U.S. Debt crisis!!!

[Morpheus]

Can someone who understands these things explain to me what this is all about???? It seems incredibly serious, with a a potential impact on economies around the world!! The last things we need is another wave of economic downturn coming across the Atlantic! There also seems to be a lot of posturing on the part of the political parties (Democrats and Republicans) making it impossible for any decisions to be made!!!

Is this all scare mongering, or should I leave for the North Pole??? Apparently you don't need money there, just raw fish will do as a trading commodity!!)

[doodlebug]

Don't understand the full intricacies, however, its not the first time the US economy has faced this issue. A few years ago federal government closed down for five days as they hadn't the cash to pay staff etc. There is a political background, the Republicans, control the House of Representatives and they want to pass their own budget proposals, but they are split, the "tea party" faction don't want to pass the proposal by the Republical speaker. The Democrats control the Senate and they will block any proposal from the House. The other background is that the Republicans are trying to damage Obama in the run up to the election. Obama is slow to bring forward his own proposals in case they fail and he is damaged.

Globally it might mean further economic worries. Part of the problem is that oil is valued in dollars, some people regard this as the main reason for the Iraq war, as Saddam was intending to value his oil in euros. Do if the Dollar is in trouble, oil will rise further, inflation will rise again and we will be further fxxked.

I think what we need globally is for China, India and Brazil to suffer economic woes then we can devalue gloabally and start afresh.

[blue8671]

From what little i understand it appears that from Tuesday the good old US of A will no longer be in a position to meet the intrest payments on it's outstanding loans, This seem's to stem from there decision to try and spend there way our of the recession without making cut's as we have had to put up with in the UK and Ireland. Now they have reached a point were it was reported today that Apple has more money in the bank that the US government !
The position they are in now is that there credit rating could well be downgraded making it much more expensive for them to borrow money as Greece and Ireland to name but two have been forced to do, this causes even greater problems in trying to reduce there debts and it can turn into a downward spiral for themselves and most of the western world that relys heavily on trading with the USA.
One question if i dont keep up my mortgage payments the bank takes my house, now the UK used to own America so if they dont keep up there payments does than mean we can have it back because if it does i want California.

[ksteve]

I think the primary reason is that the Republicans are dead scared that Obama is going to get in for a second term and are using the current situation as a stick to beat him. There are very dark and powerful , self-interested forces at work here !

[Morpheus]

I think the primary reason is that the Republicans are dead scared that Obama is going to get in for a second term and are using the current situation as a stick to beat him. There are very dark and powerful , self-interested forces at work here !

That's what I fear too Steve -that there are a lot of interests that want to see this current administration fail! However, I hope that they aren't stupid enough to see that if that happens, it will bring down the entire country. With a significant impact around the world!

[anitasizzle]

I think the primary reason is that the Republicans are dead scared that Obama is going to get in for a second term and are using the current situation as a stick to beat him. There are very dark and powerful , self-interested forces at work here !

It's all ready a done deal; by offering to cut trillions in dollars on entiltement programs,social securit, medicare, and meicaid as wya of reducing the debt, Obama showed he was capable of compromise while the Republics don't want the Bush tax cuts t expire; many Republicans signed a pledge not rise taxing, so a lot of them won't vote on a plan that includes rising taxes on the rich, thus, showing that the Republicans are incapable of compromise, and incapable of thinking about the needs of America, but just their own needs

The problem started because some of the Tea Party members don't want to raise the debt celling which has been raised 29 time, but since there's a black President it shouldn't be raised.

Now, I don't want Obama to do a second term because I'm really sick and tired of seeing jjust how infantle and primitive a lot of white Americans are

[doodlebug]

It's all ready a done deal; by offering to cut trillions in dollars on entiltement programs,social securit, medicare, and meicaid as wya of reducing the debt, Obama showed he was capable of compromise while the Republics don't want the Bush tax cuts t expire; many Republicans signed a pledge not rise taxing, so a lot of them won't vote on a plan that includes rising taxes on the rich, thus, showing that the Republicans are incapable of compromise, and incapable of thinking about the needs of America, but just their own needs

The problem started because some of the Tea Party members don't want to raise the debt celling which has been raised 29 time, but since there's a black President it shouldn't be raised.

Now, I don't want Obama to do a second term because I'm really sick and tired of seeing jjust how infantle and primitive a lot of white Americans are

Interesting perspective Anita, and not one I have heard before. One question, asked in friendship and not adversary. Who would you like to see, I don't think the Republicans have a credible candidate.

[anitasizzle]

Interesting perspective Anita, and not one I have heard before. One question, asked in friendship and not adversary. Who would you like to see, I don't think the Republicans have
a credible candidate.

I think America needs a new economic policy; capitalism isn't working for millions of Americans, and it's time for something new. More concerned is being placed on the debt crisis instead of the unemployment crisis which, if people we employed, would cancel out the debt crisis. America has too many problems that it never addressed and now things are coming to a hea,

[Stephanie]

I'm really sick and tired of seeing jjust how infantle and primitive a lot of white Americans are

...Aahh, shall I play the 'race card' ? Shall I bring up the subject of racism ? And discuss it at length ?

Nah, I won't.. It AIN'T worth it...

I'll let it sliiiiiide..

[SR71]

...Aahh, shall I play the 'race card' ? Shall I bring up the subject of racism ? And discuss it at length ?

Nah, I won't.. It AIN'T worth it...

I'll let it sliiiiiide..

At least black or white, Americans have equal opportunities. Some countries in the world say they don't have racism but...