Next on the agenda: Government Default
Posted in the Greeneville Forum
#1 Oct 9, 2013
Here's a few comments from some of the premier financial minds on the pending government default:
Gerald Epstein, a professor of economics at the University of Massachusetts Amherst: "If the US does default, that will make the Lehman Brothers bankruptcy look like a cakewalk"
Peter Tchir, founder of New York-based TF Market Advisors: "Once the system starts to break down related to settlement and payments, then liquidity disappears, as we saw after Lehman"
Bill Isaac, chairman of Cincinnati-based Fifth Third Bancorp: "We cant even imagine all the things that might happen, just like Henry Paulson couldnt imagine all the bad things that might happen if he let Lehman go down"
Jim Grant, founder of Grants Interest Rate Observer: "Financial markets are all confidence-based. If that confidence is shaken, you have disaster."
Richard Bove, VP of research at Rafferty Capital Markets: "If they seriously default on the debt, what we're really talking about is a depression"
Chinese vice finance minister Zhu Guangyao: "The U.S. is clearly aware of China's concerns about the financial stalemate [in Washington] and China's request for the US to ensure the safety of Chinese investments."
Goldman Sachs: "We estimate that the fiscal pull-back would amount to 9pc of GDP. If this were allowed to occur, it could lead to a rapid downturn in economic activity if not reversed quickly"
Warren Buffett about the potential of a debt default: "It should be like nuclear bombs, basically too horrible to use"
Bloomberg: "Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen."
But just keep telling yourselves it'll be okay and stick your heads back in the sand. I'm sure a more handsome and articulate group of politicians will be properly groomed by the next election cycle anyway.
#2 Oct 9, 2013
Don't feed deadbeats,illegal aliens,don't borrow more than you can payback.Head officials need the same pay and benefits as our service men..
“light always defeats darkness”
Since: Jul 13
#4 Oct 9, 2013
Perhaps if we default the government will quit sending billions of dollars to countries that hate us.
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