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BREAKING NEWS: GOP Leaders Cancel Votes Default 'Very Likely'

More Will Be Updated As This Progresses


Fitch Puts United States on Notice For Possible Downgrade (For Credit Rating)

Fitch: Crisis "Risks Undermining Confidence In The Role Of United States Dollar"


 

Headlines From Anderson Cooper 360

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2 points

Well, one thing is certain all of our leaders have really screwed this up royally. But hey, at least I will be able to say I saw the total destruction of the US economy happen overnight. Time to buy the batteries, water and MREs. This one is going to get ugly!

ThePyg(6737) Disputed
2 points

The default will not destroy the economy.

Taxes and inflation have slowly "destroyed" the economy for over a century. The Default will merely shift how the federal government handles their bonds. We're 16 trillion dollars in debt; the default is nothing.

Here's a good article explaining some of the math behind it all.

iamdavidh(4856) Disputed
1 point

Our debt is less than our GDP. Of all of the civilized countries on earth, as a percent the U.S. has among the lowest debts. Bad credit is more harmful both long term and short term. It's just a big scary number some politicians use to push through stupid cuts and stir fear among their followers.

1 point

Still shows how dysfunctional our political system is in the United States (not that any other countries are a lot better to my knowledge)

I heard that some people are predicting a MAJOR DEPRESSION............................................ and a GDP reduction of %5.0

iamdavidh(4856) Clarified
1 point

By leaders, let's be clear, the tea party.

Basically they said "Since you bought this new more efficient water heater that is going to save us thousands over the lifetime of this home, but it cost 20% more than the junk water heater we have now that is leaking money worse than it's leaking water... WE'RE NOT PAYING OUR MORTGAGE ANYMORE!"

That's what happened.

ThePyg(6737) Disputed
2 points

Since you bought this new more efficient water heater that is going to save us thousands over the lifetime of this home

Little bit dat Broken Window. The expectations is of increased employment via bureaucracy and steady inflation. Historically that has never actually happened (Bubble after bubble.)

but it cost 20% more than the junk water heater we have now that is leaking money worse than it's leaking water

More disregard of other factors. Obamacare isn't a new water-heater that has been verified by reputable consumer advocates. It is not voluntary (referencing towards your mortgage idea, which comes with a non-coerced contract and agreed upon ramifications. If the contract gives full rights of the water-heater to the bank that owns the house, the owner is liable if they give up mortgage payments for that reason. paying for Obamacare is not the same thing in anyway possible. you basically made a terrible analogy...)

By leaders, let's be clear, the tea party

I'm actually surprised by the Republican Party's carefully planned efforts to destroy a bill that would expand the scope of government. Given, they're still evil on everything else, but I will have to give them a bravo for actually fighting back against government takeover. It's a shame, however, that they are still in favor of the FDA, healthcare regulations, subsidizing health insurance companies (driving up the cost of healthcare), and support of the DEA and controlled substance Act (which also drives up the cost of healthcare, eliminates job opportunities for the poor, and further schisms society.)

In the end, I find that my article explains it pretty well. The shutdown is bullshit because it will eventually end and not that much money will have been saved. Republicans have made a good effort at giving themselves power over when it will eventually shut down, but they're for big government, so it's not like they're being that revolutionary.

But just to see it happen. It's like seeing Jury Nullification actually happen. The existence may not save most lives, but to see it happen in its rare times is so hope inspiring. That maybe we can fight back against such a monstrosity.

2 points

Oh, who gives a shit... nothing is going to happen. They'll let it go up until the last minute and then they'll come up with some plan that gets us through a few months, then we'll do this all again.

1 point

BTW... looks like I'm right, just sayin'.

iamdavidh(4856) Disputed
1 point

It cost 24 Billion dollars and 300,000 to 800,000 thousand people weren't able to work for 2 weeks, which is a big deal for like 95% of families. Our credit rating was hurt despite just barely enough republicans not committing suicide at the last second, and that may well still have lingering affects on borrowing rates for new businesses, buying a home, etc.

Unless you are squatting on a piece of property out in the woods with no schools, roads, or commerce of any type within a hundred miles of you, it was something of a deal. If you actually cared about deficit and were not just a far right misguided mouthpiece, this would have been a huge deal.

Guess so...

This is ridiculous