later
But I thought socialist security ran out of a trust fund. Didn’t Harry Reid say so?
I appreciate your research. If I understand correctly, you are sting that the 14th amendment argument the Dems are peddling is without constitutional merit. I don’t understand how you arrived at this conclusion, but I welcome your feedback.
Of equal concern to me: on the FOX Panel tonight, Krauthammer was whining that GOP senators are terrified that, during a budget crisis that Obama would pick and choose which activities get funded consistent with his own political needs. The example they used was that Obama would withhold farm subsidy and food inspection payments to hurt GOP senators in midwest states, since he isn’t likely to do well there in 2012. This is what does not make sense to me: there are 3 RAT senators (Tester, Nelson, McCaskill) who are facing brutal re-elections and would be equally or worse battered by an interruption in food safety enforcement. Plus, this activity would drive food prices higher nationwide, angering everybody.
So, unless Obama can selectively decide which states get food safety enforcement that correspond to states with Dem senators, I don’t see the upside potential — and even that is high-risk game.
Anybody understand what this is all about? I wish our people on the Hill and in think tanks would start playing out these scenarios so that we can prepare for WAR. The best way for the GOP to win this battle is to preempt every game that Obama will play.
I am hopeful that Obama is stupid ebough to withhold seniors SS checks, because we can prepare seniors weeks in advance and then the stunt will boomerang.
they got the money for the payments out of the lock box
Was there suppose to be some kind of picture or chart? All I see is a blue box with a “?” in it...
bm
Default won’t occur until someone tries to cash in a T-bill and is denied payment.
I also see China possibly selling $1T worth of US treasuries upon our default. That will throw gasoline on the fire. China will be hurt. They will hurt themselves. But they will destroy the world's only other superpower, and they will do it without having to fire a shot.
It's similar to what we did to Gorbachev and the Soviet Union.
They are coming for our 401K’s. It’s just a matter of time. Given the choice between our security and the continuation of the government we will get screwed every time.
you’d almost think it’s july 1st
next thing you’ll know, things will be just horrible by mid august...
resulting in people screaming for ‘change’ by sept (09-(20)11)
gee... who coulda seen this coming...
The way I read the chart, we only have 6.025 billion dollars left before we reach the debt limit.
Ruh-roh.
Could you imagine telling the nation on the weekend of July 4th ...we’re broke?
We have one month to make the “late payment.” This would explain why they were thinking about working this weekend. They’ve got to come up with a way to make a double payment.
What If the U.S. Treasury Defaults?
Geithner warned of "a catastrophic economic impact" and said, "Default would cause a financial crisis potentially more severe than the crisis from which we are only now starting to recover."
Now suppose, Mr. Druckenmiller adds, that he's wrong. If the market implodes on day two of the technical default, Mr. Obama and Congress would be motivated to finally come to agreement. But he doesn't expect such market chaos. "My guess is that the bond market would rally as long as it believed the ultimate outcome was going to be genuine entitlement reform—that we wouldn't even have to find out about a meltdown because it wouldn't happen. And I have some history on my side here."
So did anyone holding treasury securities (or some class of them - notes, bonds, etc.) not get an interest payment?