Financial fuckery thread

[Cain]

Bohener tells Obama to go suck one, and storms out.  Obama made the reasonable proposal that taxes would need to be increased, on top of spending cuts (of which there were many - several were designed as key concessions to the Republicans).

August 3rd is looming close.

[Freeky]

I don't know what all those spending cuts were, but I do know that if I asked and found out, I would need a couple of drinks to make it through the day.

Bleh.

[BabylonHoruv]

I don't know what all those spending cuts were, but I do know that if I asked and found out, I would need a couple of drinks to make it through the day.

Bleh.

I'd like to know personally.  I am sure a good chunk of them are going to be regulatory agencies and I'd like to know what I can now get away with.

[Cain]

The most contentious were Medicaid and Social Security cuts.

[BabylonHoruv]

The most contentious were Medicaid and Social Security cuts.

That I kind of assumed.  That's going to be a big hassle for me because my father in law helps us out a lot and he is on social security.

The AARP is fairly politically powerful.  I hope they roast the teabaggers.

[Cain]

http://www.bbc.co.uk/news/world-us-canada-14263644

US President Barack Obama has held an emergency meeting with congressional leaders in a last-ditch bid to avert an economically catastrophic debt default.

Mr Obama called the meeting after talks with Republican House Speaker John Boehner broke down on Friday.

Both Democrats and Republicans are divided on how to control future spending.

Congress must approve a plan to raise America's debt ceiling before the 2 August default deadline.

If the US fails to meet the deadline to raise the $14.3tn limit on US borrowing, the Treasury could run out of money to pay all of its bills - which could lead to interest rate rises, threaten the US economic recovery and in turn the global recovery.

Mr Obama was joined at the negotiating table on Saturday by his Vice-President Joe Biden, Mr Boehner, House Minority leader Nancy Pelosi, Democratic Senate Majority leader Harry Reid and Senate Republican leader Mitch McConnell.

The Associated Press reported that they were unsmiling as the meeting began and most of them avoided reporters when they left the White House.

The White House afterwards urged Congress to "refrain from playing reckless political games with our economy... and do its job, avoiding default and cutting the deficit".

Both Mr McConnell and Mr Boehner issued statements saying they intended "to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States".

Aides said they expected to work through the weekend to come up with bill that would be acceptable to both sides for Monday.

On Friday, Mr Boehner accused the president of moving "the goal posts", saying they had been close to a deal until Mr Obama demanded $400bn in tax increases on top of about $800bn in revenues that would have been reaped through a comprehensive rewrite of the tax code.

Mr Obama had declared his deal as "extraordinarily fair", offering to cut $650bn from Medicare, Medicaid and other entitlements, as well as slashing $1tr in discretionary spending.

Republicans have been unwilling to consider raising new taxes to counter the growing budget deficits.

The Democrats have been opposed to cutting popular healthcare and welfare programmes for pensioners and the poor.

The Republicans are playing a very dangerous game here. It's almost worth seeing the world economy collapse again, just to see them get burnt for it.

[Juana]

Are you sure they would? Because I think Tea Baggers on the street would blame the Democrats.

[Cain]

The Teabaggers will blame the Democrats regardless.  However, I think the obstructionist nature of the GOP here is fairly obvious now, and should economic shocks follow from their pig-headedness, they will take the blame.  Obama's deal is a very good one.  They're just too greedy for a better one.

[Salty]

"to find a bipartisan solution to significantly reduce
Washington spending and preserve the full faith and credit of the
United States" .

This makes me feel queasy. Like there's a gaping hole and where sense should provide some form of safety and structure faith does so instead.

[Cain]

http://www.bbc.co.uk/news/business-14267091

Vince Cable has attacked leading US Republican politicians for holding up a deal to reduce US government debt.

Speaking on the BBC's Andrew Marr Show, the business secretary called them "a few right-wing nutters in the American Congress".

Unless a deal on Capitol Hill is agreed before 2 August, the US Treasury could run out of money to pay its bills.

Mr Cable said it presented a bigger risk to the global markets than the continuing debt woes in the eurozone.
'Unthinkable' default

President Barack Obama wants to cut US debts by both reducing government spending and raising taxes.

Republicans in Congress are strongly opposed to the tax rises.

The two sides have to come to an agreement before the current $14.3tn (£8.7tn) limit on US borrowing can be raised.

An emergency meeting between President Obama and congressional leaders on Saturday failed to make a breakthrough.

However, US Treasury Secretary Timothy Geithner said on Sunday that he still expected a deal to be reached.

Mr Geithner told CNN: "It's unthinkable that this country will not meet its obligations on time.

"It's just unthinkable we'd ever do that. It's not going to happen."

Yet he added that a Republican proposal to first raise the debt limit and then negotiate the spending cuts was "irresponsible" and would not be agreed by Democrats.

[BabylonHoruv]

Why aren't the democrats allowing for the debt ceiling to be raised first and then for negotiations to continue?

[Jenne]

Politics.  Pure and simple.  They know they won't face "common" scrutiny here as much as the GOP at this point.

Hence why the GOP will finally cut a deal, but say in the end they "saved the economy by compromising."

[BabylonHoruv]

Politics.  Pure and simple.  They know they won't face "common" scrutiny here as much as the GOP at this point.

Hence why the GOP will finally cut a deal, but say in the end they "saved the economy by compromising."

If the GOP roll over and accept what Obama offered, wholesale,  anyone with a liberal agenda gets FUCKED (plus a lot of poor people).  I'd think the Dems would be in favor of continuing business as usual as long as possible.

[Jenne]

Politics.  Pure and simple.  They know they won't face "common" scrutiny here as much as the GOP at this point.

Hence why the GOP will finally cut a deal, but say in the end they "saved the economy by compromising."

If the GOP roll over and accept what Obama offered, wholesale,  anyone with a liberal agenda gets FUCKED (plus a lot of poor people).  I'd think the Dems would be in favor of continuing business as usual as long as possible.

Well, so far, Obama's the only one playing any real "ball" and like I said--the GOP was right here--he's trying to make them look like the bad guys they are in this scenario.  Not that the Dems are smelling like roses by ANY means, of course.

The GOP is just having a bad media moment--because now that Murdoch's empire is seemingly without clothes, so to speak, no one's giving Fux News any more than their usual due.  Media all over are pegging Boehner et al as a buncha whiney fuckwits hellbent on sacrificing the nation for their cause, while idiots like Bachmann screech that the economists are a bunch of ninnies for even SUGGESTING that this is a big deal.



The only thing making this totally hilarious to me is the fact they're getting folks like GEORGE WILL to repeat the same swill Bachmann and her teabaggin' posse have been yammering on about.  And George Will DEFINITELY fucking knows better.

[Cain]

Even the likes of David Brooks are realizing, as a result of this, how fucked in the head the GOP are.  Which is bloody miraculous.

It wont last, of course, but it is putting significant pressure on them.  Like I said...I think if they screw around, this time they will take the full blame for it.