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Ronald Reagan on Debt Default
entropy
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User ID: 41360
07-26-2011 02:54 AM

Posts: 26,788



Post: #1
gmorning Ronald Reagan on Debt Default
Quote:“Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”
http://www.politico.com/news/stories/0711/59827.html
Snippet from:
The morning after
By JOE SCARBOROUGH
Quote:t was a financial storm that even an economics professor could see coming. The debt crisis that had gripped Washington for a month came to a sudden, horrifying climax that left America’s economy looking like a nuclear wasteland. Credit markets suffered life-threatening seizures as the stock market dropped a staggering 25 percent. U.S. Treasuries plummeted as Moody’s and Standard & Poor’s downgraded the United States’ credit rating — instantly adding trillions of dollars in interest costs to the national debt. Only gold was on the rise, and its price exploded past $2,000 an ounce.
European markets reacted with understandable alarm while shock waves raced across Asia despite the early morning hour. China remained still, issuing little more than bland assurances, while its leaders quietly relished the fact that the United States of America had undermined its economic standing in a way that the Middle Kingdom could never have done on its own.

The threat of exploding interest rates on home mortgages, cars, student loans and credit cards caused growing concerns. But it was the gutting of 401(k)’s and pension programs that would soon stir panic. Camera shots of citizens lined up outside banks, credit unions and Social Security offices caused commodity prices to collapse less than 30 minutes after those images began flickering on CNBC — and more than a few news commentators drew parallels between the chaos of this day and the early morning hours after the Sept. 11 attacks....

With that, Obama, Geithner and Bernanke left the Rose Garden and walked back into the White House. For the next hour, markets continued to drop. By late afternoon, the New York Stock Exchange and NASDAQ took the extraordinary step of closing their markets........


Say it ain't so Joe!
I thought it was relevant.
http://www.politico.com/news/stories/071...Page2.html
Posted for discussion.

RIP Candle Karen

[Image: 52bf63a291f0f.jpg]
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Twatwaffle
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User ID: 41953
07-26-2011 03:05 AM

 



Post: #2
RE: Ronald Reagan on Debt Default
The federal debt was about 3T at the time of the Reagan quote.

Today, our on-balance sheet debt is about 14.5T,

Which does not include our unfunded liabilities of about 100T.

---


Things have changed in 24 years.
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entropy
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User ID: 41360
07-26-2011 03:07 AM

Posts: 26,788



Post: #3
RE: Ronald Reagan on Debt Default
Twatwaffle  Wrote: (07-26-2011 03:05 AM)
The federal debt was about 3T at the time of the Reagan quote.

Today, our on-balance sheet debt is about 14.5T,

Which does not include our unfunded liabilities of about 100T.

---


Things have changed in 24 years.

Which would indicate the effects Reagan described on a scale equivalent to what the debt is present. Think about it. Cheers

RIP Candle Karen

[Image: 52bf63a291f0f.jpg]
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dolphin
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User ID: 19589
07-26-2011 03:08 AM

Posts: 8,682



Post: #4
RE: Ronald Reagan on Debt Default
entr✪py  Wrote: (07-26-2011 02:54 AM)
“Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”


Did Ronald Reagan preside over the biggest bank heist in history amounting to 17 trillion dollars in bailouts including over 3 trillion to foreign banks?

Don't you dimwits understand that raising the debt ceiling devalues the currency and will increase the cost of living on everyone amounting to a massive tax increase through inflation?

Taxation through inflation hurts the poor and the middle class the most.

It does not affect wealthy people too much as they don't spend nearly as large a percentage of their total income on the neccessities of daily living.

I might add that back in those days there was not a global economic crisis teatering with us all on the verge of a collapse although in retrospect that policy has contributed to it.

All The Dots Connected.
http://lunaticoutpost.com/Topic-Aldous-H...rge-Orwell
I reserve the right to revise and extend my remarks in all my posts.
(This post was last modified: 07-26-2011 03:12 AM by dolphin.) Quote this message in a reply
entropy
Registered User
User ID: 41360
07-26-2011 03:11 AM

Posts: 26,788



Post: #5
RE: Ronald Reagan on Debt Default
dolphin  Wrote: (07-26-2011 03:08 AM)
[quote='entr✪py' pid='1501880' dateline='1311641654']
Quote:“Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”


Did Ronald Reagan preside over the biggest bank heist in history amounting to 17 trillion dollars in bailouts including over 3 trillion to foreign banks?

Don't you dimwits understand that raising the debt ceiling devalues the currency and will increase the cost of living on everyone amounting to a massive tax increase through inflation?

