What will happen if the Debt Ceiling ...

What will happen if the Debt Ceiling is not increased by deadline?

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U.S. Citizen

Tampa, FL

#1 Sep 28, 2013
My guess is... Absolutely nothing.
guest

Jonesboro, AR

#2 Sep 28, 2013
[QUOTE who="U.S. Citizen"]My guess is... Absolutely nothing.[/QUOTE]
What should happen is cuts to social programs so that the US can service its debt. It's ridiculous to think that they can't operate by collecting 30-50% of the income of all working Americans as they currently are.
OBAMA

United States

#3 Sep 28, 2013
You'll pay -- and pay and pay and pay and pay ....

WASHINGTON – With the United States facing a $17 trillion debt and an acidic debate in Washington over raising that debt limit on top of a potential government shutdown, Congress could mimic recent European action to let banks initiate a “bail-in” to blunt future failures, experts say.

Previously the federal government has taken taxes from consumers, or borrowed the money, to hand out to troubled banks. This could be a little different, and could allow banks to reach directly into consumers’ bank accounts for their cash.

Authority to allow bank “bail-ins” would be in lieu of approving any future taxpayer bailouts of banks that would be in dire need of recapitalization in order to survive.

Some financial experts contend that banks already have the legal authority to confiscate depositors’ money without warning, and at their discretion.

U.S. banks most likely to be “bailed-in” by their depositors, those institutions that received government bail-out funds in 2008-2009.

Such a “bail-in” means all savings of individuals over the insured amount would be confiscated to offset such a failure.“Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’(of Lehman Brothers),” Sinclair said.“Not only can it happen here, but it will happen here.

“It stands on legal grounds by legal precedent both in the U.S., Canada and the U.K.”

Sinclair is chairman and chief executive officer of Tanzania Royalty Exploration Corp. and is the son of Bertram Seligman, whose family started Goldman Sachs, Solomon Brothers, Lehman Brothers, Bache Group and other major investment banking firms.

Some of the major banks which received federal bailout money included Bank of America, Citigroup and JPMorgan Chase.

“When major banks fail, they are going to bail them out by grabbing the money that is in your bank accounts,” according to financial expert Michael Snyder.“This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the Western world.”

Given the dire financial straits the U.S. finds itself in, these financial experts say that Congress could look at the example of the European Parliament, which recently started to consider action that would allow banks to confiscate depositors’ holdings above 100,000 euros. Generally, funds up to that level are insured.

Finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.
U.S. Citizen

Tampa, FL

#4 Sep 28, 2013
That's a very scary scenario if it were to play out that way but I believe that the big banks and a hand full of investors who have the capital stand to gain a lot of money from the financial panic that could result if they manage to convince Americans that that is what will happen. I say that if the debt ceiling isn't raised and we all go about our business on Tuesday as if nothing is wrong then government will continue to function as normal and nothing will be effected.
harry hoo

Jonesboro, AR

#5 Sep 28, 2013
hang hussein
Guest

United States

#6 Sep 28, 2013
OBAMA wrote:
You'll pay -- and pay and pay and pay and pay ....
WASHINGTON – With the United States facing a $17 trillion debt and an acidic debate in Washington over raising that debt limit on top of a potential government shutdown, Congress could mimic recent European action to let banks initiate a “bail-in” to blunt future failures, experts say.
Previously the federal government has taken taxes from consumers, or borrowed the money, to hand out to troubled banks. This could be a little different, and could allow banks to reach directly into consumers’ bank accounts for their cash.
Authority to allow bank “bail-ins” would be in lieu of approving any future taxpayer bailouts of banks that would be in dire need of recapitalization in order to survive.
Some financial experts contend that banks already have the legal authority to confiscate depositors’ money without warning, and at their discretion.
U.S. banks most likely to be “bailed-in” by their depositors, those institutions that received government bail-out funds in 2008-2009.
Such a “bail-in” means all savings of individuals over the insured amount would be confiscated to offset such a failure.“Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’(of Lehman Brothers),” Sinclair said.“Not only can it happen here, but it will happen here.
“It stands on legal grounds by legal precedent both in the U.S., Canada and the U.K.”
Sinclair is chairman and chief executive officer of Tanzania Royalty Exploration Corp. and is the son of Bertram Seligman, whose family started Goldman Sachs, Solomon Brothers, Lehman Brothers, Bache Group and other major investment banking firms.
Some of the major banks which received federal bailout money included Bank of America, Citigroup and JPMorgan Chase.
“When major banks fail, they are going to bail them out by grabbing the money that is in your bank accounts,” according to financial expert Michael Snyder.“This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the Western world.”
Given the dire financial straits the U.S. finds itself in, these financial experts say that Congress could look at the example of the European Parliament, which recently started to consider action that would allow banks to confiscate depositors’ holdings above 100,000 euros. Generally, funds up to that level are insured.
Finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.
Anyone who was watching saw it happen in other countries. Anyone who's paying attention to what Obama and his demon hoard are doing here knows it's not just possible but is probable that it is going to happen here. Just like in those other countries, too, your "elected representatives" will put the millions of tax dollars they're putting in their pockets in off-shore type accounts so that "their" money can't be confiscated. There's a planned demonstration in D.C., a demonstration of concerned citizens advocating removal of the Kenyan. If real Americans don't act now, it's going to be too late. If real Americans don't act now, then only God can help us. We all know liberals don't believe in God and don't care about that sentiment. Liberal "logic" is that they don't believe in God -- and they hate Him.
guest

