Bogus debt deal triggers market crash

[muleman]

Despite all the hype about the debt deal the markets are not fooled and the high unemployment and low consumer spending are dragging it down dramatically. Those who really know numbers recognize this back loaded deal for the sham that it really is. I expect the economy will dip much more drastically before we see any signs of real recovery. Jobs are disappearing fast as employers don't buy the false numbers either. They know they can't trust the liars in congress to make real cuts to anything except defense. They also know Obama and the Dems can't wait to tax the heck out of them to redistribute it to buy votes. Grab your ankles folks cause the real roller coaster is just now leaving the platform! IMHO

 

[AAUTOFAB1]

At my house it has been a race to pay off all our debt before 2012 got everything paid off but the house,we are making extra principal payments and I'm not sure it will happen by then.
we will not be spending any money for any thing that we don't need any time soon.and if the economy doesn't turn around i doubt any one else will .

i want to be the last one in line to be grabbing my ankles

 

[fogtender]

All throughout the last few decades the Democrats have promised cost cuts, but never do.

This one won't be any different, 2012 with be just like last year and they will swear that those on SS and Medicare will not get paid unless they raise taxes and the amount they can get credit for....

I figure in a few months, or sooner things are going to go to hell in a hand basket.

You can't get more credit, spend more and call yourself fiscally sound. These clowns in Power are just that, Clowns.... Can't believe that the Republicans even bought this "Reduction Spending" over the next ten years then raise the debt that much now.

We are screwed.... That is mildly put by the way...

 

[Doc]

Question: Would we have been screwed any less if they had simply raised the debt limit without any provisions tied to the raise?

Seems to me we would have been screwed more if that were what happened. Though this is sure not a cut in spending, I figure it is better than nothing. Without it even more spending would go on and on etc.

 

[muleman]

We would have been screwed more without the ties on it. The folks who made the deals still made sure they have an easy checkbook for the votes they need for the next election. Investors and finance folks in the know are not fooled with the smoke and mirrors and will sit on their money rather than risk it in today's climate. Real cuts are the only thing that will finally turn things around. Putting things in a 10 year cycle is just putting off the inevitable. We are heading down the same path as those in Europe have taken. If the cuts were tied to congressional pensions and benefits they would shape things up in a hurry!

 

[Doc]

We would have been screwed more without the ties on it. The folks who made the deals still made sure they have an easy checkbook for the votes they need for the next election. Investors and finance folks in the know are not fooled with the smoke and mirrors and will sit on their money rather than risk it in today's climate. Real cuts are the only thing that will finally turn things around. Putting things in a 10 year cycle is just putting off the inevitable. We are heading down the same path as those in Europe have taken. If the cuts were tied to congressional pensions and benefits they would shape things up in a hurry!

well said!!!