House GOP still hellbent on debt-ceiling showdown
The juxtaposition here is telling.
First, from Politico, an explanation of how House Republicans and their leaders are approaching the issue of a looming showdown over the debt ceiling:
“I think it is possible that we would shut down the government to make sure President Obama understands that we’re serious,” House Republican Conference Chairwoman Cathy McMorris Rodgers of Washington state told us. “We always talk about whether or not we’re going to kick the can down the road. I think the mood is that we’ve come to the end of the road.”
Republican leadership officials, in a series of private meetings and conversations this past week, warned that the White House, much less the broader public, doesn’t understand how hard it will be to talk restive conservatives off the fiscal ledge. To the vast majority of House Republicans, it is far riskier long term to pile up new debt than it is to test the market and economic reaction of default or closing down the government.
GOP officials said more than half of their members are prepared to allow default unless Obama agrees to dramatic cuts he has repeatedly said he opposes. Many more members, including some party leaders, are prepared to shut down the government to make their point. House Speaker John Boehner “may need a shutdown just to get it out of their system,” said a top GOP leadership adviser. “We might need to do that for member-management purposes — so they have an endgame and can show their constituents they’re fighting.”
That’s right: By the admission of top GOP officials, internal party “member-management purposes” may require them to force a shutdown of the U.S. government. Furthermore, House Republicans are out of the speaker’s control and even more intransigent than understood by the White House and the general public, which already believes them to be extremist.
Now contrast that with President Obama’s statements today at a White House press conference to close his first four-year term:
“America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up. If congressional Republicans refuse to pay America’s bills on time, Social Security checks, and veterans benefits will be delayed.
We might not be able to pay our troops, or honor our contracts with small business owners. Food inspectors, air traffic controllers, specialists who track down loose nuclear materials wouldn’t get their paychecks. Investors around the world will ask if the United States of America is in fact a safe bet. Markets could go haywire, interest rates would spike for anybody who borrows money. Every homeowner with a mortgage, every student with a college loan, every small business owner who wants to grow and hire.
It would be a self-inflicted wound on the economy. It would slow down our growth, might tip us into recession. And ironically it would probably increase our deficit. So to even entertain the idea of this happening, of the United States of America not paying its bills, is irresponsible. It’s absurd….
Republicans in Congress have two choices here. They can act responsibly, and pay America’s bills, or they can act irresponsibly and put America through another economic crisis. But they will not collect a ransom in exchange for not crashing the American economy. The financial well-being of the American people is not leverage to be used. The full faith and credit of the United States of America is not a bargaining chip.”
In the weeks ahead, the American people will have to decide which of those two narratives they find more appealing, patriotic and rational. But the GOP has already made its choice. They continue to insist, publicly and apparently in private conversations among themselves, that it’s “damn the torpedoes, full speed ahead” toward a government shutdown. Having whipped themselves into a fervor, convinced of the holiness of their mission, they will not be dissuaded from carrying it out.
The rest of us are just along for the ride.
– Jay Bookman
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1,012 comments Add your comment
Kamchak ~ Thug from the Steppes
January 14th, 2013
10:17 pm
As always
Libs lose
Mitt Romney says, “What?”
Cherokee
January 14th, 2013
10:25 pm
“Honestly repubs should let the gubmint default…. ”
Proving once again that you are neither Christian nor conservative….
Jm
January 14th, 2013
10:26 pm
One last
“But PIC had hoped to raise about $40 million to $50 million in private funds for this scaled-down inaugural – $53 million was raised in 2009 – and sources say it has fallen far short of that goal. It is offering breathtaking $1 million corporate packages, which, according to The Associated Press, provide ball tickets, invitations to the candlelight dinner, prime seating for the swearing-in, a meeting with the president’s finance team and other perks. But sources say they aren’t flying off the shelves.”
They’re all dirtbags
Georgia
January 14th, 2013
10:30 pm
Okay, how stupid does Jay think the readers are. I’ve never inspected the patterns of comments before as closely as I’m doing tonight. Did you know that there is software that can translate english into French into Russian into Spanish? And the amazing thing is that it doesn’t use a dictionary. It just looks for patterns. Soon, all of the unavailable Arab writings will be Google-able. Copyright, trademark. Patent. The comments in the last hour above, if they’re not spammed by software, are spammed by stooges who write pablum. Look and measure the comments themselves in terms of the sentences themselves. Drone. Reality blah blah. Virtual exchanges of blah blah designed specifically to fillibuster the blog. Like tag-team obfuscators. I mean, witness they unintentionally moronic exchange between reconnect and doggone. Why would I suggest that? Because their premise is already been hashed out, that is, they’re arguing a point already won. You want true discussion? Listen to those parents of the slaughtered innocents. These are not the words of paid stooges. These are words from the soul and heart, from minds willing to give all to advance the discussion.