Jonesboro, AR

#7 Sep 28, 2013
don't they realize that when our currency goes the way of Zimbabwe's they will be broke too? I gave away my Zimbabwe 100 trillion dollar bill.
guest

United States

#8 Sep 28, 2013
If Congress does not raise the debt ceiling, our national debt won't rise any further. That would be a good thing.

Any financial counselor in the country will tell you the very first thing you need to do in order to get out of debt is to stop borrowing more money.

Increasing the debt ceiling is simply borrowing more money. It doesn't help the problem, and actually makes it much worse.

We've seen this idiocy time and time again. Every time, our spineless Congress refuses to address the extreme danger of our crushing national debt, choosing instead to kick the can down the road.

It's time Congress stopped borrowing money and learned to live within its means, just like all of us hard working middle class people.
U.S. Citizen

Tampa, FL

#9 Sep 28, 2013
You're absolutely correct. The real danger we face from not raising the debt ceiling is that people will panic and start pulling their money out of the market and we could possibly see a run on the banks to some small extent.

Now who would stand to benefit from such a panic? Those who had the good sense and the capital on hand to buy up all the stocks that people will be selling off cheap, that's who. It makes me wonder why we even place a cap on our national debt if its just a superficial number. The only real function of the debt ceiling is to remind us that we need to increase it or we will suffer these horrible financial consequences. The debt ceiling does nothing to keep our national debt in check or lower it and our debt can be managed just as well without placing a cap on it. So why do we place this cap on it? Because it allows the few to control our markets and get rich off of the rest of us. That's just my opinion anyway.
harry hoo

Jonesboro, AR

#10 Sep 28, 2013
harry hoo wrote:
hang hussein
And I bet Obama's really hung. I'd love to suck hiss menber.
guest

Little Rock, AR

#11 Sep 28, 2013
If you as a citizen were at your limit in credit would it make sense to keep trying to borrow and sink yourself into a hole u can't climb out of? What happens is you go deeper and deeper until you are forced into bankruptcy which is exactly what our government is doing.
URafakeharryhoo

United States

#12 Sep 28, 2013
harry hoo wrote:
<quoted text>
And I bet Obama's really hung. I'd love to suck hiss menber.
So is "menber" the Kenyan word for penis? You obamaworshipping libturds are sick.
Larry B

United States

#13 Sep 28, 2013
guest wrote:
If Congress does not raise the debt ceiling, our national debt won't rise any further. That would be a good thing.
Any financial counselor in the country will tell you the very first thing you need to do in order to get out of debt is to stop borrowing more money.
Increasing the debt ceiling is simply borrowing more money. It doesn't help the problem, and actually makes it much worse.
We've seen this idiocy time and time again. Every time, our spineless Congress refuses to address the extreme danger of our crushing national debt, choosing instead to kick the can down the road.
It's time Congress stopped borrowing money and learned to live within its means, just like all of us hard working middle class people.
If you think Obama is just borrowing your money you're in for a big surprise. He's been taking what he wants ever since he stole the WH and isn't going to stop until he has it all. Stealing from your paycheck isn't enough for him and his ilk, he really is planning to steal directly from your bank accounts, too, with no intention of EVER putting it back or doing any good for America with it.
Rupert B Jigglebottom

