Financial fuckery thread

[PopeTom]

As I understand it, if everything goes to shit in Afghanistan, then Pakistan has a good chance at following. Pakistan also has nukes, which they do attempt to protect (ie, from what I read, the only military folk with the key [or whatever it is] are from the eastern border, who are less likely to have ties to crazies from the west border), but everything's shot to shit, it's hard to control who gets what. I don't know enough about Iraq's current situation to say anything, but one through three and six, I totally agree with.

As a democratic nation I think Pakistan is always just one election away from the crazies is office.  For an example see the US House of Representatives.

[Cain]

http://www.bbc.co.uk/news/world-us-canada-14354088

The Democrat-controlled US Senate is seeking a vote on its plan to raise the nation's $14.3tn (£8.7tn) debt limit, which could determine whether a deal to avoid government default is possible.

Senate leaders want a prompt vote so the plan can be passed on Sunday.

But the House of Representatives pre-empted the Senate vote and rejected the bill on Saturday afternoon.

President Obama has urged Congress to get its house in order. The US risks default without a deal by 2 August.

The moves come a day after the Senate rejected a rival Republican bill passed in the House of Representatives.

The president backs Senate Majority Leader Harry Reid's proposal, which would cut $2.2tn from deficits and raise the debt ceiling by $2.7tn.

The Senate plan envisages raising the debt ceiling until after the 2012 elections. Republicans have sought a plan which raises the ceiling for just a few months.

The BBC's Paul Adams in Washington says the Treasury is already drawing up emergency plans in case a deal is not reached.

It is a measure of how the anxiety is spreading that troops in Afghanistan saw fit to ask Adm Mike Mullen, the chairman of the Joint Chiefs of Staff, whether they would be paid this month, he adds.

Democrat leaders in the Senate are said to be seeking agreement with Republicans to avoid procedural obstacles which could delay the Senate vote until Monday.

Mr Reid accused the Republicans of seeking to filibuster, or delay, proceedings.

"Unless there is a compromise, or they accept my bill, we're heading for economic disaster," he said.

Minority Leader Mitch McConnell accused the Democrats of stirring up opposition, but said he eagerly awaited Mr Reid's plan.

In a weekly radio address, Mr Obama reiterated that any solution on a default had to be bipartisan.

"There are multiple ways to resolve this problem," he said.

"Congress must find common ground on a plan that can get support from both parties in the House and in the Senate. And it has to be a plan that I can sign by Tuesday."

[Cain]

BIPARTISAN CONSENSUS-GASM!

http://www.bbc.co.uk/news/world-us-canada-14354088

Democrats and Republicans have expressed cautious optimism about the chances of raising the US debt limit by Tuesday and averting possible default.

Republican Senate leader Mitch McConnell said there was "a level of seriousness with the right people at the table" as talks continued.

Senior Senate Democrat Richard Durban spoke of "a more positive feeling".

In a sign of the level of anxiety over the issue, troops in Afghanistan asked Adm Mike Mullen if they would be paid.

The admiral, who as chairman of the Joint Chiefs of Staff is on a visit to southern Afghanistan, said he did not know whether that would be the case if the US fails to raise the $14.3tn (£8.7tn) limit by 2 August.

Democrats and Republicans have so far rejected each others' proposals for cutting spending and raising the debt limit.

President Barack Obama backs Democratic Senate Majority Leader Harry Reid's proposal, which would cut $2.2tn from deficits and raise the debt ceiling by $2.7tn, meaning the issue would not have to be revisited until after the 2012 elections.

Late on Saturday, Mr Reid said he was postponing a planned procedural vote on his bill in the Senate - the latest stage in a series of Congressional stand-offs between the two parties.

"There are negotiations going on at the White House to avert a catastrophic default on the nation's debt. There are many elements to be finalised and there is still a distance to go," he said.

The vote, which had been expected at 0100 (0500 GMT) on Sunday, will now be held at 1300 (1700 GMT), he added.

Mr Reid's deputy, Richard Durban, said: "We're a long way from any kind of a negotiated agreement, but there is certainly a more positive feeling about reaching an agreement this evening than I've felt in a long time."