Kamchak ~ Thug from the Steppes
January 14th, 2013
10:33 pm
Okay, how stupid does Jay think the readers are.
Aaaaannnnnnnnnnnnnddddd, I quit reading.
TBS
January 14th, 2013
10:33 pm
and as I said Jm continues to cry on
damn son, move one
Cherokee
January 14th, 2013
10:34 pm
Actually jhunt, Debbie put up several posts with specific cuts listed.
But then you really don’t care about facts anyway, do you, so why make a big deal of it? Just keep listening to the soothing words of Limbaugh and Hannity and you’ll be fine.
Atlas Shrugging
January 14th, 2013
10:35 pm
If only there were more underachievers (Obozo supporters) voting on Yahoo the GOP might have a higher percentage than the clown President.
YAHOO OBOZO POLL
Who’s the bigger problem in the debt ceiling crisis?
President Obama
46%
The GOP
36%
It’s a tie.
18%
Thank you for voting.
..
223,408 votes
TaxPayer
January 14th, 2013
10:36 pm
I enjoy watching the Republicans annihilate themselves.
RB from Gwinnett
January 14th, 2013
10:37 pm
The first obstacle we have to overcome to get anywhere with this debt is to convince all these moron liberals that the argument isn’t about who created the debt. WHO THE HELL CARES?!!!! Stop already. Let’s just say Bush created half and Obama created half and get on with doing something about it.
I swear these are the same idiots who argued about the shape of the table. Geez….
TBS
January 14th, 2013
10:38 pm
Atlas
Most people call those excuses. Which talking point # do you call it?
Kamchak ~ Thug from the Steppes
January 14th, 2013
10:38 pm
…that the argument isn’t about who created the debt. WHO THE HELL CARES?!!!!
And there’s your sign.
Jhunt163
January 14th, 2013
10:43 pm
Cherokee, I was asking an honest question because I could not find it anywhere on the web. I will go back and check Debbie’s posts.
RB from Gwinnett
January 14th, 2013
10:52 pm
“…that the argument isn’t about who created the debt. WHO THE HELL CARES?!!!!
And there’s your sign.”
You mention morons who can’t get past the arguement about who created the debt long enough to do anything about it and right on cue…..
Kamchak ~ Thug from the Steppes
January 14th, 2013
10:54 pm
You mention morons who can’t get past the arguement[sic]…
Oh, the irony.
RB from Gwinnett
January 14th, 2013
10:55 pm
Atlas, there was a vent this past week that suggested we have a competency test for people to be able to buy a gun. I think I’d be willing to agree to that if the left would agree to the same test for a voter registration card. They ain’t the brightest bunch…
Kamchak ~ Thug from the Steppes
January 14th, 2013
11:00 pm
Maybe we should have a test for bloggers to be able to utilize spell-check before they spout off.
What do you think about that, Robert Brown from Gwinnett?
How about a test to make sure that a blogger is smart enough not to copy/paste personal info from his email?
Jackie
January 14th, 2013
11:02 pm
Again, the supporters/voters for the Repubs fail to understand our system of government. The US House of Representatives CONTROL the purse strings of the government, therefore, THEY ARE RESPONSIBLE for the money spent and allocating the money they have voted to spend.
If one believes that their household budgets equate to the budget of the Federal government, they have not considered the government allocates and spends all monies during ONE FISCAL YEAR. An example would be, households budget for house payments, car payments and other obligations are paid over a period of time whereas the government allocates and spends borrowed money in one year.
RB from Gwinnett
January 14th, 2013
11:04 pm
“How about a test to make sure that a blogger is smart enough not to copy/paste personal info from his email?”
Does that make you feel like a big man, Kammie? Got something on somebody on a blog?
I guess when you’ve been exposed for a moron, that’s all you’ve got,eh Kammie?
TBS
January 14th, 2013
11:09 pm
Well the “moron” would certainly be the guy who posted the email, not the one who called it out, but do carry on if you are the one who posted said email.
