Memphis, Tennessee. They do lawn care, among other things. He relies on investments backed by T-bills to pay his employees.
"In our TruGreen lawn business, the season is summer," he says. "So in the middle of June and July, we're applying a lot more applications of our fertilizers and pesticides on people's lawns. We then bill the customers, and the customers' payments come in later."
No problem— Peterson just taps the company's investments, and pays his employees with that money. When the payments come in, he reinvests it in T-bills
If you don't pay back your creditors, then you're no longer the least-risky investment in the world. People will buy other bonds, that look safer. And it will become more expensive for the government to borrow money.
It turns out that in fiscal crises, interest on bond payments gets VIP treatment again and again.
In New York's financial crisis in the mid-1970s, the city put interest payments on bonds first — even in front of sanitation workers, which upset the sanitation workers union.
"They let the garbage pile up on the streets of New York," says Donald Kummerfield, former budget director of New York City. "The city was ... stinking."
And just a few weeks ago, when Minnesota's state government had its own crisis, the state passed a law that said payments on bonds came before everything else.

Joshua G

although i would love to see a meltdown on 8/3, the pols will agree to a compromise as soon as the dow drops 500 points.

no matter. the bankruptcy of the USA is manifest destiny. The only question is how & when.

Most likely it will be when the baby boomers retire en masse, & the deficit balloons to 3 trillion/year & up. Someone will have to break the bad news to the boomers that they're not going to get everything they think they're entitled to.

All baby boomers should be thrown in jail when they turn 65, not given government checks. The way they bankrupted america is a crime.