[Luna]

http://www.angryblacklady.com/2011/07/26/ahem-speaker-boehner-a-word-please/

Um, Speaker Boehner? Sir? About that press conference of yours last night? I'd like to correct a few misstatements lies, if you don't mind.

These are difficult times in the life of our nation. Millions are looking for work, have been for some time, and the spending binge going on in Washington is a big part of the reason why.

People aren't struggling because of this mythical "spending binge" you talk about. They are struggling because YOUR party's president crashed our economy a few years back, sir.

Possibly one of the most polite ass-reamings I've read in awhile, there.

[Cain]

I'm going to make a confession here: I actually can't stand ABL.

Not because she's a blatant Democratic shill (though that is certainly part of it) but because of her constant humourless need to stick to her persona whenever mocked.  Which is pretty much every day.  She's pretty much the poster child for "Yeah, fuckface! Get ready to be beaten down. Grrr! Internet ain't so safe now is it motherfucker! Shit just got real! Bam!"

[Cain]

[PopeTom]

YAY DOOM!!!!

Things like this make me long for the olden day of politics where you opponent was just as likely to have you assassinated as to compromise with you.   

[LMNO]

Every day, I am reminded that having a democracy in an under-educated country is a horrible, horrible thing.

[Cramulus]

ahhh stewart

part 1: http://www.thedailyshow.com/watch/mon-august-1-2011/dealageddon----a-compromise-without-revenues
part 2: http://www.thedailyshow.com/watch/mon-august-1-2011/dealageddon----angry-tea-party

In segment 1, Jon laments over how the president managed to completely cave and then act like he owns it
In segment 2 (the better of the two IMO), Jon points out how the tea party got everything they wanted and are still voting against the bill. It ramps up to a big frustrated rant about the tea party.

"Government isn't perfect, but some people wish it was better, not gone.

You're in a bank and it's a negotiation where you've got some hostages, and after getting everything you wanted, you're still making demands -- "I can still kill the hostages, right?""

[Cain]

http://www.bbc.co.uk/news/business-14396557

Debt-laden Italy is likely to default, but Spain might just avoid it, according to the British think tank, the Centre for Economics and Business Research.

With the countries weighed down by debt, the think tank modelled "good" and "bad" economic scenarios for both.

It found that Italy will not avoid default unless it sees an unlikely big jump in economic growth.

However, it said, "there is a real chance that Spain may avoid default".

Even though Italy has managed to run tight budgets, and has vowed to eliminate its deficit by 2014, the economy needs a significant boost in growth.

But its economy grew by just 0.1% in the first quarter of 2011 and further growth is expected to remain sluggish.

On Wednesday, Italian Prime Minister Silvio Berlusconi addressed parliament, saying the economy was "strong" and the nation's banks "solvent".

But many economists believe that the eurozone's third largest economy risks being engulfed in the debt crisis.

In a report published on Thursday, the CEBR calculated that Italy's debt would rise from 128% of annual output to 150% by 2017 if bond yields stay above the current 6% and growth remains stagnant.

"Even if the cost of borrowing goes back down to 4%, the growth rate is so anaemic that we see the debt-GDP ratio remaining at 123% in 2018," said Doug McWilliams, the CEBR's chief executive.

The conditions in Spain are better because its debt is much lower. Even under the "bad" scenario, Madrid's debt ratio would climb to no higher than 75% of national output.

"Fingers crossed but there is a real chance that Spain may avoid default and debt restructuring, unless it gets dragged down by contagion," Mr McWilliams said.

"Realistically, Italy is bound to default, but Spain may just get away without having to do so," he said.

[Cain]

There is talk on the BBC about the possible collapse of the Euro should Italy default.

In other words, if Italy goes down, the entire Eurozone follows.  And the Eurozone is the world's largest market...

[Fast Eddy]

 

We're not getting out of this without a second Great Depression, are we?

[Triple Zero]

Aw, but euros is what I use to buy all my stuff ...

[Rumckle]

Perhaps you should diversify, I hear tulips are a safe investment.

[Eater of Clowns]

Aw, but euros is what I use to buy all my stuff ...

Perhaps you should diversify, I hear tulips are a safe investment.