FIVE DAYS LEFT

[irishbobcat]

Dan Moadus and his neo-con GOP friends......

killers of social security, Medicare, aid , and support for the poor and old......

Talk about your death squads........

Dan only cares about the money in his back pocket and to the rest of the country

he says tough $hit......

[Towntalk]

SPECIFIC QUESTION FOR DAN

So would you support killing Social Security and Medicare? If so, how would you go about it?

[Dan Moadus]

I'll take a bet with anyone that there is no default if the debt ceiling isn't raised. In fact, if the law, and the Constitution is respected, there can not be a default, as it is prohibited by our Constitution which says satisfying debt obligations must take priority in spending.

And can anyone offer an explanation of why the "markets" would take a beating if the debt ceiling isn't raised. If you own stocks, would you sell them just because the Congress didn't authorize our government to borrow more money? If anything I think not raising the debt ceiling would give them confidence that our government is finally taking our problems seriously.

By the way, not sending out SS checks isn't a default, as the Supreme Court has ruled that that there is no legal entitlement to SS payments.  All the money that someone who has worked and paid for forty years has bought them no stake, or ownership. Now, had we adopted some of what George Bush tried to get passed (allowing individuals to invest some of their SS obligations) they would actually be considered as investments that we own.

[irishbobcat]

Republican house plans are wrong...ricky-poo.....

You and your crony neo-con GOPers are clueless......

[Towntalk]

China: "Given the United States' status as the world's largest economy and the issuer of the dominant international reserve currency, such political brinkmanship in Washington is dangerously irresponsible, for it risks, among other consequences, strangling the still fragile economic recovery of not only the United States but also the world as a whole."
Saudi Arabia

Saudi Arabia: "Saudi Arabia is paid in dollars for its oil. Our currency is tied to the dollar. The Kingdom has approximately 2 trillion invested abroad, the greater part of it in the United States. The value of those investments, the value of our oil earnings and the value of our currency are all under threat as politicians in Washington grandstand for their constituents and argue bitterly from two utterly polarized positions."

Wall Street: Stocks ended Friday's session sharply lower, posting their worst weekly performance in more than a year, as investors grow increasingly worried that Washington may not reach a deal to raise the debt ceiling before the deadline.

U. S. Constitution – 14th Amendment – Sec. 4: Validity of public debt
Section 4 confirmed the legitimacy of all United States public debt appropriated by the Congress. It also confirmed that neither the United States nor any state would pay for the loss of slaves or debts that had been incurred by the Confederacy. For example, several English and French banks had lent money to the South during the war.[48] In Perry v. United States (1935), the Supreme Court ruled that under Section 4 voiding a United States government bond "went beyond the congressional power."[49] Legal analyst Jeffrey Rosen has argued that Section 4 gives the president unilateral authority to raise or ignore the national debt ceiling, and that if challenged the Supreme Court would likely rule in favor of expanded executive power or dismiss the case altogether for lack of standing.[50]

[Towntalk]

Wednesday morning when the stock exchanges open will tell the tale.

If Congress fails to pass a bill that the President will sign then the CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.

In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be "grave" consequences.

"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -- and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter stated.

For my part, I don't think they are kidding, and as I've repeatedly said, both Republicans and Democrats will pay a heavy price.

[Rick Rowlands]

Republican House PASSED two bills that would have solved this problem.  Democrat Senate rejected both.  Then you say that the Republicans will get the blame? Are we still in the bizarro world where up means down?

[Towntalk]

If Congress fails to get its act together before April 2nd, Speaker John Boehner will go down in history as the worst Speaker of the House in all of America's history, and if America goes into default, the GOP will most assuredly feel the wrath of the American people.

The question remains, since the Democrats control the Senate and the White House, they can not walk away from this mess blameless.

Said Senator Harry Reid: Financial experts are begging Congress to come to an agreement that averts a first-ever default on this nation`s financial obligations. This is what one financial analyst said yesterday about the need to avert a default crisis that would spark a global economic depression:
``The market is saying, `we need a deal here. . .` Default is starting to seep into the marketplace.``
It won`t be long, they say, before financial markets severely react to continued stubbornness by Tea Party Republicans, tanking our economy.
Wall Street had a very bad day yesterday - its worst in months - largely based on the news that Congress has still not found a path forward.
That doesn`t only affect big investment banks or wealthy investors. All around the country, ordinary Americans with 401k`s and college savings accounts lost money yesterday. Their life savings took a hit because a small group of radical Republicans who don`t represent mainstream America have refused to move even one inch toward compromise.

Meanwhile the CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.
In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be "grave" consequences.
"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -- and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter stated.

[Towntalk]

U.S. Economy Worse Than Expected in Second Quarter; G.D.P. Grew at 1.3% Pace

The United States economy has slowed considerably this year from a year ago, according to a report from the Commerce Department released on Friday.

The country's gross domestic product, a broad measure of the goods and services produced across the economy, grew at an annual rate of 1.3 percent in the second quarter, after having grown at an annual rate of 0.4 percent in the first quarter. Data revisions going back to 2003 also showed that the 2007-2009 recession was deeper, and the recovery to date weaker, than originally estimated.

[sfc_oliver]

Seems like we have a comprehension problem in Washington.

The House keeps passing bills and the senate seems to lose interest in them.

Who is right and who is wrong?

All of them.........................

There is little doubt that we have a spending problem and we have to cut spending. And we have to cut it deeper than anyone is talking about.

But to arbitrarily raise taxes on any given class is simply wrong. Close loopholes, sure, but define loopholes.

[Rick Rowlands]

Sherrod Brown gives a news conference about how it is imperative that we not let the country default, that it would be the worst thing we could do... shortly after he voted AGAINST the Cap, Cut and Balance bill!   Putting party politics first as always!

[irishbobcat]

5 days until the stupid, dumb, GOP destroys this country........

Thank you neo-cons....you truely are clueless.....

[Towntalk]

With G.O.P. Unity at Risk, Boehner Tries Tougher Style
http://www.nytimes.com/2011/07/28/us/politics/28boehner.html?_r=1&nl=todaysheadlines&emc=tha2