Joe's a Republican. So was Reagan. Do you fucktard understand the price of the spin you're trying to place on this? BTW there will be no default. You're politicizing an issue with you're slant as I could also do. I'm not willing however to let America go in to the shitter while people like you would do anything just so your precious party wins an election that you argue is fielded by puppets anyhow. An election that you say won't happen because of your videos claiming the comet's going to kill us. chuckle
Not only would a default screw every working person in the US it would destroy America's chance of competing in the global economy at a time when China is posed to take the lead and Russia is coming in to the game fueled by their energy industries.

RIP Candle Karen

[Image: 52bf63a291f0f.jpg]
(This post was last modified: 07-26-2011 03:13 AM by entropy.) Quote this message in a reply
dolphin
Registered User
User ID: 19589
07-26-2011 03:15 AM

Posts: 8,682



Post: #6
RE: Ronald Reagan on Debt Default
entr✪py  Wrote: (07-26-2011 03:11 AM)
dolphin  Wrote: (07-26-2011 03:08 AM)
[quote='entr✪py' pid='1501880' dateline='1311641654']
Quote:“Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”


Did Ronald Reagan preside over the biggest bank heist in history amounting to 17 trillion dollars in bailouts including over 3 trillion to foreign banks?

Don't you dimwits understand that raising the debt ceiling devalues the currency and will increase the cost of living on everyone amounting to a massive tax increase through inflation?

Joe's a Republican. So was Reagan. Do you fucktard understand the price of the spin you're trying to place on this? BTW there will be no default. You're politicizing an issue with you're slant as I could also do. I'm not willing however to let America go in to the shitter while people like you would do anything just so your precious party wins an election that you argue is fielded by puppets anyhow. An election that you say won't happen because of your videos claiming the comet's going to kill us. chuckle
Not only would a default screw every working person in the US it would destroy America's chance of competing in the global economy at a time when China is posed to take the lead and Russia is coming in to the game fueled by their energy industries.

Amess  Wrote: (07-25-2011 08:24 PM)
Obama: 'I need a dance partner' on immigration reform

Washington (CNN) -- America's immigration system is broken, but pressure from a larger political movement is needed to fix it, President Barack Obama said Monday.

"The idea of doing things on my own is very tempting. I promise you, not just on immigration reform. But that's not how our system works. That's not how our democracy functions. That's not how our Constitution is written," Obama said at the National Council of La Raza's annual conference.

Members of the audience of La Raza's annual conference responded by chanting, "Yes you can, yes you can."
http://edition.cnn.com/2011/POLITICS/07/...a.la.raza/

Members of the audience responded by chanting, "Yes you can, yes you can." DESTROY THE UNITED STATES

Media leftists promote left-wing ideology supporting violent revolutionaries in America. When it comes to real aggression against this great nation, the media covers it up. Would Miss Walsh view La Raza’s attempts at revolutionary violence, calling for Hispanics to rise up against whites, disturbingly racist? I fear not.

On May 6, 2010, Los Angeles high school teacher Ron Gochez told a La Raza rally to rise up revolutionary-style and fight America:

“We are revolutionary Mexican organization [La Raza] here. We understand that this is not just about Mexico. It’s about a global struggle against imperialism and capitalism… At the forefront of this revolutionary movement is La Raza. We will no longer fall for these lies called borders. We see America as a northern front of a revolutionary movement…Our enemy is capitalism and imperialism,” further calling the revolution a “global struggle.”


L.A. Teacher Calls for Mexican Revolt in the U.S.

http://www.youtube.com/watch?v=dpFoQmWlk7w


Operation Fast and Furious, Operation Gun Runner - Obama, Holder's DOJ arming Mexican Drug Cartels

http://www.youtube.com/watch?v=Qvk_WICNMLc

All The Dots Connected.
http://lunaticoutpost.com/Topic-Aldous-H...rge-Orwell
I reserve the right to revise and extend my remarks in all my posts.
(This post was last modified: 07-26-2011 03:18 AM by dolphin.) Quote this message in a reply
entropy
Registered User
User ID: 41360
07-26-2011 03:16 AM

Posts: 26,788



Post: #7
RE: Ronald Reagan on Debt Default
None of the above , makes sense in the context of arguing the issue of debt default. No matter how crazy it appears, what's more unorganized is how it's supposed to make an argument to raise the debt ceiling. You sir are fighting your Jihad.

RIP Candle Karen

[Image: 52bf63a291f0f.jpg]
(This post was last modified: 07-26-2011 03:17 AM by entropy.) Quote this message in a reply
dolphin
Registered User
User ID: 19589
07-26-2011 03:21 AM

Posts: 8,682



Post: #8
RE: Ronald Reagan on Debt Default
entr✪py  Wrote: (07-26-2011 03:11 AM)
dolphin  Wrote: (07-26-2011 03:08 AM)
[quote='entr✪py' pid='1501880' dateline='1311641654']
Quote:“Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”


Did Ronald Reagan preside over the biggest bank heist in history amounting to 17 trillion dollars in bailouts including over 3 trillion to foreign banks?

