Obama slams Republicans for threat to blow up entire economy

[Coito ergo sum]

They'll be privatising CES next......

That's impossible. I'm a national treasure.

Times are hard. I hear Indonesia has bought your left elbow.

That wasn't my elbow....

[cronus]

http://www.bbc.co.uk/news/world-us-canada-24525915

[Tero]

House offers another ...same...bill. Bonehead does not realize Obama will not sign a bill with Onamacare in it?

[cronus]

House offers another ...same...bill. Bonehead does not realize Obama will not sign a bill with Onamacare in it?

What's it like over in the states at the moment Tero? Get yourself prepped up before things leave normal.

[Tero]

I should get a stun gun?

[cronus]

I should get a stun gun?

Not a nation to go quiet into the night judging from their movies.

[pErvinalia]

You need a motherfucking tank, Tero!

[Seth]

House offers another ...same...bill. Bonehead does not realize Obama will not sign a bill with Onamacare in it?

Senate and Obama offer...nothing at all.

I wonder if Obama realizes that if he takes it to default he can be impeached...

As Fox News has been pointing out for weeks, there is no "default" in the offing. It's all a scare tactic by the democrat party. There is sufficient revenue coming into the Treasury every day to pay the interest and principal on all US debt, in cash, that will consume only about ten percent of the incoming revenue.

Since it is unconstitutional for the President to refuse to pay the nation's debts, what will happen is that the Treasury Department, will ignore the fuck out of Obama and the democrat party and will prioritized the bill paying to ensure that US obligations get paid in the following order:

1. Interest and principal on the nation's obligations.
2. Identified entitlement programs like Social Security.
3. Anything and everything else.

And that's when Obama will be totally fucked because HE will be held responsible for paying for stuff out of the daily revenue because HE is the chief administrator and is responsible for directing the disbursement of funds...if the House appropriates funds so he can do so, and however he prioritizes stuff is going to displease many, many people whose oxen are gored.

But the nation's obligations will be paid regardless.

But the "full faith and credit" of the United States is perfectly safe and the "threat" of default is just a Progressive lie to scare the lumpen proletariat.

[Seth]

You need a motherfucking tank, Tero!

The cool thing about the US is that if he want's one, and he can afford one, and he can find (or build) one, he can have one and nobody can tell him he can't.

[pErvinalia]

That's certainly cool. But not particularly sane.

[Tero]

I know I'm howling into nothingness here, but venting is venting.

We're never going to have a stable federal government as long as one party refuses to understand our monetary system and the federal gov't role in it.

Our federal gov't is not a business, not a household, not a subordinate government. The federal gov't should and it must create and destroy money in order to put our national economy's productive capactities to work. If capacity is idle, it must create money by printing cash or bonds (and spending that cash or bond proceeds) or cutting taxes. If capacity is reached, to prevent inflation it must destroy money by paying off bonds, burning cash, or raising taxes.

This is basic macroeconomics 101, and should be required of anyone holding federal office.

Republicans and their base seem to live in a budgetary land appropriate to households, businesses, and subordinate governments. For such, 'what we can afford' is related to tax revenue. But for the federal gov't, 'what we can afford' is related to our idle capacity, not our ability to collect tax revenue.

The reason the US federal debt pays the lowest interest rate in the world is because the US federal gov't has the ability to print money to repay the debt, and that money can be used to buy goods and services in the US. If we were constrained by tax revenues, borrowers would demand more interest.

But I fear the Republicans refuse this most basic understanding of reality, and we're doomed.

http://www.nytimes.com/2013/10/16/us/po ... .html?_r=0

[cronus]

This is not looking good.

[Warren Dew]

This is not looking good.

What's bad about it?

[cronus]

This is not looking good.

What's bad about it?

I don't know exactly but figure you'll find out before me. You should never cross the beams, don't ever cross the beams.

[Seth]

That's certainly cool. But not particularly sane.

...until somebody starts shooting at you...

Besides, they're fun to drive.