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View Full Version : U.S. Issues Geithner says Congress must raise debt limit


petegz28
03-16-2011, 08:14 PM
(Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that there was no alternative except for Congress to raise the debt ceiling so that the government can keep borrowing.

"Congress has to do it. There's no alternative," he said in response to questions at a House of Representatives appropriations subcommittee.

He repeated a warning that it would be have "catastrophic" consequences for the economy if the debt ceiling was not raised and the country defaulted on its debt obligations.

http://www.reuters.com/article/2011/03/16/us-usa-treasury-geithner-debt-idUSTRE72F7WQ20110316

petegz28
03-16-2011, 08:15 PM
This guy is a ****ing joke. "Cut spending" is a phrase that just refuses to be uttered by this Administration.

Here is an idea, how about we do like every other responsible person does and you cut your spending to so you can pay your debt as opposed to borrowing more to pay for your debts? Geitner and whomever supports him is a model of how to go broke fast.

ClevelandBronco
03-16-2011, 08:45 PM
Well, fuck him. It's not his call. Now let's see if Congress turns tricks for that worthless pimp in the White House.

petegz28
03-16-2011, 08:49 PM
Well, **** him. It's not his call. Now let's see if Congress turns tricks for that worthless pimp in the White House.

You know they will. This is the same BS we heard during the bailouts. If we don't do it the world as we know it will come to an end. When actually the right thing to do is to cut spending so we don't have to raise the debt limit.

HonestChieffan
03-16-2011, 09:11 PM
Contrarian me....He is correct.

The debt ceiling is related to spending done spent.

Cutting the budget is aimed at spending yet to be.

One is really unrelated to the other except as a bargaining chip.

alnorth
03-16-2011, 09:11 PM
Raise the debt limit? OK, fine if as long as there's a light at the end of the tunnel.

You have a plan to balance the budget in 3 or 4 years, then consider the limit raised.

petegz28
03-16-2011, 09:13 PM
Raise the debt limit? OK, fine if as long as there's a light at the end of the tunnel.

You have a plan to balance the budget in 3 or 4 years, then consider the limit raised.

don't ya know green jobs are going to save us all?

petegz28
03-16-2011, 09:14 PM
Contrarian me....He is correct.

The debt ceiling is related to spending done spent.

Cutting the budget is aimed at spending yet to be.

One is really unrelated to the other except as a bargaining chip.

I disagree. The mere fact we might default on our debts if we don't borrow more money should be a huge, HUGE red flag to even the dumb fucks in D.C.

HonestChieffan
03-16-2011, 09:49 PM
What do you disagree with?

petegz28
03-16-2011, 09:53 PM
What do you disagree with?

I disagree with raising the debt limit. If that means we have to shut down parts of the Fed Gov, Congress has to work in cubicles and take sack lunches to work and use candles instead of lightbulbs then sobeit.

I would go half way and agree with alnorth that there needs to be a plan in place to cut spending before we agree to any further borrowing. Otherwise we are heading to the same place some think we will go if we don't raise the limit anyway.

Why is it so hard for some to comprehend the fact that you cannot borrow your way out of debt?

petegz28
03-16-2011, 09:57 PM
I guess I am failing to see the logic in raising our debt limit if we don't cut our spending. What am I missing? How is it we are going to be in less debt by taking on more debt? And as Native accurately pointed out in another thread, interest rates are going to rise when QE2 is finally over. Then what? Then what? I will tell you what. We will be borrowing increased amounts of money at higher interest rates. Now htf does that make our debt situation any better?

HonestChieffan
03-16-2011, 10:06 PM
You understand the money has been spent...thats pushing the debt limit up....it has nothing to do with spending proposals that have not been enacted?

petegz28
03-16-2011, 10:07 PM
Someone please make sense of this for me...

This is how I see our Fed Gov from an everyday workers' view...

I get a $2000 paycheck
My bills are $1500
Ok, not bad, $500 left over
So I buy a new car and and $300 a month
Still got $200 left over
So I buy a boat, another $200 a month
Ok, breakeven, no rainy day money
So I buy a motorcycle, another $150 a month, hmm stick it on credit card and hit parents up for a loan
Parents provide loan
Now I buy an RV, another $400 a month, more credit card, more borrowing from Mom and Dad
Now I buy another car, another $300 a month, credit card maxed, open new card, Mom and Dad tapped, hit up Aunt and Uncle for a loan
Now I buy a wave runner, another $100 a month, new card has room, Aunt and Uncle work with me
Now I remodel the kitchen, new card is maxed, open another card, Aunt and Uncle are tapped, hit up best friend for loan


See where this is going? That is how I see our Fed Gov. The more money we give them the more they are just going to spend. Period. There is no financial discipline. We can't cut anything from anywhere because any given Congressman will tell you that if we cut X we are people hating or job hating or environment hating or baby hating or single mother hating or retiree hating or union hating, you name it.

The madness has to stop sometime.

petegz28
03-16-2011, 10:09 PM
You understand the money has been spent...thats pushing the debt limit up....it has nothing to do with spending proposals that have not been enacted?

So you find a way to pay your bills without borrowing more money. The raising of the debt limit is not the only answer.

HonestChieffan
03-16-2011, 10:15 PM
Im unable to communicate this evening. It must be me.

petegz28
03-16-2011, 10:17 PM
Im unable to communicate this evening. It must be me.

So tell us why we can't make our debt obligations if we don't raise the debt limit?

pr_capone
03-16-2011, 11:49 PM
Someone please make sense of this for me...

This is how I see our Fed Gov from an everyday workers' view...