Don't you dimwits understand that raising the debt ceiling devalues the currency and will increase the cost of living on everyone amounting to a massive tax increase through inflation?

Joe's a Republican. So was Reagan. Do you fucktard understand the price of the spin you're trying to place on this? BTW there will be no default. You're politicizing an issue with you're slant as I could also do. I'm not willing however to let America go in to the shitter while people like you would do anything just so your precious party wins an election that you argue is fielded by puppets anyhow. An election that you say won't happen because of your videos claiming the comet's going to kill us. chuckle
Not only would a default screw every working person in the US it would destroy America's chance of competing in the global economy at a time when China is posed to take the lead and Russia is coming in to the game fueled by their energy industries.

You democrat dimwits are all the same.

Your a bunch of Marxist Useless Idiots.

http://www.youtube.com/watch?v=Rkgx1C_S6ls


LoP Guest  Wrote: (07-26-2011 02:00 AM)
http://www.youtube.com/watch?v=xQf_Qfitm...ideo_title


America as we know her is finished. They have the government,education,the medical fields,the banks.

They control it all.

dolphin  Wrote: (07-25-2011 06:13 PM)
The Century of the self

Basically, the Frankfurt School believed that as long as an individual had the belief - or even the hope of belief - that his divine gift of reason could solve the problems facing society, then that society would never reach the state of hopelessness and alienation that they considered necessary to provoke socialist revolution. Their task, therefore, was as swiftly as possible to undermine the Judaeo-Christian legacy.

To do this they called for the most negative destructive criticism possible of every sphere of life which would be designed to de-stabilize society and bring down what they saw as the ‘oppressive’ order. Their policies, they hoped, would spread like a virus—‘continuing the work of the Western Marxists by other means’ as one of their members noted.To further the advance of their ‘quiet’ cultural revolution - but giving us no ideas about their plans for the future - the School recommended (among other things):

1. The creation of racism offences.
2. Continual change to create confusion
3. The teaching of sex and homosexuality to children
4. The undermining of schools’ and teachers’ authority
5. Huge immigration to destroy identity
6. The promotion of excessive drinking
7. Emptying of churches
8. An unreliable legal system with bias against victims of crime
9. Dependency on the state or state benefits10. Control and dumbing down of media
11. Encouraging the breakdown of the family

One of the main ideas of the Frankfurt School was to exploit Freud’s idea of ‘pansexualism’ - the search for pleasure, the exploitation of the differences between the sexes, the overthrowing of traditional relationships between men and women.

To further their aims they would:

• attack the authority of the father, deny the specific roles of father and mother, and take away from families their rights as primary educators of their children.
• abolish differences in the education of boys and girls
• abolish all forms of male dominance - hence the presence of women in the armed forces
• declare women to be an ‘oppressed class’ and men as ‘oppressors’
· merging or reversing the sexes or sex roles;
· abolishing the family as we know it’

Munzenberg summed up the Frankfurt School’s long-term operation thus:
‘We will make the West so corrupt that it stinks.'

The School believed there were two types of revolution: (a) political and (b) cultural. Cultural revolution demolishes from within. ‘Modern forms of subjection are marked by mildness’.

They saw it as a long-term project and kept their sights clearly focused on the family, education, media, sex and popular culture.

http://www.youtube.com/watch?v=sz-WhT1Es...dded#at=49

http://www.youtube.com/watch?v=OwJHg9UBN...re=related

http://www.youtube.com/watch?v=W7r27Az_M...r_embedded

All The Dots Connected.
http://lunaticoutpost.com/Topic-Aldous-H...rge-Orwell
I reserve the right to revise and extend my remarks in all my posts.
Quote this message in a reply
strangeuniverse
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User ID: 17683
07-26-2011 03:42 AM

Posts: 1,242



Post: #9
RE: Ronald Reagan on Debt Default
this debate is funny. reagan was horrid only changing the sheeples mood. all the presidents have been horrid just about 50 yrs now.
now
the two party system is a FAILURE. you dems and reps GET that?
government has been hijacked long ago. they fought a war of it, and the communist forces won.

any party of people voting and serving in this de facto government, are traitors.

you defenders of the two party system failure, need to STFU and see what this nation has become.

follow @maxoom1960
http://slackerville.info/home/
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entropy
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User ID: 41360
07-26-2011 03:48 AM

Posts: 26,788



Post: #10
RE: Ronald Reagan on Debt Default
strangeuniverse  Wrote: (07-26-2011 03:42 AM)
this debate is funny. reagan was horrid only changing the sheeples mood. all the presidents have been horrid just about 50 yrs now.
now
the two party system is a FAILURE. you dems and reps GET that?
government has been hijacked long ago. they fought a war of it, and the communist forces won.

any party of people voting and serving in this de facto government, are traitors.

you defenders of the two party system failure, need to STFU and see what this nation has become.