Good night everyone
RB from Gwinnett
January 14th, 2013
11:10 pm
Jackie, “The US House of Representatives CONTROL the purse strings of the government, therefore, THEY ARE RESPONSIBLE for the money spent and allocating the money they have voted to spend.”
And everything they do is subject to modification and veto by the Senate and POTUS. Why is it we haven’t had a federal budget in 4+ years, Jackie, if the House is responsible for the budget? Is it because they didn’t pass one, or is it because it never went anywhere in the Senate?
Sweetie, The View ain’t a very good news source. Might want to try something with a bit more substance.
Jackie
January 14th, 2013
11:13 pm
@RB
Sweetie, vetoes can be overridden by the House and Senate.
The budget not being voted out of the Senate is of no issue with the debt ceiling.
Honey bun, you should do your research how this whole thing works.
TBS
January 14th, 2013
11:13 pm
more substance?
You might want to study up on appropriations bills?
Hint that is how spending is approved or not. It must be done via the House.
Jackie
January 14th, 2013
11:16 pm
Oh yes, here is the link that appears to be used to bolster your argument.
http://www.foxnews.com/politics/2013/01/08/sessions-withhold-debt-ceiling-increase-until-senate-passes-budget-plan/
TBS
January 14th, 2013
11:16 pm
RB
exactly how much was spent without the House writing a check?
RB from Gwinnett
January 14th, 2013
11:19 pm
Jackie, “The budget not being voted out of the Senate is of no issue with the debt ceiling. ”
Changing the subject are we?
Yea, veto’s can be overriden, Jackie, but somehow I just don’t see Harry Reid making that happen in the senate any time soon.
How about we argue some more about who created all this debt instead of having meaningful conversations about what to do about it? Here’s a hint, blaming Bush for 4 more years as Obama adds another $6T to the debt ain’t getting anything accomplished.
Jhunt163
January 14th, 2013
11:21 pm
Hint..The budget will never go past the house because nobody wants to cut spending.
From Wikipedia:
“During FY 2011, the federal government spent $3.60 trillion on a budget or cash basis, up 4% vs. FY 2010 spending of $3.46 trillion and up 20% versus FY2008 spend of $2.97 trillion”
And this is all in a period of relatively zero inflation.
RB from Gwinnett
January 14th, 2013
11:21 pm
“exactly how much was spent without the House writing a check?”
One more time for the thick headed….
I DON’T CARE WHO CREATED THE DEBT!!!!!!!!!!! I DO NOT CARE!!!!!!!!!
Do something about it!!!
Aser706
January 14th, 2013
11:24 pm
Since when????
Is the President not held accountable?
Jackie
January 14th, 2013
11:25 pm
@RB
I am not changing the subject; you are the one that introduced the Senate budget into the discussion.
As you should know, the Senate Dems have claimed they have passed a budget.
http://dailycaller.com/2012/11/06/dem-senators-deny-senate-hasnt-passed-budget-since-2009/
RB from Gwinnett
January 14th, 2013
11:25 pm
And for you uneducated liberals, for the house to CUT spending from current levels, they must get it past the Senate and the POTUS, both of whom have proven they aren’t playing that game. Your examples of who writes the checks is irrelevant as long as they are dictated how much they have to write the checks for.
Jackie
January 14th, 2013
11:27 pm
@Aser
The House controls the purse strings and the president only has the ability to agree or veto. The House has the ability to override any vetoes of the President.
That is how our democratic republic is structured.
TBS
January 14th, 2013
11:29 pm
RB
Take a civics course and come see us tomorrow
Peace
Aser706
January 14th, 2013
11:30 pm
Why do the naysayer, supporters act as if they were not told so? Almost a half decade ago?
Jackie
January 14th, 2013
11:30 pm
@RB
For you to be so uninformed about the process, it appears that your argument is based on less than credible information.
It is apparent that you do not understand economics and the impact of the world’s largest economy – USA – affects the rest of the world.
Without money, the medium of exchange, how do you create demand by buying goods and services from those who produce those things. It is called supply/demand curve.
RB from Gwinnett
January 14th, 2013
11:32 pm
Jackie, “The House has the ability to override any vetoes of the President.”
With a 2/3rds majority vote. Would you care to discuss anything in the real world now or would you like to just keep spouting irrelevant drivel while blaming all the worlds ills on the party who hasn’t been in control of much for the past 6 years?
