Posted on 10/16/2013 7:29:45 AM PDT by whitedog57
Another morning, another gridlock. No deal from Obama and Congress with the default clock ticking.
To paraphrase the old Wendy’s commercial, “Where’s the (default) beef?“
Credit default swaps for the US? Up slightly this morning, but still the lowest in the Americas.
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And the US CDS “smile” remains (inverse hump in the CDS curve).
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Zero Hedge has the hysterical headline that “Repo Soars To 2013 Highs On Default Fears, Bifurcated Collateral Market.” True, but compared to 2008, it is a drop in the bucket.
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And the US Treasury 10 is up slightly today, not the massive default shock that the hysteria crowd would anticpate.
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Seriously, with interest payments as a small part of of the US budget, WHY would Obama default on the debt?
govexpint
So, where’s the (default) beef?
Wheres-the-Beef1 (1)
A must read before Boner leads the House Republicans to political suicide:
Rep. McClintock (R-CA) breaks down the debt crisis
http://www.freerepublic.com/focus/f-news/3079347/posts
the media has been lying saying Armageddon will happen Oct 17 . the media lie. Obama lied. Reid lied.
we have to call and email Republicans and tell them not to believe the media lies. what is the capital switchboard or their emails or phone numbers?
The courageous House Tea Party faction should hang in there in spite of all this Chicken Little “sky is falling” BS about the debt limit and “default.” There’s more than enough revenue to cover debt payments and payments of earned benefits like Social Security and Medicare. Indeed, section 4 of the Fourteenth Amendment forces the Government to make debt payments first priority by stating, “The validity of the public debt of the United States, authorized by law, . . . Shall not be questioned.” Also Article II, section 3 of the Constitution requires the president to, “take Care that that the Laws be faithfully executed,” and Article I, section 7 provides that, “All Bills for raising Revenue shall originate in the House of Representatives[.]” Taken together that pretty well says the Senate should step aside and let the House decide what to do, including not raising the debt limit, since there actually will be no default, provided the Government follows the Constitution.
The question is between whether we will choose freedom (ordered liberty) or slavery to government. That is the same question which faced the men and women of 1776 and 1787!
Thankfully, they were learned individuals who had studied the history of civilization (including the histories documented in so-called "religious" writings), and they, under the guidance of Divine Providence (Declaration of Independence) produced a People's Constitution to limit government's coercive power.
Messaging which does not lay out the seriousness of the question is inadequate for the times.
How about some plain language and common sense?
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
"...there have always been those who wish to enlarge the powers of the General Government. There is but one safe rule...confine (it) within the sphere of its appropriate duties. It has no power to raise a revenue or impose taxes except for the purposes enumerated in the Constitution....Every attempt to exercise power beyond these limits should be promptly and firmly opposed." - Andrew Jackson's Valedictory
"...experience hath shewn, that even under the best forms (of government), those entrusted with power have, in time, and by slow operations, perverted it into tyranny; and it is believed that the most effectual means of preventing this would be, to illuminate...the minds of the people...to give them knowledge of those facts, which history exhibiteth. History, by apprizing them of the past, will enable them to judge of the future...it will qualify them as judges of the actions and designs of men; it will enable them to know ambition under every disguise it may assume; and knowing it, to defeat its views...." - Jefferson's Bill for the more general diffusion of knowledge for Virginia
"Although all men are born free, slavery has been the general lot of the human race. Ignorant--they have been cheated; asleep--they have been surprised; divided--the yoke has been forced upon them. But what is the lesson?...the people ought to be enlightened, to be awakened, to be united, that after establishing a government they should watch over it....It is universally admitted that a well-instructed people alone can be permanently free." - James Madison
"These principles form the bright constellation which has gone before us and guided our steps through an age of revolution and reformation. The wisdom of our sages and the blood of our heroes have been devoted to their attainment. They should be the creed of our political faith, the text of civic instruction, the touchstone by which to try the services of those we trust; and should we wander from them in moments of error or of alarm, let us hasten to retrace our steps and to regain the road which alone leads to peace, liberty, and safety." - Thomas Jefferson-First Inaugural Statement of Principles of Good Government
I think congress already voted and have the money in place so there is no default , but Obama thinks hes going to grab more power if the country defaults .Obama loves living in the White House and does not want to leave
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