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Budget talks: This is getting nasty

Discussion in 'Sports and News' started by printdust, Jul 13, 2011.

Page 40 of 214
  1. Mark McGwire

    Mark McGwire Member

    Agreed, though I said a couple days ago, I don't think Obama has been posturing for a week or ten days now. I think he offered more than anyone else in his seat would have offered. I think he genuinely wanted a grand bargain.

    And I think he has a pretty good idea what the market will do Monday morning if they don't have something.
     
    Mark McGwire, Jul 22, 2011
    #469
  2. Bubbler

    Bubbler Well-Known Member

    God help anyone who has stock on Monday. The economic collapse may come earlier than anyone thought. What would give the markets confidence that anyone can get anything done?

    I still think (hope?) a deal gets done, but it looks increasingly possible we will ride GOP ideological intransigence right into the abyss.

    And Rep. Boehner can shove his "forest for the trees" analogy where the sun doesn't shine. He wasted a day of negotiation and showed the President of the United States an unconscionable lack of respect by pulling this stunt.

    The forest for the trees is compromising and doing what's right for the country. One side has compromised, one hasn't. We'll all pay the price.

    No compromise! Death or glory! Today's GOP!
     
    Bubbler, Jul 22, 2011
    #470
  3. Mark McGwire

    Mark McGwire Member

    I'll say it again.

    This group of Republicans have been offered a deal that any conservative would be happy to take.

    They won't make a deal because they simply won't give Obama anything at all that can look like a win.
     
    Mark McGwire, Jul 22, 2011
    #471
  4. Bubbler

    Bubbler Well-Known Member

    Hear, hear.

    Maybe Moody's and Standard & Poor's (and by the way, it disgusts me that these organizations have us essentially held hostage to them) will just downgrade us anyway.

    They see what's going on Washington and it can't give them confidence for our future.

    Time for everyone on both sides to start acting like adults.
     
    Bubbler, Jul 22, 2011
    #472
  5. amraeder

    amraeder Well-Known Member

    Agreed.
     
    amraeder, Jul 22, 2011
    #473
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    You are held hostage by the ratings agencies to some degree, in that when they address something--and their timing can be random--there is an immediate market reaction.

    But it is never lasting, before capital figures out what's what on its own.

    Right now, capital doesn't need Moody's or S&P to tell it that the U.S. spends way too much and doesn't raise enough revenue, has a Federal Reserve pumping more and more paper into the economy to try to inflate away that debt, and at the same time is defying everything taught in Econ 101 with a flagging economy that might not recover any time soon (despite the inflation they are creating), in which case we certainly can't support our current level of debt any longer.

    There is a reason that Obama and Boehner did this Kabuki Theater late on a Friday. The markets would have had a meltdown tomorrow over this kind of pissing match. An overreaction that could have been devastating. Late on a Friday they each get a free punch and they took it.

    This was all calculated. They get to make each other look bad without repercussions. They now have two days in which to somehow agree on how to reshuffle their corruption, or at the least, give capital markets time to reflect and not react violently the way they would have if there was trading going on right now.
     
    The Big Ragu, Jul 22, 2011
    #474
  7. Bubbler

    Bubbler Well-Known Member

    I'm not convinced the markets don't meltdown to some degree anyway. It might not be as bad as the 24-hour reaction you're talking about, Ragu, but that's all relative. Bad is bad.

    Maybe that's what we need. I've said all along the GOP will move when Wall Street forces their hand. I hate that I might be right about that.
     
    Bubbler, Jul 22, 2011
    #475
  8. dixiehack

    dixiehack Well-Known Member

    That's how we got the Bush bailout. Hardasses voted it down the first time, market tanked and everyone got spooked.
     
    dixiehack, Jul 22, 2011
    #476
  9. YGBFKM

    YGBFKM Guest

    So how awesome is it for Obama and the Dems if the market tanks? That could seal up the re-election. Be worth it in the long run.
     
    YGBFKM, Jul 22, 2011
    #477
  10. Starman

    Starman Well-Known Member

    Perfect case of projection.
     
    Starman, Jul 22, 2011
    #478
  11. YankeeFan

    YankeeFan Well-Known Member

    You know how I know this is a big deal?

    MSNBC has preempted Lochup: Raw and is live.

    This only happens for really big news -- like Casey Anthony big.
     
    YankeeFan, Jul 22, 2011
    #479
  12. Mark McGwire

    Mark McGwire Member

    My read, FWIW: Obama genuinely thought he could play on Boehner's desire to be a statesman and not just a hack. I think Boehner knows Cantor wants his job, too.

    In the end, Boehner couldn't pull the trigger.
     
    Mark McGwire, Jul 22, 2011
    #480
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