Aser706
January 14th, 2013
11:33 pm
Jackie
So we can’t blame Bush as much as you do then… Can we?
RB from Gwinnett
January 14th, 2013
11:34 pm
Jackie, Uninformed???? Really???? You’re copying and pasting from a middle school text book, Jackie. Give us a break and get out of fantasy land for a bit.
Jackie
January 14th, 2013
11:35 pm
@RB
You conflation and extrapolation does not substitute for your apparent lack of YOUR government.
Aser706
January 14th, 2013
11:36 pm
Jackie:
Good night.
Adam
January 14th, 2013
11:36 pm
Jm: But a government shutdown is coming anyway
Yup. Just like hyperinflation is coming annnnnnny day now….
td
January 14th, 2013
11:36 pm
Oscar
January 14th, 2013
10:12 pm
convert – Best I can tell, cons wantto cut out medicare,medicaid, health care and education and trim social security. Dems want to cut back on defense,social security and medicare.
Dems want to raise some taxe and cons want to cut taxes.
It would be more accurate to say that Republicans want to add competition to Medicare, send Medicaid to the states in block grants, cut the Federal DOE totally and allow younger people to invest part of their own SS benefits into their own investments (401K part of the program).
You are correct about the Dems except they want to raise a great deal more taxes. Merge Medicare into Obamacare and make it one government run program for everyone.
Aser706
January 14th, 2013
11:37 pm
Someone found a thesaurus.
Sorry. Too much fun.
Jackie
January 14th, 2013
11:38 pm
@Aser
The thing I blame Pres. Bush for is his lack of responsible requests sent to Congress to pay for his two wars; the decimation of rules and regulations for the financial systems.
The Thin Guy
January 14th, 2013
11:38 pm
Bookman and the demoncraps have a much better solution. Print money as fast as the ink will go on the paper, load it into those old B-52 bombers, and drop in on the streets along with ØDumbø phones. Everyone will be up to their Hillary in moolah, everyone can pay their bills, and no one will have to work for a living. Everyone can just sit around all day and blog.
RB from Gwinnett
January 14th, 2013
11:38 pm
Jackie, do us a favor and explain the effect the Fed’s continued printing of money has on the inflation rate and tell us where that’s going to lead us. Tip, you’ll have to get past that middle school text to find it. You can also study Jimmy Carter’s presidency if you’d like some historical perspective.
tom gambeski
January 14th, 2013
11:39 pm
Jay Bookman believes Republicans are the problem because they believe in living within our means.
Jay,Just to remind you,we have a real unemployment rate hovering around 14 %,with close to a 17 trillion deficit and you think Republicans shouldn’t be hell bent in stopping Obama from spending more with zero in cuts.
It’s a good thing you’re not the one writing the checks,I’m sure your solution would be to spend more and cut less in order to save this sorry newspaper.
Jackie
January 14th, 2013
11:40 pm
@RB
Even if your assertion is true about my cutting and pasting from a middle school book, it appears it will help in your understanding of how your government works, don’t you think?
RB from Gwinnett
January 14th, 2013
11:40 pm
Jackie, “the decimation of rules and regulations for the financial systems.”
Please provide proof.
Aser706
January 14th, 2013
11:41 pm
Ok. Progressive… That sooooo 2006
td
January 14th, 2013
11:42 pm
Jackie
January 14th, 2013
11:38 pm
Read the community reinvestment act for the reasons the housing market crashed and that happened way before Bush took office.
Jackie
January 14th, 2013
11:42 pm
@RB
To help you out, without money, there can be no exchange of goods and services because money is the medium of exchange.
Secondly, inflation is based upon the POTENTIAL value of the medium of exchange in a future period.
Third, the rate of inflation currently is 1.5%, rather innocuous
Did I miss your question?.
RB from Gwinnett
January 14th, 2013
11:43 pm
Jackie, “Even if your assertion is true about my cutting and pasting from a middle school book, it appears it will help in your understanding of how your government works, don’t you think?”
You haven’t posted a single thing I didn’t already know, sweetie. You’re making the mistake of thinking you’re smarter than everybody and you’re not.
RB from Gwinnett
January 14th, 2013
11:45 pm
“Did I miss your question?.”
Entirely.
Jackie
January 14th, 2013
11:45 pm
@td
How could something that controlled 4% of the housing market cause a crash?