Springdale, AR

#14 Sep 28, 2013
The most definite thing that will happen is that Republicans will lose the House majority in 2014.
guest

United States

#15 Sep 29, 2013
Larry B wrote:
If you think Obama is just borrowing your money you're in for a big surprise. He's been taking what he wants ever since he stole the WH and isn't going to stop until he has it all. Stealing from your paycheck isn't enough for him and his ilk, he really is planning to steal directly from your bank accounts, too, with no intention of EVER putting it back or doing any good for America with it.
I think Obama is the sorriest excuse we've ever had for a President. That being said, Congress is to blame for continuing to run up our debt because only Congress has that authority, and only Congress has the power to lay and collect taxes - Article 1 Section 8 of the Constitution.

Until the people of this nation wise up and elect a sufficient number of conservatives to Congress, we'll continue to see our economy fail due to runaway government spending and crushing national debt.

I fear it may be too late already.
guest

United States

#16 Sep 29, 2013
Rupert B Jigglebottom wrote:
The most definite thing that will happen is that Republicans will lose the House majority in 2014.
I don't think so. Republicans were given the majority after the 2010 elections for one reason - to stop runaway government spending. Finally, they are doing what the people sent them to Washington to do.

Nothing excites the base more than seeing the conservative wing of the Republican party actually stand up for the principles they campaigned on. Telling Democrats that there will be no increase on the nation's credit card limit is only the very first step.

If Democrats want to shut down the government by refusing to accept the House bills that provide funding for the government, let them.
Fo Show

Little Rock, AR

#17 Sep 29, 2013
[QUOTE who="U.S. Citizen"]My guess is... Absolutely nothing.[/QUOTE]

And that would be because you are an idiot and don't even have a 5th graders grasp of basic economics. In the previous showdown over expanding the debt ceiling, the markets reaction, just to the possibility that it could happen, caused the stock market to panic and hundreds of millions of dollars were lost. It also resulted in the American credit rating being downgraded--the first time ever!Every economist, and these are economist representing a range from across the political spectrum, agree that actually failing to raise the debt limit thus placing the US in default would set into motion cataclysmic devastation to the US economy.

One very wise piece of advice my father gave me was, when you don't know the answer to something, go to somebody intelligent with a proven track record for knowing their subject for advice. And don't listen to an idiot with a proven track record for not knowing the subject. That simple nugget of wisdom has served me well for many years. So rather than listen to the folly of fools, I think I'll stick with the prevailing wisdom of some of the most highly regarded economist in the country instead of an anonymous poster who 'guesses nothing will happen'.
Guest

Searcy, AR

#18 Sep 29, 2013
Rupert B Jigglebottom wrote:
The most definite thing that will happen is that Republicans will lose the House majority in 2014.
The most definite thing that has, is and will happen is Jesus Christ will return and will judge nations and people and take His people to heaven .
Guest

Searcy, AR

#19 Sep 29, 2013
Fo Show wrote:
<quoted text>
And that would be because you are an idiot and don't even have a 5th graders grasp of basic economics. In the previous showdown over expanding the debt ceiling, the markets reaction, just to the possibility that it could happen, caused the stock market to panic and hundreds of millions of dollars were lost. It also resulted in the American credit rating being downgraded--the first time ever!Every economist, and these are economist representing a range from across the political spectrum, agree that actually failing to raise the debt limit thus placing the US in default would set into motion cataclysmic devastation to the US economy.
One very wise piece of advice my father gave me was, when you don't know the answer to something, go to somebody intelligent with a proven track record for knowing their subject for advice. And don't listen to an idiot with a proven track record for not knowing the subject. That simple nugget of wisdom has served me well for many years. So rather than listen to the folly of fools, I think I'll stick with the prevailing wisdom of some of the most highly regarded economist in the country instead of an anonymous poster who 'guesses nothing will happen'.
But I tell you that anyone who is angry with a brother or sister will be subject to judgment. Again, anyone who says to a brother or sister,‘ Raca,’ is answerable to the court. And anyone who says,‘You fool!’ will be in danger of the fire of hell.(Matthew 5:22 NIV)
Rupert B Jigglebottom

Springdale, AR

#20 Sep 29, 2013
Guest wrote:
<quoted text>
The most definite thing that has, is and will happen is Jesus Christ will return and will judge nations and people and take His people to heaven .
Well he better hope we have a Democrat Congress. Republicans will want him deported.

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