While I agree with your argument on the two party system I would ask for sources on the argument of the hijacking of the govt, etc. Govt has been hijacked but the way I see it is it was hijacked by the two party system and it's marriage to special interests. Democracy died when corporations became the puppeteers of the elected. Much like what Washington warned the citizens about in his farewell address.

RIP Candle Karen

[Image: 52bf63a291f0f.jpg]
(This post was last modified: 07-26-2011 03:49 AM by entropy.) Quote this message in a reply
Helen Keller
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User ID: 16091
07-26-2011 04:15 AM

Posts: 6,281



Post: #11
RE: Ronald Reagan on Debt Default
Lmao

RR was a better Democrat than even FDR
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dolphin
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User ID: 19589
07-26-2011 04:17 AM

Posts: 8,682



Post: #12
RE: Ronald Reagan on Debt Default
entr✪py  Wrote: (07-26-2011 03:48 AM)
strangeuniverse  Wrote: (07-26-2011 03:42 AM)
this debate is funny. reagan was horrid only changing the sheeples mood. all the presidents have been horrid just about 50 yrs now.
now
the two party system is a FAILURE. you dems and reps GET that?
government has been hijacked long ago. they fought a war of it, and the communist forces won.

any party of people voting and serving in this de facto government, are traitors.

you defenders of the two party system failure, need to STFU and see what this nation has become.

While I agree with your argument on the two party system I would ask for sources on the argument of the hijacking of the govt, etc. Govt has been hijacked but the way I see it is it was hijacked by the two party system and it's marriage to special interests. Democracy died when corporations became the puppeteers of the elected. Much like what Washington warned the citizens about in his farewell address.

Wrong. It was destroyed when soverignity was handed to NATO and the Club of Rome/Bilderberger Group to merge us into a Global Police State.

The same bastards behind it also own the corporations.

Can you say NAFTA, CAFTA, and GAT?

http://www.youtube.com/watch?v=Rkgx1C_S6...r_embedded

All The Dots Connected.
http://lunaticoutpost.com/Topic-Aldous-H...rge-Orwell
I reserve the right to revise and extend my remarks in all my posts.
(This post was last modified: 07-26-2011 04:18 AM by dolphin.) Quote this message in a reply
Hayseed
Unlabled
User ID: 36691
07-26-2011 04:35 AM

Posts: 160



Post: #13
RE: Ronald Reagan on Debt Default
"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.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on."
~Senator Barack Obama, 2006
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LoP Guest
lop guest
User ID: 42024
07-26-2011 04:37 AM

 



Post: #14
RE: Ronald Reagan on Debt Default
entr✪py  Wrote: (07-26-2011 03:48 AM)
strangeuniverse  Wrote: (07-26-2011 03:42 AM)
this debate is funny. reagan was horrid only changing the sheeples mood. all the presidents have been horrid just about 50 yrs now.
now
the two party system is a FAILURE. you dems and reps GET that?
government has been hijacked long ago. they fought a war of it, and the communist forces won.

any party of people voting and serving in this de facto government, are traitors.

you defenders of the two party system failure, need to STFU and see what this nation has become.

While I agree with your argument on the two party system I would ask for sources on the argument of the hijacking of the govt, etc. Govt has been hijacked but the way I see it is it was hijacked by the two party system and it's marriage to special interests. Democracy died when corporations became the puppeteers of the elected. Much like what
ashington warned the citizens about in his farewell address.

exactly.
Quote this message in a reply
dolphin
Registered User
User ID: 19589
07-26-2011 04:39 AM

Posts: 8,682



Post: #15
RE: Ronald Reagan on Debt Default
Hayseed  Wrote: (07-26-2011 04:35 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.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on."
~Senator Barack Obama, 2006

Then he was schooled on the Global Government and the plan to genocide billions of people and offered the Presidency if he would keep his mouth shut and do as he was told.

In return his own family gets real healthcare instead of deathcare and a lifetime of comfortable social wellfare as well as a ticket into a FEMA Bunker when it is called for.

All The Dots Connected.
http://lunaticoutpost.com/Topic-Aldous-H...rge-Orwell
I reserve the right to revise and extend my remarks in all my posts.
(This post was last modified: 07-26-2011 04:40 AM by dolphin.) Quote this message in a reply








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