Debt Ceiling s.o.s. panic, panic!!!!


pipmart

Well-Known Member
Okay guys so what is you opinion on the debt ceiling? If they extend it? If they ignore it? From what Obama says it makes it seem like if we don't extend the debt ceiling then we will not be able to service our debt.... But... according to the constitution isn't the debt the first thing that gets serviced? SO.... if they don't extend the debt ceiling the US will still pay its bills. Right?

I guess it boils down to if they don't extend the debt ceiling and there is a panic and the stock market falls, wouldn't that be a great time to buy? Because nothing really changes. It just forces America to contend with its spending...

What do you guys think?
 

Tansen

Well-Known Member


Extending the debt doesn't really do anything. They did it last year look where it got them... an even bigger pit being dug.

It's always a tricky problem that needs a simple solution and within that they need to see where their generating money because I am pretty damn sure the whole "War for oil" isn't really making them much, it's probably even draining them more.

Maybe they can sell another national monument. China sold a lot of their heritage look where it got them lol. They could even laugh and buy it back at a discount from the Brits and probably have some more yuan to kick around
 

jack

Administrator
Staff member


(source: http://www.businessinsider.com/this-chart-shows-when-the-government-is-actually-going-to-run-out-of-money-2013-10 )

We still have a few days to a week left for the US to sort it all out.

Expect a 'hail mary' play to go 'the whole 9 yards' at 'the 11th hour'.
 

pipmart

Well-Known Member
Sorry my first post was so vague. Haha I just wanted to start a general discussion on what is going on. Here is link that answers some of my questions. http://blogs.wsj.com/washwire/2013/10/08/default-calendar-what-payments-are-due-when/.

I guess what I was really wondering is what would happen if they didn't raise the debt ceiling. Everyone is claiming that the stock market would crash and investors would all seek safe havens (risk off?). How much of that talk is just drama? Couldn't the government pay the most important bills by using tax income until it comes up with a solid budget?
 

Skipper

Demo trader - Learning everyday
I'm wondering this too. Don't have so much experience about economy, but if you look how common citizen should take care off they money.. expert's have said this hole thing have been just waiting to blow everyone's face.
 

Ramy3

May the pips be with you!
Scare people, give them hope, and then rob them blind slowly while they thank you for it…
 

pipmart

Well-Known Member
If congress doesn't come to an agreement this week on the debt ceiling we will break the record for the longest government shutdown in history(>21 days). Expect the media and politicians to use this as propaganda. :)
 

jack

Administrator
Staff member
Tansen said:
In times like this people should of asked... WWRD (What would Romney do?)
Do I need to make a 'Politics and Religion' board for this kinda talk? :p

--

I admit, after reading "WWRD" I searched twitter to see if it was a common hashtag.

I was disappointed.
 

pipmart

Well-Known Member
Congress upgraded Obama's credit card to platinum!!! When all else fails, raise the debt ceiling! : haha
 

Tansen

Well-Known Member
pipmart said:
Congress upgraded Obama's credit card to platinum!!! When all else fails, raise the debt ceiling! : haha
From the creators of the never ending story to the song that never ends comes the real life drama of a debt so large it will keep raising the ceiling...
 

pipmart

Well-Known Member
Tansen said:
From the creators of the never ending story to the song that never ends comes the real life drama of a debt so large it will keep raising the ceiling...
That is the most poetical way of putting it that I have heard. You may have missed your calling Tansen:) haha
 

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