Definitely not good news.............

[Random.Capital]

Quote from spindr0:

If not raising the debt ceiling will have calamitous effects (as many suggest), why is the market shrugging it off?

Probably because nobody actually believes Congress and the White House will do anything not consistent with Business As Usual.

 

[fuzzzy]

Quote from BSAM:

1. Term limits.

2. Balanced budget amendment.

3. Tax reform.

4. Elimination of the House Of Representatives.

These items fix a myriad of problems in this country.

Item #1 will help immensely. Make the bastards get a normal 9-5 job when they get out of office. Live with the people and the laws they set while in office.

 

[bond_trad3r]

Quote from clacy:

Regardless, eventually the bond market will force this the US to straighten out its financial situation.

Whether we do it now, or 10 years from now, it's going to happen.....

But the Fed is the bond market.

 

[S2007S]

I have been saying for weeks do NOT worry about the debt ceiling, DO NOT WORRY, this is just a game they are playing, do you honestly think they wont come to a conclusion. Trust me if they bailed out the economy with worthless trillions they will raise the debt ceiling, anyone who is worried about this nonsense is a complete fool. Sit back and relax and pay no attention to media and what is going on, its worthless dribble thats all it is, in a few weeks the debt ceiling be raised by either few hundred billion to keep it going for a month or 2 as they reach a deal or close a deal by July 22nd to raise it another couple of trillion dollars. DO NOT WORRY, they will not let the economy default. Thats the last thing Bubble ben bernanke and geithner want to worry about as they still try to figure out how to still correct this credit crisis which the economy is still in!

 

[achilles28]

Quote from Random.Capital:

And that's where the rubber meets the road - for all their baying, the Tea Party folks have no intention of actually, accountably cutting entitlements.

Politics as usual.

Not true. Freshman Republicans are dead-set against more spending, which is why Congress is deadlocked on the issue to begin with.

 

[achilles28]

Quote from bond_trad3r:

But the Fed is the bond market.

Yea, but the Fed can't control the dollar. We either do a mini Zimbabwe or 1929.

 

[tradingjournals]

Quote from achilles28:

Yea, but the Fed can't control the dollar. We either do a mini Zimbabwe or 1929.

Dollar should go up.

 

[Tsing Tao]

Quote from Illum:

The administration is prepared to use an amendment clause from the civil war. It states that the nations bills must be paid no matter what Congress says. ie... a cap is meaningless and actually violates this amendment, therefor a cap is unconstitutional.....lol? It will be used if they do not agree.

They cant even stop Executive from War, any War for any amount of time. Even though THAT they should still have power in. Congress is toast and is now only a loud form of bad political talk tv. Meaningless annoying and having zero impact. Welcome to the empire. Executive has taken over.

Let Obama ignore congress. I'm hoping he does. That will pretty much confirm all of the accusations that he's essentially the spend maniac everyone is accusing him. It essentially isolates all of those independents from voting for him next time around.

Mark my words, even if you don't believe me now. If Obama unilaterally raises the debt ceiling, he is assured at being a one term President.

 

[Lucrum]

Quote from tradingURINALS:

Dollar should go up.

How would you know?

 

[spindr0]

Quote from Tsing Tao:

Mark my words, even if you don't believe me now. If Obama unilaterally raises the debt ceiling, he is assured at being a one term President.

That would most likely be true in other election cycles but it's hard to envision with the current slate of flawed Republican wannabes running. The 2012 election is likely to be who you don't want as president versus who you do.