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Us Close To An Eleventh Hour Agreement

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Do you have a link please TMT?

Sky News reporting it.

Commentator saying it is probably too late for a downgrade to be avoided which will result in IR for mortgages, car loans, etc, rising in the US.

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BBC News say bill passed by House has been rejected by Senate.

Sky said that in the last hour Obama has invited 2 or 3 key people to the Whitehouse to agree a deal.

Yes, big difference between Sky and BBC reporting - no idea who is right.

Sky is reporting stuff that US sites are not yet reporting.

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Sky said that in the last hour Obama has invited 2 or 3 key people to the Whitehouse to agree a deal.

Yes, big difference between Sky and BBC reporting - no idea who is right.

Sky is reporting stuff that US sites are not yet reporting.

This is so bloody stupid. The most powerful nation on Earth can't meet it's wage bill without borrowing more money and I suspect the same is true of most nations....... madness on a grand scale. If I'd have run my business like that I'd have gone bust years ago.

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Commentator saying it is probably too late for a downgrade to be avoided which will result in IR for mortgages, car loans, etc, rising in the US.

Which means their crash will take a new lease of life. Interesting.

And the dollar will fall..

Edited by Darkman

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This is so bloody stupid. The most powerful nation on Earth can't meet it's wage bill without borrowing more money and I suspect the same is true of most nations....... madness on a grand scale. If I'd have run my business like that I'd have gone bust years ago.

So if they are "the most powerful nation on Earth", then exactly who the f*ck do they owe the money to...?

And unless their creditors are not of this Earth, then exactly what are they going to do if "the most powerful nation on Earth" says shove the bill up your ****...?

This "most powerful" concept does not hold up to scrutiny, and requires further discussion...

XYY

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You are wrong :huh: ... the rich are getting richer and the poor are getting poorer. This is by any measure, CEO v general worker salary multiples, standard of living, savings, money, owners of property, total % of wealth etc

Yes, actually that sounds even more correct

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So if they are "the most powerful nation on Earth", then exactly who the f*ck do they owe the money to...?

And unless their creditors are not of this Earth, then exactly what are they going to do if "the most powerful nation on Earth" says shove the bill up your ****...?

This "most powerful" concept does not hold up to scrutiny, and requires further discussion...

XYY

They are the most powerful nation on Earth but the bond markets are even more powerful. Would you lend more money to the US if they just said shove it I'm not paying back the money you lent me last time? Of course you wouldn't and neither would anyone else.

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guys, the power does not lie with the president or Boner.

It is for the house to make the decision.

The two parties appear to have agreed....there are no cuts in actual nominal spend ( see ticker forum for some published figures)...like politicians here, they have agreed a schedule that cuts the amoutn of INCREASE in spending....not actual cuts that are needed.

like the UK has a house of Lords, the US now have to get the agreed proposal through the Senate, the President (the Executive) then carries out the new law. The President is a bit like the head of the Civil Service, but he does have a few more Powers to take the country to war, etc etc where Sir Humphrey does not.

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This is so bloody stupid. The most powerful nation on Earth can't meet it's wage bill without borrowing more money and I suspect the same is true of most nations....... madness on a grand scale. If I'd have run my business like that I'd have gone bust years ago.

Surely you mean can't pay it's interest without borrowing money?

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http://www.zerohedge.com/news/obamas-final-loohole-catastrophic-emergency-clause

Politico's Ben White has pointed out something interesting, namely that while the 14th Amendment may or may not be practical under the current situation (especially not without a full blown constitutional crisis), one potential loophole that Obama may have comes from none other than former president Bush, in the form of the Homeland Security Presidential Directive-20, one which deals with such trivia as "Catastrophic Emergency", "Continuity of Government", "Continuity of Operations", and lastly, and perhaps somewhat ironically, "Enduring Constitutional Government." Considering the amount of doom and gloom spun by the government is bigger than anything seen even under Hank Paulson, could this "crisis" be interpreted by the constitutional scholar as one that merits the invocation of Homeland Security privileges? Is America's maxing out its credit card comparable to a nuclear or terrorist attack on the continent? We may find out in less than 48 hours.

An interesting option.

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This is so bloody stupid. The most powerful nation on Earth can't meet it's wage bill without borrowing more money and I suspect the same is true of most nations....... madness on a grand scale. If I'd have run my business like that I'd have gone bust years ago.

Nah. If you were a big enough business you'd have been bailed out with taxpayer cash.

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So if they are "the most powerful nation on Earth", then exactly who the f*ck do they owe the money to...?

And unless their creditors are not of this Earth, then exactly what are they going to do if "the most powerful nation on Earth" says shove the bill up your ****...?

This "most powerful" concept does not hold up to scrutiny, and requires further discussion...

XYY

They owe it to private institutions and individuals as well as sovereign funds. Pensions etc.

What is becoming clear is that the US got used to a certain standard of living from 1945 onwards.

This should have started to diminish slowly from the 1970's onwards.

They (Politicians who wanted re-electing) couldn't face that and by the looks of it they still cannot.

Its kind of a shame that they have a first term administration in office.

The decisions that need to be taken are for the long term good but it seems that they will be taken for political reasons AGAIN.

They will run into trouble again...after the elections.

However, what is going to happen when the owner of the world reserve currency get downgraded???

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Which means their crash will take a new lease of life. Interesting.

And the dollar will fall..

Can't see how the dollar will fall with a downgrade TBH. Interest rates will rise in the US, dollar will be a better bet IMO. Moodys et al won't count in that scenario. I feel the dollar will strengthen big style. As Buffet says, never short the US...I agree with him.

Edited by tomwatkins

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Just voted no. So on with the talking!

By a count of 50 - 49, the Senate voted to not proceed on Majority Leader Harry Reid's (D-NV) debt ceiling proposal. The vote required 60 "ayes" to clear the filibuster hurdle.

Following the vote, the Senate went into recess, subject to recall by the Majority Leader.

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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