Tuesday, June 14, 2011

Obama Threatens Financial Meltdown If Debt Ceiling Not Raised

The United States risks a financial meltdown if Congress doesn’t raise the debt ceiling, President Barack Obama said Tuesday.

“We could actually have a reprise of a financial crisis if we play this too close to the line,” Obama said in an interview on NBC’s “Today” show.

Obama said there will be hard work over the next month on a deal to avoid breaching the limit and that “we’re going to get it done in a sensible way.” The White House says the ceiling needs to be raised by Aug. 2 to avoid default.

Republicans want spending cuts in exchange for raising the borrowing limit, which now stands at $14.3 trillion. A bipartisan group led by Vice President Joe Biden gets back to work on Tuesday on a deal.

Republican presidential candidates also used the issue to burnish their campaigns in a debate on Monday night. Mitt Romney, the field’s front-runner, didn’t directly answer a question about whether the limit should be raised but called for spending cuts. Michele Bachmann, meanwhile, bluntly said she wouldn’t vote to raise the limit without big spending cuts.

20 comments:

  1. Just to show how pathetic the MSM is look at USAtoday's article on economic pain on the horizon.

    This gov idiot says rough times are ahead, but a short term solution is for anyone who saved funds during the recession (like it is over LOL) should do their part and get out and spend.

    THESE are the type of morons that the 98% believe will save them from the greatest depression, starvation, and death. Let's perpetuate the Ponzi economy that will make the collapse even easier.

    http://content.usatoday.com/communities/theoval/post/2011/06/economic-outlook-grim-budget-watchdog-says/1?loc=interstitialskip

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  2. heya joe. its me man. i have to tell the people that money is not bad to make. sorry to disagree with the stream. people money printed is not problem. problems come when you have no money. money is meant to be owned. it is are god given right to hold cash. When you take a people and take money away the people go broke. thats depression economic style. thankfuly we have a populist group ready to sprout. populists all over will rise to take it back. I rage against machines for people. folks i am going to bring it into em baby. uh.h listen to me words here. get into the beat. feel my RAGE. if we work for it hard we can take down the machine. WE ARE REVOLTION. I AM A REVOLTIONARY.

    _ SAM

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  3. The monetary system created by the oligarch families IS their greatest control and you want to clutch onto cash? Pathetic. Almost as sad as the mythology you cling to; barf.

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  4. So, what the hell good is a "debt ceiling" anyway? If, every time you approach it, the ceiling is just routinely raised, there is no actual bloody debt ceiling. And make no mistake, after they raise it (and they will)it will quickly be broached again. Then what? Make the same "financial meltdown" threats and raise it yet again? It's all such crap and nonsense! Might as well eliminate the debt ceiling since the plan is to just keep printing money forever anyway.

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  5. well unlike with TARP, the head of the treasury and now the prez both have warned of total collapse yet not threatened martial law yet...so can't be all that bad huh

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  6. What problem, Bozo just promised a billion to Egypt. We must be in great shape to be handing out money.

    No worry, we are at peace.

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  7. Look for the Great Obongo to warn us of Armageddon if he's not "re-elected."

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  8. Nothing more than a banker owned puppet, just like Bush and almost all the other ones before him. Want to know what presidents were not owned by the bankers? That is easy. Any president that was assassinated was not a banker puppet.

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  9. Recovery? What recovery?

    Lockheed Martin Space Systems to Eliminate Approximately 1,200 Positions

    DENVER, June 14th, 2011 -- Lockheed Martin Space Systems Company, a major business area of the Lockheed Martin Corporation [NYSE: LMT], announced today employment reductions designed to address affordability and improve its competitive posture.

    Space Systems, which currently employs approximately 16,000 employees in 12 states, will implement a broad-based workforce reduction of roughly 1,200 employees by year-end. It is anticipated that middle management will be reduced by 25 percent, with significantly smaller percentage impacts in other levels and disciplines.

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  10. The bulls on parade are about to go loco because they aren't getting their racist war money. If we can't keep killing browns we are gonna have to resort to killing whites at home to feed the thirst of the war-profit machine and then after that maybe go after some yellows. Sam, army of one he sounds like a real revolutionary thinker.

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  11. Sam sounds and looks like a simple minded provocateer. Talks of smashing cars, civil unrest, and the like. He is trying to stir something up and hoping someone on here will bite.
    Dont know exactly what to make of it.

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  12. He's an odd little bugger. Maybe the machine has gotten into his mind.

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  13. Civilization space business is dead so this is trickle-down poverty at work. The great one slapped down NASA. Unless Lockheed coughs up a few million for Bozos re-selection they can forget getting any more star war funding too. More lay-offs are coming.

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  14. Not to worry BO the US is financially finished, and the cards have started to fall. Even with a passage to expand the debt, the feminized (formerly free) prison state will fall....

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  15. I've just started a blog, trying to reach out and somewhat help people that need financial advice in these times. Think it's important people inform others, especiallt family and friends if we're gonna get through this standing up. Too bad 95% just trust MSM...

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  16. greece may default, then portugal, spain and ireland would wish for some sort of debt write off, if so seeing that wouldn't all nations, domino's and bandwagon's maybe featured in the circus show next lol

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  17. The reason we have economic turmoil is simple.
    Usury is a SIN.
    Central banks should never print money and loan it out at interest.
    Usury is sinful and will be punished by GOD.
    And that is exactly what is happening now.
    All this economic calamity is a result of usury.
    The catholic Church is against Usury.
    Why you ask?
    Because the catholic church has been around long enough to know usury kills the human spirit.
    No human being is to be in debt to anyone except GOD!
    Repent sinful bankers of the world... REPENT. your END is coming SOON!

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  18. The catholic church !?

    Oh PLEASE !!!!

    What are we here? a bunch of 4th graders !?

    The catholic church indeed - NEVER in the history of man has their been a bigger group
    of hypocrites - NEVER

    Where would you like to start 507 ? Land ? how about politics ? No? how about money and bribery and extortion / Usury ! you gotta be fucking kidding me man ! How about 70 year old
    bishops that had their way with alter boys for the last 50 years -

    Don't even go there man - don't even go there

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  19. Anonymous@6:06 PM
    WOW! what HATE! Mr. Anti-Catholic
    Hmmm let me guess, you are a Banker, you make your money off of poor people by loaning it out and charging them loan shark interest rates.
    or You were beaten by the nuns in school.
    or You are a born again Christian fundamentalist.
    or you are an atheist who hates GOD.

    You spent your entire blog trashing the Catholic Church but never once shouted out against Bankers USURY!
    you are truly a MORONIC SATANIC ELF!
    oh little person

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Everyone is encouraged to participate with civilized comments.