Low at how credit default swaps, deregulation/oversight of Wall Street and the AIG collapse (insurance) and Goldman Sachs was the impetus of the recession.
Aser706
January 14th, 2013
11:45 pm
RB:
He or she is not.
Jackie
January 14th, 2013
11:45 pm
@RB
I did not miss your question because you did not have one!
Aser706
January 14th, 2013
11:47 pm
Ask Clinton how it crashed… He was warned in 96.
td
January 14th, 2013
11:47 pm
Jackie
January 14th, 2013
11:45 pm
@td
How could something that controlled 4% of the housing market cause a crash?
Low at how credit default swaps, deregulation/oversight of Wall Street and the AIG collapse (insurance) and Goldman Sachs was the impetus of the recession.
And what piece of legislation allowed credit swaps to start in the first place?
Jackie
January 14th, 2013
11:47 pm
@Aser
I am a HE.
Secondly, I am not smarter than everyone, just have paid attention as to what is going on with the economy, accounting for spending and how our government works. I do have a good handle on those subjects.
td
January 14th, 2013
11:49 pm
Jackie
January 14th, 2013
11:45 pm
Are you really trying to say that it was not the housing market collapse that caused the recession?
Jackie
January 14th, 2013
11:49 pm
@td
No one piece of legislation but the failure to use regulatory powers of the government that allowed collusion and abdication of fiduciary responsibilities.
td
January 14th, 2013
11:50 pm
Aser706
January 14th, 2013
11:47 pm
Ask Clinton how it crashed… He was warned in 96.
Then again in 2006 Bush admin officials went to testify in front of Congress and warned of the problem and Barney Frank and Chris Dodd ripped them a new one.
RB from Gwinnett
January 14th, 2013
11:51 pm
And your 1.5% inflation rate excludes food and energy. We’re all aware of what happened to housing as a result of the already mentioned community investment act Clinton signed, and housing is the single largest output from a family, but what else do most consumers spend their money on, Jackie? You guessed it!! Food and energy!!!!
Have you looked at how much cereal is in that box of Special K lately, Jackie. I know it’s still $4.25/box, but the box is 5% smaller than last year and thus the inflation rate on it is a little north of 1.5%. And then there are gas prices….
Do you think people’s paychecks are rising fast enough to cover those rising prices, Jackie? And what happens to the economy when they don’t? Go see if you can paste some more answers for us.
Aser706
January 14th, 2013
11:51 pm
Wasting time with you.
Good night.
Adam
January 14th, 2013
11:53 pm
Jay Bookman believes Republicans are the problem because they believe in living within our means.
1) That’s not why Republicans are a problem and not why Jay thinks so.
2) They don’t actually believe that. They are fooling YOU into THINKING they believe that. So they can dupe you into voting for them. Just like how in 2010 they promised to focus on jobs and not try to cut Medicare.
Jackie
January 14th, 2013
11:54 pm
@td
I am saying the collapse of the housing market was due to credit default swaps that were purchased from AIG as a form of insurance. There was not insurance behind the paper issued by AIG, only the prospect that the price of real estate would continue to rise and the brokers would make money on the initial sell and the foreclosure of the property.
It was essentially a ponzi scheme that fell over on itself because when there were more claims than money, it failed.
An example; the amount of credit default swaps IS ESTIMATED AT $40 Trillion dollars per year.
http://moneymorning.com/2008/09/18/credit-default-swaps/
RB from Gwinnett
January 14th, 2013
11:55 pm
“I did not miss your question because you did not have one!”
And with that one, I’ll take my dads advice about arguing with idiots and say “good night”.
td
January 14th, 2013
11:55 pm
“Forms of credit default swaps had been in existence from at least the early 1990s,[48] with early trades carried out by Bankers Trust in 1991.[49] J.P. Morgan & Co. is widely credited with creating the modern credit default swap in 1994.[50][51][52] In that instance, J.P. Morgan had extended a $4.8 billion credit line to Exxon, which faced the threat of $5 billion in punitive damages for the Exxon Valdez oil spill. A team of J.P. Morgan bankers led by Blythe Masters then sold the credit risk from the credit line to the European Bank of Reconstruction and Development in order to cut the reserves that J.P. Morgan was required to hold against Exxon’s default, thus improving its own balance sheet.[53]
In 1997, JPMorgan developed a proprietary product called BISTRO (Broad Index Securitized Trust Offering) that used CDS to clean up a bank’s balance sheet.[50][52] The advantage of BISTRO was that it used securitization to split up the credit risk into little pieces that smaller investors found more digestible, since most investors lacked EBRD’s capability to accept $4.8 billion in credit risk all at once. BISTRO was the first example of what later became known as synthetic collateralized debt obligations (CDOs).