I get a $2000 paycheck
My bills are $1500
Ok, not bad, $500 left over
So I buy a new car and and $300 a month
Still got $200 left over
So I buy a boat, another $200 a month
Ok, breakeven, no rainy day money
So I buy a motorcycle, another $150 a month, hmm stick it on credit card and hit parents up for a loan
Parents provide loan
Now I buy an RV, another $400 a month, more credit card, more borrowing from Mom and Dad
Now I buy another car, another $300 a month, credit card maxed, open new card, Mom and Dad tapped, hit up Aunt and Uncle for a loan
Now I buy a wave runner, another $100 a month, new card has room, Aunt and Uncle work with me
Now I remodel the kitchen, new card is maxed, open another card, Aunt and Uncle are tapped, hit up best friend for loan


See where this is going? That is how I see our Fed Gov. The more money we give them the more they are just going to spend. Period. There is no financial discipline. We can't cut anything from anywhere because any given Congressman will tell you that if we cut X we are people hating or job hating or environment hating or baby hating or single mother hating or retiree hating or union hating, you name it.

The madness has to stop sometime.

I agree completely.

cdcox
03-16-2011, 11:59 PM
Someone please make sense of this for me...

This is how I see our Fed Gov from an everyday workers' view...

I get a $2000 paycheck
My bills are $1500
Ok, not bad, $500 left over
So I buy a new car and and $300 a month
Still got $200 left over
So I buy a boat, another $200 a month
Ok, breakeven, no rainy day money
So I buy a motorcycle, another $150 a month, hmm stick it on credit card and hit parents up for a loan
Parents provide loan
Now I buy an RV, another $400 a month, more credit card, more borrowing from Mom and Dad
Now I buy another car, another $300 a month, credit card maxed, open new card, Mom and Dad tapped, hit up Aunt and Uncle for a loan
Now I buy a wave runner, another $100 a month, new card has room, Aunt and Uncle work with me
Now I remodel the kitchen, new card is maxed, open another card, Aunt and Uncle are tapped, hit up best friend for loan



We are here. All of that is past history. The question is what to do going forward. The decision to default on our debt is paramont to calling up every creditor, your landlord, all of your friends and family, and tell them to go fuck themselves. Is that what you advocate? All Geithner is saying is, don't call up everyone and tell them to go fuck themselves. Do you agree or disagree that we should avoid telling everyone to go fuck themselves?

BIG_DADDY
03-17-2011, 12:07 AM
Fuck Geithner. Taxation through dilution. They're taking everyone's shit that has ever done the right thing and nobody will even say anything about it. What have we become?

pr_capone
03-17-2011, 12:19 AM
We are here. All of that is past history. The question is what to do going forward. The decision to default on our debt is paramont to calling up every creditor, your landlord, all of your friends and family, and tell them to go **** themselves. Is that what you advocate? All Geithner is saying is, don't call up everyone and tell them to go **** themselves. Do you agree or disagree that we should avoid telling everyone to go **** themselves?

You are arguing the other side of the same coin. It is inevitable that the cap will be raised. Now what they do going forward is what is important.

CUT ****ING SPENDING. Unless the country tightens up its belt, we are going to be the United States of China. Set up a plan, stick to it, and pay off some debt.

Dry up foreign aid for a while. Yeah, I understand that helping other countries as important and all but we have people living on the streets here because they have not had a job for 2 years. Let's get our own house in order before we go try saving the world.

We basically have a bunch of teenagers in office with a blank check and a credit card with no limit. The answer is not to squeeze blood out of a turnip by taxing people further. It is to stop spending money on stupid shit.

BIG_DADDY
03-17-2011, 12:25 AM
We are here. All of that is past history. The question is what to do going forward. The decision to default on our debt is paramont to calling up every creditor, your landlord, all of your friends and family, and tell them to go **** themselves. Is that what you advocate? All Geithner is saying is, don't call up everyone and tell them to go **** themselves. Do you agree or disagree that we should avoid telling everyone to go **** themselves?

1. Yes.
2. Fire the Fed.
3. Print our own money.
4. Offer token payoffs to strategic partners moving forward.

We have become a society of entitlement. Debt and dealing with the Fed is not the entire problem.

The Mad Crapper
03-17-2011, 06:50 AM
Well, **** him. It's not his call. Now let's see if Congress turns tricks for that worthless pimp in the White House.

Boehner is having lunch with B.O. today.

The Mad Crapper
03-17-2011, 06:55 AM
We basically have a bunch of teenagers in office with a blank check and a credit card with no limit. The answer is not to squeeze blood out of a turnip by taxing people further. It is to stop spending money on stupid shit.

Progressives actually think that they can eventually just confiscate wealth. They don't talk about it, but that's their end game.

Of course, that will turn our country into a shithole like Russia or Mexico, which will suck for everybody else, but the wealthy will still have all their wealth.

Progressives are a malignant cancer on society.

Jaric
03-17-2011, 07:37 AM
The madness has to stop sometime.
Oh it will eventually.

Not by choice though.

healthpellets
03-17-2011, 11:35 PM
1. Yes.
2. Fire the Fed.
3. Print our own money.
4. Offer token payoffs to strategic partners moving forward.

We have become a society of entitlement. Debt and dealing with the Fed is not the entire problem.

wow. imagine if we actually printed our own money, instead of a private bank printing our money, and then loaning it to us at interest.

just blows my mind.

here, i'll add one more to your list:

5. Get Dave Ramsey a meeting with BO and Congress.

The Mad Crapper
03-18-2011, 09:25 AM
So tell us why we can't make our debt obligations if we don't raise the debt limit?

Timmy and The Bernank knw the US Fed has no intention of ever paying off the debt. That's why they will continue to borrow it (until they run out of lenders). Our dollar continues to devaluate and it will inevitably be worthless.