How to Checkmate THE RETHUGS

[hcap]

You have not added anything since your last post. Same objections as last post. I believe all are dealt with by all the many articles I linked too.

And if I am sticking it to the rethugs what will they be dong to the country?

Mañana

[elysiantraveller]

Originally Posted by hcap

You have not added anything since your last post. Same objections as last post. I believe all are dealt with by all the many articles I linked too.

And if I am sticking it to the rethugs what will they be dong to the country?

Mañana

You haven't dealt with any... you talk about credit ratings like this will be the silver bullet.

They are going to downgrade the US if we don't cut spending... something your guy was for doing before he was against it.

Here...

...here...

...and here.

Then you say that the money isn't going to be circulated... do you even understand how this whole scheme works? We deposit a $1 Trillion dollar coin... which eventually we will have to pay for... to lower our deficit to $15.4 trillion so we can spend back up to the current limit. Where in the @#$% do you think the money goes? You are the king of Stimulus around here... c'mon don't be so daft.

Like I said you are nothing more than a partisan drone... I'm actually pretty disappointed.

[hcap]

Originally Posted by you

They are going to downgrade the US if we don't cut spending... something your guy was for doing before he was against it.

From your links, credit devaluation could be avoided by not ONLY cutting spending, but by also raising revenues. The long term goal is lowering the national debt. Either or both will do.

....here....

....Moody's wants to see spending cuts, and perhaps even more tax hikes, as part of a big budget deal in the first few months of 2013 that would convincingly improve the government's long-termfinances. "The debt trajectory resulting from this process is likely to determine whether the Aaa rating is returned to a stable outlook or downgraded

And we know for sure that the knuckle dragging of the repugs ande refusal to agree to pay already contracted bills, which up until then (2011), was always done and debt ceiling raised, caused the last credit downgrade.

From your first link...

Moody's placed the U.S. credit rating on a negative outlook Aug. 3, 2011 when the outgoing Congress and the White House wrestled over a relatively routine measure of raising the debt ceiling to the point where the United States was on the brink of default before hammering out a deal.

That political impasse and near financial calamity prompted rival rating agency Standard & Poor's to take the unprecedented move of cutting the U.S. credit rating to AA-plus from AAA.

Originally Posted by you

Then you say that the money isn't going to be circulated... do you even understand how this whole scheme works? We deposit a $1 Trillion dollar coin... which eventually we will have to pay for..

No it will not be circulated in the general fund. From post #18

Monetarists would fret that creating $1 trillion of new money would spur inflation, but those fears are misplaced. Unlike bank notes, which are liabilities of the Fed and thus part of the monetary base, coins are liabilities of the Treasury. The money the Fed creates to pay for the coins does not become part of the monetary base until the Treasury spends it, and it ends up in a commercial bank’s reserves at the Fed. The monetary base could eventually expand by $1 trillion in this way. But because the Fed has paid interest on reserves since 2008, it would retain control of interest rates and therefore of inflation.

Of course Obama must promise to use the coin to pay bills not increase spending. "The Federal Reserve has ample ability to offset any inflationary impact by selling some of the trillions in Treasury securities it already owns. As long as the Fed does its job, inflation would not be a risk"

Originally Posted by you

We deposit a $1 Trillion dollar coin... which eventually we will have to pay for..

We will have to pay for it no matter what. We and the congress have already agreed. They are old bills not new!

[Tom]

The meltdown continues.....winning an election was supposed to be so good, but it is so empty when your boy just keeps on failing and following Bush's lead - the OBAMA TAX CUTS.......what a slap in the face to a liberal!

[hcap]

The only meltdown will be the rethugs at the debt ceiling controversy.

Of course the Tea Partiers in the House could always shoot their way into the White House and take Obama hostage (second amendment patriots of course)

Why not? They are already taking the countries' finances hostage.

[Tom]

Someone has to be the adult in the room.
You just have no clue what the debt means to our future.

[hcap]

Originally Posted by Tom

Someone has to be the adult in the room.
You just have no clue what the debt means to our future.

I have already shown you wrong once on this thread. Of course you refuse to admit that rate of increase in spending under Obama is no worse than other Presidents. You refuse to even consider that most of the scare tactics by the pugs in the debate about national debt is used for political reasons by the pugs.

You are simply Froggy the Gremlin in an orangutan suit.

[OntheRail]

Originally Posted by hcap

I have already shown you wrong once on this thread. Of course you refuse to admit that rate of increase in spending under Obama is no worse than other Presidents. You refuse to even consider that most of the scare tactics by the pugs in the debate about national debt is used for political reasons by the pugs.