Mindful of the concentration of default risk as one of the causes of the S&L crisis, regulators initially found CDS’s ability to disperse default risk attractive.[49] In 2000, credit default swaps became largely exempt from regulation by both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Commodity Futures Modernization Act of 2000, which was also responsible for the Enron loophole,[8] specifically stated that CDSs are neither futures nor securities and so are outside the remit of the SEC and CFTC.[49]”
Who was in the White house in 1994?
Jackie
January 14th, 2013
11:55 pm
@RB
You are a riot!!!!!!!
Your extrapolation skills are enormous.
Jackie
January 14th, 2013
11:56 pm
@td
When did the problem explode out of control, relative to credit default swaps?
Adam
January 14th, 2013
11:57 pm
td: Take a step back, read your posts throughout the day, and tell me how serious you are that this is all Clinton’s fault.
FFS as soon as someone starts blowing that apart are you going to fall back to the other favorite scapegoat, Carter? And the CRA and so on?
Jackie
January 14th, 2013
11:57 pm
@RB
Don’t go away.
You comedic routine is hilarious.
td
January 15th, 2013
12:00 am
Jackie
January 14th, 2013
11:56 pm
@td
When did the problem explode out of control, relative to credit default swaps?
It exploded when there were more and more unsecured risky home loans due to the community reinvestment act. Companies are in business not to lose money so they started swapping more and more loans to divest risk.
Please read the history I posted. It will tell you that the swaps were put in a market that was outside of the control of Federal regulators.
Adam
January 15th, 2013
12:01 am
It exploded when there were more and more unsecured risky home loans due to the community reinvestment act
Wow do I know how to call them or what.
Are you new here or did you just forget the fact that the CRA wasn’t responsible for the housing crash?
Jackie
January 15th, 2013
12:03 am
@td
You are forgetting those loans that you are speaking of accounted for only 4% of the housing market.
That 4% was in default, while many other sub-prime loans were being paid.
Where is the problem?
td
January 15th, 2013
12:04 am
Adam
January 14th, 2013
11:57 pm
td: Take a step back, read your posts throughout the day, and tell me how serious you are that this is all Clinton’s fault.
Oh no not just Clinton’s fault because both sides were making money hand over foot. Just setting the record straight that it was not JUST Bush’s fault like the left likes to claim. I blame both parties. I thought TARP was a huge mistake and the banks and other wall street companies should have failed and not been bailed out just like GM should have.
Jackie
January 15th, 2013
12:05 am
@Adam
Have been posting here for many years; just have not been posting as consistently as in the past because of work on MBA and work.
Adam
January 15th, 2013
12:09 am
Jackie: td is the one who made the statement I was quoting. I wasn’t asking you bu awesome that you are working on your MBA. I wish I had the money and time I would want to have to get the Masters’ degree I want.
Jackie
January 15th, 2013
12:11 am
@td
Having something outside the control of government, whose role is to level the playing field for all businesses, is exactly the reason credit default swaps got out of control.
Those oversight responsibilities were removed during the Bush administration.
td
January 15th, 2013
12:12 am
Good history of the housing market crash.
http://online.wsj.com/article/SB123897612802791281.html
Jackie
January 15th, 2013
12:13 am
@Adam
I was not directing my comments at you in particular, just stating the information I have obtained.
You are right, having the time and the MONEY is a major issue with any higher education are the linchpins of advancing your career.
td
January 15th, 2013
12:16 am
Jackie
January 15th, 2013
12:11 am
@td
Having something outside the control of government, whose role is to level the playing field for all businesses, is exactly the reason credit default swaps got out of control.
Those oversight responsibilities were removed during the Bush administration.
You are just wrong my friend. Please show me the law or regulation established to control this new market.
In 1997, JPMorgan developed a proprietary product called BISTRO (Broad Index Securitized Trust Offering) that used CDS to clean up a bank’s balance sheet.[50][52] The advantage of BISTRO was that it used securitization to split up the credit risk into little pieces that smaller investors found more digestible, since most investors lacked EBRD’s capability to accept $4.8 billion in credit risk all at once. BISTRO was the first example of what later became known as synthetic collateralized debt obligations (CDOs).
