geithner is BEGGING for the debt ceiling to be raised F#%king BEGGING!!

Quote from geithner:

"It would be a reckless, irresponsible act.” hahah is this guy fucking kidding, he is kidding right, a reckless, irresponsible act???? So wait its a reckless, irresponsible act if they don't raise the debt ceiling, but raising the debt ceiling like they have over the last few decades isn't reckless or irresponsible, this guy is a fool.


Look at geithner cry, beg and whine to get this debt ceiling raised, it is truly amazing to see what is going on in this system that everyone continues to think is all fine and dandy, that there are no worries.

Go on and take your credit card, and max it out, call up your credit card company and ask them to raise your credit limit so your debt to ratio doesnt knock your credit score to 581 and watch them laugh in your face, seems every single time the debt ceiling is reached they only increase further...there is no stop to this game they play.


Will the debt ceiling be raised??? Was there QE1 and QE2??? OF COURSE IT WILL BE RAISED, by at least $1.2 Trillion!!! I say fuck it, just raise it to $500 trillion and be done with it, that should last 100+ years. IDIOTS!!

Geithner: Debt Default Would Make Financial Crisis Look Tame



By Damian Paletta

Originally posted on Washington Wire.

Treasury Secretary Timothy Geithner wasn’t mincing words on Tuesday when he warned what would happen if Congress didn’t soon raise the debt ceiling about its current level of $14.294 trillion.



He said the “consequences of that would be catastrophic for the United States. Default by the United States would precipitate a crisis worse than the one we just went through. I think it would make the crisis we just went through look modest in comparison. It would force us to cut payments to the military, cut critical payments to our seniors. It would be a reckless, irresponsible act.”

Gulp. And he was just getting warmed up.

He said failing if the country defaulted on its debt (which as of Friday was $14.199 trillion) it would “call into question the willingness of the United States to meet its obligations” and this would “shake the…foundations of the entire global financial system.”

 

Even if the debt ceiling is not raised and the government shuts down, there will still be tax revenues flowing.

1st priority with those revenues is to honor the interest and principle on government securities. Therefore, no "default"... and other areas of spending get short-changed for a while. Hate to break the news, but that would NOT be "catastrophic".

Geithner, Bernanke, Odumbo.. they're all SUCH LIARS!

 

It happened under Clinton in 95 no big deal, everyone was made whole, federal workers even got paid for not showing up for a couple of days.

 

this guy is becoming as good a liar as Paulson was selling "TARP" in "08. The real economy would still be moving, without Geithner. Might be a good way to clean house and get this slow motion crisis over with.

 

My brother put it best...

It is like somebody begging that, unless their credit limit is increased on their credit card, then the lights will go out at their home!

I think that says A LOT!!!!

-gastropod

 

The deficit is the stimulus. If the debt ceiling isn't raised, no more stimulus. The economy would contract by at least 10%, within months. Financials, insurers, real estate and the indicies would plummet. No borrowing means no bailouts. It also means no money to finance the war machine in Iraq, Afghanistan and Libya. Total contraction upwards of ~20%. It really would be a disaster. If they don't raise the ceiling, you can bet the Federal Reserve will finance the short-fall directly.

 

military might have to be dismantled by up to 50% if ceiling is not raised.

 

That, in a nutshell, is exactly why we've had deficits for decades.... government trying to goose the economy with inflation and debt in order for incumbents to look good and get reelected.

Ultimately, deficits and accumulating debt will financially destroy the citizenry of the US... but nobody in power cares about that right now... and the hoi polloi are not financially sophisticated enough to understand the destruction and demand that deficits be halted.

Unfortunately, however, the CATASTROPHIC wake-up call is getting very close.

 

The fed are so far past the line now, everything is becoming acceptable. If the debt ceiling is not raised ad infinitum for the next 10 years at least I would be truly gobsmacked.