US President Barack Obama has raised the spectre of a market crash on Monday if the political battle to raise America's $14.3 trillion (pounds 8.8 trillion) debt ceiling is not settled. The stakes have risen sharply over the past 48 hours, after long-running talks between President Obama and John Boehner, the top Republican in Congress, collapsed in acrimony late on Friday night. "It's very important that the leadership 1/8in Congress 3/8 understands that Wall Street will be opening on Monday, and we'd better have some answers," President Obama warned. http://www.vancouversun.com/news/Obama+warns+market+crash+Monday/5150211/story.html
$2,568 Trillion Revenue. But No Money In 2007, when the economy was still doing fine, The Federal Govt took in $2,568 TRILLION in revenue and we spent $2,629 Trillion for a deficit of $161 Trillions. Now a mere 4 years later, we are spending $3.7 TRILLION while taking in only $2.1 trillion. For a deficit of $1.6 Trillion. OR 10 times the deficit of FOUR YEARS AGO. Who knew that Bush would be "the good old days?" Revenue is down because the economy is down. spending is up because we have a Socialist, Giant Government believing president in the White House and a Democratic Congress that loves to spend other peoples money. Now the face of Congress is changing. If the government would get out of the way of business and SHOW business that the government wants them to do well. Mainly by reducing regulations on business and taxes on business since the taxes in the USA between Federal and States are the highest of any nation in the world. Then business could and would begin to expand. And TAXES on the rich and everyone else were exactly the same in 2007 as they were in 2010. Now since obama and the Democrats extended and increased to tax cuts, taxes are lower NOW than they were in Bush's time. Individual taxes, not business taxes. So if we could get spending back to where it was in 2007 and get revenue just $200 billion above where it was in 2007, we would HAVE a balanced budget. Complete details: http://www.elitetrader.com/vb/showthread.php?s=&threadid=224010 I have forwarded the information I post here to CEO who manages about $2 Trillion. Why do some people think I post in forums only?
What a moron! There are answers! Here is the a$$hol3 Obama's creation... Odumbo and his liberal, left-wing, moron buddies create a huge budget deficit in the "budget." Now, when revenues/taxes don't meet the "budget," Odumbo wants to pay for the budget increases with the credit card of future generations. To that I say, "Sorry, Kenyan, usurper, traitor! Face treason charges! In the meantime the American public will have to live within their means!" I further suggest some honesty to these knucklebrains! If you propose a HUGE increase in the budget...realize that you CAN NOT afford the increase...so, you have to lower the budget...THAT IS NOT A BUDGET CUT!!! That is a return to fiscal normalcy!
http://slopeofhope.com/ I normally don't take time on Sunday afternoon to do a post, but what we're seeing now is somewhat extraordinary, so I thought I would whip this up. It seems this entire year, we've been going through a cycle of: + Crisis + Market Panic + Some form of the game Kick-The-Can + Market Lurching to New Highs Whether you are talking about the "Arab Spring" (ha!), the Japanese Earthquake, the Japanese Tidal Wave, the Japanese Nuclear Disaster, the Greek Bailout, or - right now - the threat of a US Default (can you even believe you are reading those words?) we are playing out the same tired old schtick which has, from this bear's point of view, been profoundly disappointing and exhausting. So here we are at stage 2 again - market panic - acting as an answer to stage 1 - the debt crisis. I guarantee that within hours or days, a bevy of politicians will crumble like slivers of bonito flakes on top of a fresh serving of agedashi tofu and the market will vomit to new highs based on the stupidity and short-sightedness of your fellow citizens. So, bears, enjoy this brief respite while it lasts. The NQ is down over 1%, and its "breakout" Friday has been badly damaged. Incredibly, the Euro is actually down somewhat as I am typing this, in spite of a belief the dollar would completely collapse. And - surprise, surprise! - precious metals are absolutely rocketing to the moon as the safe haven. Anyway, since I'm largely short, I imagine tomorrow (Monday) will be a good day. But I have pretty much zero expectations that the good times will last. The political scumbags will kick the can down the road, and when the bear market finally does come, it will probably just take the Dow down 3000 points in a single session, and all the natural, God-given string of smaller drops will all be delivered in one fell swoop. Have a nice evening.
Military Coup Possible in USA When Israel Attacks Iran http://www.elitetrader.com/vb/showthread.php?threadid=224018
Nothing in market says it is ready for a major correction. Some sort of debt ceiling agreement will be reached and markets might rally from there on. August 2 is still a good week away.
Somebody tell that idiot Obama that 3 billion people survive on $2 every day. Forex transactions are $4 Trillion every day or $1,100 Trillion every year. World stocks markets transactions maybe $1 Trillion or $2 Trillion every day (not sure). Stock markets is not USA economy and world economy. Why did Obama give $9 Trillion bailouts (whatever) which was directed to save stock markets because of which now the whole world society is in serious trouble and suffering everyday.
spike or not spike, u have to have balls of steel to be willing to risk being the last one holding the bucket
How is this Obama's fault? Congress is the one who passes budgets. And most of the debt was incurred by big business loving Republican rule. From 2000 to 2006, the Republicans had the White House and both houses of Congress. What happened to the Clinton surplus during that time?