Jackie
January 15th, 2013
12:19 am
@td
There were not law or regulation that was employed during that period, only the lack of oversight of those regulators designed to control those functions.
Your previous post link bolsters my point.
Jackie
January 15th, 2013
12:23 am
Folks,
This is been a very robust discussion.
I must withdraw from the arena as I have some homework that I must complete for tomorrow’s class.
keith
January 15th, 2013
2:48 am
” The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
keith
January 15th, 2013
2:49 am
Obama when Bush was in office: 2006
” The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
keith
January 15th, 2013
2:50 am
And I bet Bookman was condemning Bush for raising the debt ceiling in 2006 too. Such a hypocrite.
Bobo
January 15th, 2013
2:52 am
Okay Bookman, so let’s get this straight? Do you think if we keep racking up debt that we can magically print money and keep writing checks that our collective asses can’t cover? GET A CLUE. There is NO ONE in Washington on your side or mine. The Dems are just as willing to take every last cent they’re allowed to have and run up trillions in debt. This is every bit as bad as having King George again. Why waste your time vilifing Republicans when your president is the absolute worst in American history and the Democrats think they can tax working people into poverty to cover their mooching constituents who voted them into their catbird seats? I honestly don’t get people like you Bookman. Do you REALLY think you’re not one of the little people like the rest of us? Do you REALLY think that politicians care about anything except power? The definition of insanity is doing the same thing over and over and over again. The leftwing agenda or socialist ideology has not worked in ANY society devoid of tyranny, so why do you think it will work here? We are headed for a very bloody revolution within 3 decades if the ambitions and money of common people continues to be a plaything for powerful millionaires who know nothing about real life.
Bobo
January 15th, 2013
2:56 am
Keith, Bookman is so naiive that I don’t think the guy can even be reasoned with. I can’t see how a guy in his income bracket thinks he’s doing some great civic duty by writing a check to the IRS that is going to cripple his family’s ability to do anything meaningful and keep him enslaved, just like the rest of us little people. Who in their right mind that works for a living wants to pay more taxes to a federal government that couldn’t be more wasteful if they were using our paychecks as toilet paper? How can he fail to see that NO ONE gets to congress and stays clean? Every single one of them is a power hungry narcissist that is willing to make pharasaical laws for the rest of us and live like complete hypocrites. They are no different than the English nobility that we had enough of in 1776.
Jwalonto
January 15th, 2013
3:24 am
Some Republicans, like our very own Georgia “Conservative” Rep. Austin Scott, don’t have a leg to stand on when they talk about the debt. After all, he co-sponsored a special interest bill last year, H.R. 1971, that would’ve been a handout to the drugstore lobby. Americans for Tax Reform said that bill could lead to more waste and fraud. Well, isn’t it waste and fraud that’s leading to much of our debt in the first place? Rep. McMorris-Rodgers, who’s also mentioned in your story, also sponsored that bill. They have no moral authority to speak about the debt when they’re sponsoring bills like this.
Columbus
January 15th, 2013
4:49 am
Obama is now condeming Republicans for the DOING THE EXACT SAME THING HE DID WHEN HE WAS A SENATOR IN 2006! FACT…. He said it was unpatriotic to raise the debt ceiling and live on a credit card and pass it on to the next generation. His cuts are not “cuts”, they were already savings known about over a year ago. NO CUTS are being made and its NOT about our CURRENT BILLS ITS ABOUT FUTURE SPENDING BILLS….Obama is the “Great Deceiver” and he MUST be called out on it AND his comments from when he voted against the SAME thing he is now condemning the GOP for MUST BE FOCUSED ON….DO YOU THINK THE MAINSTREAM MEDIA WILL DO THAT….ME NEITHER!
