Obama's Doom Prediction Over Debt Ceiling

Obama's Doom Prediction Over Debt Ceiling

uk.news.yahoo.com

The US is edging closer to the first-ever debt default in its history, with President Barack Obama warning the country faces "Armageddon".

Weeks of wrangling in Congress has so far failed to produce an agreement to raise the country's debt ceiling, which is the amount it can legally borrow, when it reaches the $14.3 trillion (£8.89 trillion) limit on August 2.

(visit the link for the full news article)

The US is edging closer to the first-ever debt default in its history, with President Barack Obama warning the country faces "Armageddon".

Faces Armageddon huh?

Interesting choice of words given the current climate of fear already in the world. To hear the president of the united states suggest the country faces Amageddon is a little full on isn't it?

More fear mongering or do you believe there is something in this??

Would like to hear more opinions.
Personally i don't think the people really care anymore anyway...

Seems like all the fear mongering nowadays coming from the governments of the world are met with aloofness..

uk.news.yahoo.com
(visit the link for the full news article)

Yah interesting choice of words for sure. I have been following this situation for a while now and feel unsure about it. I agree with people who want to see the system collapse on itself. It's unsustainable and the financial collapse seems inevitable. How that would pan out for me and my financial future is the only concerning part. I can't wait to see it all unfold. It's exciting!

If the US defaults now, then hell will break loose now. If the defaults later, which it will when the ceiling's lifted, all hell will break loose later. Either way hell will break loose. I bet he wants hell to break loose when he's not in charge, which is why he's delaying the inevitable.

# will hit the fan very soon..One point something million people aren't paying their mortgages..The bankers will want their money soon..Everyone will end up on the streets by next year...

I thought this comment was far more important.

Republicans are refusing Democrat demands to end tax breaks for the wealthiest Americans as part of plans to slash \$4 trillion (£2.48 trillion) from the debt.

Cuts to social welfare programmes, or entitlements, are also on the table.

Mr Obama said: "We have a chance to stabilise America's finances for the next 20 years if we're willing to seize the moment.

This is the real story not being put out. Repubs are refusing a $4T dollar spending cut, because they refuse to raise tax rates on the super rich back up to where they belong. That should be the headline.

Obama sures love doom... he's creating it on his own... making treasury bonds skyrocket.

As Obama Says He Will Veto Any Republican "Cut, Cap" Deficit Bill, Long Bond "Dragged To Slaughter House"

Just because someone is dead set on making Apple the only flight to safety in the world (and Gold of course, but unlike the iPad one can't really eat this particular tradition), around the time (10 minutes ago) Obama threatened he would veto the Republican proposed vote to raise the debt ceiling coupled with a cap on spending and balanced budget amendment to the constitution, the selling off spilled over to Treasurys, which as the chart below demonstrates are broadly lower across the curve, but most emphasized at the 30 Year spot, which as Russ Certo says (see below) is being "dragged to the slaughter house."

Investors are selling stocks... but not buying US bonds...

This is it people... the beginning of the end... and Obama is helping it, when he says that he will veto any real deal to cut stuff.

reply to post by nakiannunaki


It's only Armageddon for Obamas' political future. Things will go on as they have before. Just not so much government intrusion.

Originally posted by beezzer
reply to post by nakiannunaki

 

It's only Armageddon for Obamas' political future. Things will go on as they have before. Just not so much government intrusion.

Uh, you sure about that? The world's economy seems heavily mixed with America's economy.

Originally posted by 547000

Originally posted by beezzer
reply to post by nakiannunaki

 

It's only Armageddon for Obamas' political future. Things will go on as they have before. Just not so much government intrusion.

Uh, you sure about that? The world's economy seems heavily mixed with America's economy.

Yup. The overseas markets will take a hit, but will rebound. This is fear-mongering and doom better left to a Nirubu thread than coming from the mouth of a political leader.

Originally posted by beezzer

Originally posted by 547000

Originally posted by beezzer
reply to post by nakiannunaki

 

It's only Armageddon for Obamas' political future. Things will go on as they have before. Just not so much government intrusion.

Uh, you sure about that? The world's economy seems heavily mixed with America's economy.

Yup. The overseas markets will take a hit, but will rebound. This is fear-mongering and doom better left to a Nirubu thread than coming from the mouth of a political leader.