You are simply Froggy the Gremlin in an orangutan suit.

Get out your spy glass and look over this..

Snip it from one of the links.

Add it all up and Obama’s tab through his first three years, in real dollars, is $3.4 trillion in deficit spending. It is a truly jaw-dropping display of fiscal recklessness to rack up enough real (inflation-adjusted) deficit spending in just three years to dwarf our real (inflation-adjusted) deficit spending during all of World War II. Before Obama’s term, few likely would have believed it possible.

Hey Big Spender

More.. More... More

You can't admit Obama is out on a limb tossing money in the air like there is no tomorrow.

[hcap]

The theoretical factChecker Kessler exaggerated

This is already covered by one of the links I posted on the "Rich still arent paying their fair share" thread.

There is a controversy about when to start counting the Obama budget in 2009., and how much is to blame on Bush. Traditionally we credit the first year of a new presidents budget on the previous president. However.

http://www.politifact.com/truth-o-me...-has-lowest-s/

.. We think reasonable people can disagree on which president should be responsible for TARP spending, but to give the critics their say, we’ll include it in our alternative calculation. So, combining the fiscal 2009 costs for programs that are either clearly or arguably Obama’s -- the stimulus, the CHIP expansion, the incremental increase in appropriations over Bush’s level and TARP -- produces a shift from Bush to Obama of between $307 billion and $456 billion, based on the most reasonable estimates we’ve seen critics offer.

That’s quite a bit larger than Nutting’s $140 billion, but by our calculations, it would only raise Obama’s average annual spending increase from 1.4 percent to somewhere between 3.4 percent and 4.9 percent. That would place Obama either second from the bottom or third from the bottom out of the 10 presidents we rated, rather than last.

[fast4522]

Originally Posted by Tom

Someone has to be the adult in the room.
You just have no clue what the debt means to our future.

Degenerates care not about someone's future other than their own, most degenerates are very long in the tooth with few years left in life.

[hcap]

Looks like this discussion about the platinum coin is moot

http://www.huffingtonpost.com/2013/0...n_2458379.html

WASHINGTON -- The U.S. Treasury Department will not mint a high-value platinum coin to avert the debt ceiling, according to an official statement from the Obama administration obtained by the Huffington Post on Saturday.

"Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," the statement reads.

Obama has never given any indication that he would be amenable to "the platinum option," but White House spokesman Jay Carney refused to rule it out in a press conference earlier this week.

[elysiantraveller]

Originally Posted by hcap

Looks like this discussion about the platinum coin is moot

http://www.huffingtonpost.com/2013/0...n_2458379.html

WASHINGTON -- The U.S. Treasury Department will not mint a high-value platinum coin to avert the debt ceiling, according to an official statement from the Obama administration obtained by the Huffington Post on Saturday.

"Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," the statement reads.

Obama has never given any indication that he would be amenable to "the platinum option," but White House spokesman Jay Carney refused to rule it out in a press conference earlier this week.

The fact that you thought this was a good idea...

Monetizing the debt is the last resort before the collapse of a system. At least I learned a lot about you in this thread.

[hcap]

Originally Posted by elysiantraveller

The fact that you thought this was a good idea...

Monetizing the debt is the last resort before the collapse of a system. At least I learned a lot about you in this thread.

Yeah, I did think it was a good political maneuver. And have not changed my mind. I only hope Obama has another back up. Democrats have learned something too. Repugs play hardball to the detriment of the country.

[Tom]

Repugs play hardball to the detriment of the country.

Bizarro speaks......through his arse, but he speaks.

[hcap]

Looks like Obamas' strategy is.......

http://www.salon.com/2013/01/14/obam...on_gop_sanity/

"Obama is riding a wave of post-election popularity. Gallup shows him with a 56 percent approval rating, the highest in three years.

By contrast, Republicans are in the pits. John Boehner has a 21 percent approval and 60 percent disapproval. And Mitch McConnell’s is at 24 percent. Not even GOP voters seem to like Republican lawmakers in Washington, with 25 percent approving and 61 percent disapproving.

And Americans remember the summer of 2011 when the GOP held hostage the debt ceiling, bringing the nation close to a default and resulting in a credit-rating downgrade and financial turmoil that slowed the recovery. The haggling hurt the GOP more than it did Democrats or the president.

But Obama’s strategy depends on there being enough sane voices left in
the GOP to influence others. That’s far from clear"


Sanity??

Damn it! Use the COIN!