Barney Frank: U.S. government default likely

[IamOld]

Good luck to us all indeed! Shark, God knows we'll need it!

Regarding legislation - the thing is, legislation kept the beast chained until the 80's (and late 90's)...then the beast was unchained...yes by the politicians.

Huh...while I'm not a fan of Wall Street mentality, I'd have a different assertion on where the core of the problem is...

To quote P.J. O' Rourke:

When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.

Washington was filled with crooks and lowlifes long before Wall Street came anywhere near the power it has now...haven't seen much empathy for the ordinary folk there and it's not that I haven't been looking for it...

Good luck to us all.

[shark66]

Look, let's not forget where the crux of all this lies - it lies on Wall Street, with a culture of greed and avarice, and an utter lack of comprehension and empathy for the "regular" people.

Huh...while I'm not a fan of Wall Street mentality, I'd have a different assertion on where the core of the problem is...

To quote P.J. O' Rourke:

When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.

Washington was filled with crooks and lowlifes long before Wall Street came anywhere near the power it has now...haven't seen much empathy for the ordinary folk there and it's not that I haven't been looking for it...

Good luck to us all.

[IamOld]

Look, let's not forget where the crux of all this lies - it lies on Wall Street, with a culture of greed and avarice, and an utter lack of comprehension and empathy for the "regular" people.

[shark66]

Barney Frank would also make my priority list for the hanging tree along with the vast majority of the Congress and Senate...

He was one of the very people who had created the housing mess in the first place...so he should honestly just shut up, but he can't...or more likely, he refuses to...

I was always extremely impressed by the sense of self-importance that most of these folks have...

Good luck to us all - we'll need plenty of it with lowlifes like Barney Frank in charge...

[AngelinaCatHub]

Barney Frank has admitted helping former lover get into Fannie (no pun intended).

LOL, how queer is that idea for self and spouse to be in the position to call shots that would benefit both? (also no pun intended).

We are now into our 2 1/2 years without the budget of two and 1/2 years approved, for that year no less for our current year. Our Ruler, has ignored Constitutional law and is getting away with it. His only talent is Public speaking and good eyes reading a machine. He is not ignorant of what is going on. He is an orchestrator. His ego equates to a sickness, as he feels his fine words, he can heal all things, and brilliant unless his machine is not near. His plan for change is working and we truly are changing, while hope is decreasing. Rome lasted roughly around the same time frame as the USA has been around. They perished due to "bread and circuses". That statement means Rome became lazy, had slaves to do real work, became what is called decedent. It too became a welfare state and the economy hit the sewers. The leader of Israel snipped Obama's testosterone nodes as that man is a REAL leader. He sees through the path of the intended future as his fellow Israelites have seen this before in the late 30's.

One of Histories infamous despots came into power due to hyperinflation and money manipulations.

Those who cannot see what is going on, are blinded by a closed mind. 'There is no one who is blinder than one who will not see'.

This BTW is my opinion on a forum thread that is made for personal opinion. I reserve my right to my opinion, and respect opinion that I do not agree with. I am neither Republican, or Democrat. I am a registered Democrat due to local voting biases in my county. I am a Constitutionalist more near being a Libertarian, yet not in agreement with them either. This disclaimer is here due to individuals who have not always respected others not in agreement with them. More to come. 'Hub

[catleg]

Barney Frank was a Friend of Angelo (as was everyone else in Congress)...nuff said.

[keepinitreal]

Barney Frank has admitted helping former lover get into Fannie (no pun intended).

[IamOld]

Sure he did..Mortgage lenders were greedy due to the commissions.

Right Frank is not the one to blame - let's not forget who the banksters are!

[banca rotta]

I thought this article was pretty good: Debtors and Savers

It makes the point that we cycle between hard money systems (gold backed) and easy money (fiat) and the current easy money system is coming to an end.

I'm not a gold bug however I did notice that ALL civilizations throughout recorded history have started out with real money (gold & silver), they built a strong middle class and then ended with loads of debt, a weak currency backed by nothing and long, expensive wars with armies spread out all over the world.

My big question is why is today any different then any of those other time?

[catleg]

I thought this article was pretty good: Debtors and Savers

It makes the point that we cycle between hard money systems (gold backed) and easy money (fiat) and the current easy money system is coming to an end.

[houston7]

BTW the 2 trillion budget is assuming the unemployment levels hold up at their present level.

If we shed more jobs and can't borrow money then that number will go into a death spiral since their will be less tax revenues and more people collecting some form of govt aid.

Yes this is a bad situation and it isn't getting enough attention. It will once it's too late.

Maybe a death spiral wouldn't be such a bad thing. With a total economic collapse all of those employed people who look down on the unemployed would join us. We wouldn't be serving food from the bread lines though. The menu would consist of crow and humble pie.

First they came for the communists
and I did not speak out.........

[jacko]

Sure he did..Mortgage lenders were greedy due to the commissions.

Barney Frank should know. He's the one who started us down this path by pushing mortgage lenders to approve borrowers who were unqualified to borrow.

[banca rotta]

BTW the 2 trillion budget is assuming the unemployment levels hold up at their present level.

If we shed more jobs and can't borrow money then that number will go into a death spiral since their will be less tax revenues and more people collecting some form of govt aid.

Yes this is a bad situation and it isn't getting enough attention. It will once it's too late.

[banca rotta]

I think all of them are making me throw up.

There is no easy answer to this and no one anywhere is taking it seriously.

A default is inevitable whether it being August 2 2011 or some other time, but it's going to happen.

To show some here on the left that I am not a "right winger" I heard people like Rush Limbaugh and some tea party folks hope for no increase in the debt ceiling.

Well if this happens I want you to think about the US Federal budget which is spending 3.5 trillion but only taking in around 2 trillion.

If they don't raise the debt ceiling then we will only be able to spend 2 trillion. This means we will officially stiff our creditors. Our bonds that are rated "AAA" will be junk status and all those banks, insurance companies, foreign investors will lose all of their holdings not to mention speed up the cutting of jobs. The markets and dollar will collapse as well.

Once your direct deposit from whatever source of income you have goes into your bank account you and I will probably be limited as to how much you can withdraw and that will cause a panic.

If Barney Frank is correct then August 2nd will be a date which will live in infamy.

Rather then these trillion dollar one shot increases they should just raise it month to month and keep negotiating massive budget cuts starting with all of the wars and entitlements. An outright default is suicide.

[frogger]

Barney Frank is one of the few people that just make me want to throw up in my own mouth...........