I truly hope so man... or there will be much suffering.

reply to post by 547000

I agree. But remember, no matter what country you live in, the government monolith is nothing compared to the will of the people.

reply to post by GreenFurnNW


Lets assume for a second that "something million people" not paying their mortgages leads inexorably to the bankers throwing "everyone" onto the streets.

How exactly do they enforce those evictions again?

Originally posted by beezzer
reply to post by 547000

 

I agree. But remember, no matter what country you live in, the government monolith is nothing compared to the will of the people.

Unfortunately in most countries the view is the government gives you rights, not defend intristic rights. Also in many countries people are not allowed to have weapons.

Maybe if we stopped giving other countries Trillions of dollars trough "bailouts", brought all our troops home and stopped spending Billions on wars and abolish the federal reserver banksters we wouldn't have this problem.... and the world might like us better...


... instead they want to spend more?

... and cut money to the poor and elderly?

*explode*

What a bufoon. Armageddon fear mongering.......

I thought that sock puppet Bush was an idiot but this is a step above.

Armageddon? Oh, please? Way to pile on the suspense and drama? Are you sure the President is not moonlighting as an entertainer? I can say one thing for certain, that if this cycle of spending more than what comes in continues we will face economic Armageddon. At this very moment in the nation's history, the legislature has the the opportunity to reign in excessive government and hideous spending. For all practical purposes we are already insolvent, but have been borrowing to make up the deference.

Fitch may downgrade US debt unless deal reached by August

The government reached its borrowing limit of US$14.29 billion on May 16. Since then, Treasury Secretary Timothy Geithner has employed what he calls “extraordinary measures” to continue paying the government's bills. They include borrowing from two federal employee pension funds and halting a program under which Treasury issues securities to help state and local governments meet their investment obligations.

The President is kicking and screaming because he knows his spending days are numbered, and will have to tighten the belt of government. The states are already making cuts across the board to stave off fiscal disaster, and what make the federal government any different? I saw another item in the article were it said that senators are working on a measure that gives a President the right to raise the debt limit at their beckoned call?

Obama's Doom Prediction Over Debt Ceiling

Leading senators are working on an emergency 'plan B' which would allow the President to raise the debt ceiling without Congressional approval.

What the heck is that?! He does not have the authority to raise the debt limit, and for any member of the legislature to even consider giving it to the executive branch is very troubling. I would essentially give a President another broad dictatorial power, and would usurp an essential area in the balance of power. There is more to this game than what meets the eyes, and we are seeing a crisis manufactured by the President and his supporters to increase their authority and spending powers. I say let him threaten seniors, people on public aid, pensioners, and all the vulnerable of society. His political career is on pins and needles. He can talk all high and mighty in his various speeches. However when the rubber meets the road and true leadership is needed, he throws fits and likes to play the martyr. I say spare the martyrdom spiel, and come up with proposals of your own! That is something he has not done up to this point.

As for those who would like to claim that if an agreement is not meet before the August deadline, and how it could throw off the recovery? More smoking mirrors, and folks there is no recovery. We have been treading water since 2008. This is not a recession, but a Depression with a capital "D." Eighteen thousand new jobs last month, and they call this a recovery? It is high time to get our own affairs in order instead of the affairs of the world. The opportunity to do so has presented its ugly face, and it is time for the politicians to pay the piper.

Originally posted by 547000
If the US defaults now, then hell will break loose now. If the defaults later, which it will when the ceiling's lifted, all hell will break loose later. Either way hell will break loose. I bet he wants hell to break loose when he's not in charge, which is why he's delaying the inevitable.

I agree, "either way hell will break loose". I'm just not too sure about the "when he's not in charge" part.

Remember "never let a good crisis go to waste", well this would be about at the top of the list of them.
For whatever reason they have picked the August 2nd deadline, we actually passed the debt ceiling May 16th. There is already 2 months of spending above the debt ceiling to cover. I wonder what stopping the 70 million checks going out to people every month would do? Keep in mind this affects not only the recipient but the rest of the family that would now be forced to provide for them whether they have the means or not. Would it cause riots that would call for Martial Law to be instated? For someone with a clear dictatorial nature I think that would be Nirvana.

I have as much faith in Obamas prophecy of doom...

as I have in any prophecy of doom posted on ATS

...this too shall pass

reply to post by nakiannunaki


Did Obama actually use the word 'Armageddon'? Or is that yahoo's phrase?

st.