Columbus
January 15th, 2013
4:59 am
Obama voted against the SAME thing he is now condemning the GOP for when a senator in 2006. Look it up the video is available. But not the Great Deceiver is just trying to spend spend and spend more. he says tieing cuts to debt ceiling is never been done before?!! its nearly ALWAYS BEEN DONE! He KNOWS the media will take his word for EVERYTHING and not fact check and that the typical uninformed American will think he is speaking the Gospel…..He is NOT. Look it up! You like to talk and praise Obama and dont care about truth and the truth is he is full of bs….and you eat it up like a starved animal….we will all be puking it up if the spending is not CUT. Do you just keep spending when thigns are tough and money isnt coming in like it was or do you tighten up and cut back?!!!! its OUR money not his…Do you KNOW that hte interest alone on our CURRENT debt is 175 MILLION DOLLARS? DO YOU KNOW THATS NOT EVERY YEAR, NOT EVERY MONTH, NOT EVERY DAY……ITS EVERY FREAKIN HOUR!!! Nah dont cut spending DRASTICALLY! Raise the debt ceiling Obama and use FEAR to get it done. GOP dont want to wreck nothing they want to save its FUTURE BECAUSE WE WILL BE OWNED BY CHINA AND OTHERS BY INTEREST ALONE! DONT MENTION PAYING ANY BACK!!!! You people are blind and dont know money if you dont see the peril and understand that just like all businesses and households, that when the money is not there you dont borrow and borrow and borrow and borrow more! You cut back and do without in every area possible! You DONT SPEND MORE. Its NOT about defaulting and not paying what we OWE, its about NOT owing as MUCH THE NEXT 30 YEARS! Itsabout gettin out of this 16.5 trillion dollar hole! and 175 MILLION DOLLAR AN HOUR HOLE! every hour…say bye bye 175 million dollars! Thats a lot of money that could be spent on Social Security and Medicare and THOUSANDS OF THINGS! 174 MILLION AN HOUR…..GONE
Columbus
January 15th, 2013
5:06 am
175 million an every hour we pay in interest with NOTHING in return….No paying DOWN of debt in sight! Obama voted against and highly criticized the GOP for this in 2006 when there was a VOTE on raising the debt ceiling. Called un irresponsible and UNPATRIOTIC and NOW he is condemning the GOP for NOT BEING EAGER FOR BEING AGAINST THE EXACT SAME THING HE SAID WAS UNPATRIOTIC IN 2006 AS A SENATOR?! WE COULD BE DOING A LOT WITH THAT 175 MILLION PLUS EVERY HOUR WE JUST GIVE AWAY IN INTEREST! WE DO NOT NEED AN INCREASE IN THE DEBT CEILING……
WE NEED A REDUCTION IN THE DEBT CEILING! OBAMA IS THE GREAT DECEIVER…..LOOK UP WHAT HE SAID WHEN HE VOTED AGAINST THE DEBT CEILING BEING RAISED IN 2006! GOP ARE AGAINST IT NOW AND HE CONDEMNS THEM?!!! HE IS NOTHING BUT A GAME PLAYER AND HE IS GOING TO LEAVE US WITH THE WORST DEBT IN AMERICAN HISTORY…THE TIME HAS PASSED ALREADY….WHEN MONEY IS TIGHT YOU CUT BACK….NOT SPEND MORE. ITS ABOUT MAKING FUTURE BILLS NOT PAYING WHAT WE ALREADY OWE AND WHAT WE ALREADY OWE IS ASTRONOMICAL AND OUT OF CONTROL!
Corbin Sharpe. Baby Boomer...and Ban the Gun Thug!
January 15th, 2013
5:38 am
Colombus,
Think de-caf and St. John’s Wort…you’ll feel better then…
Joel Edge
January 15th, 2013
5:41 am
Just out of curiosity, Mr Bookman, will there ever be a point where you and the Democrat party look at the size of government and spending and say “enough”? Or are we just on the treadmill till we collapse. Merely curious.
weetamoe
January 15th, 2013
5:51 am
Well he played golf with Boehner once and he did not get what he wanted from that, and he and Michele are nice to House members at the annual picnic and even make sher to let them take pitchers so the House should just do his bidding but no one should hold him responsible for the outcome because nothing is his fault or responsibility. And Jay’s followers with their talk of *exterminating* conservatives and Jay’s dismissal of some babies as *products of rape* demonstrate how successful Obama has been in perverting the values of his supporters.
Liberal Pariah
January 15th, 2013
6:23 am
weet…Obama didn’t pervert the values of his voters. Those values are why they voted for him in the first place.
clem
January 15th, 2013
6:44 am
how do folks vote for governors like deal and scott of florida?
TaxPayer
January 15th, 2013
6:47 am
The Republicans are losing it. Bless their hearts. I suppose the thought of actually paying for all their credit card purchases is just too much for them. Perhaps a class in basic math would be a good start.