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How much $$ did the Tea Party Republicans cost your 401K with their game of chicken?

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roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:17 PM
Original message
How much $$ did the Tea Party Republicans cost your 401K with their game of chicken?
12K
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butterfly77 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:30 PM
Response to Original message
1. ....
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Ian David Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:38 PM
Response to Original message
2. $20,000. n/t
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Lint Head Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:40 PM
Response to Original message
3. 14,000
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bhcodem Donating Member (110 posts) Send PM | Profile | Ignore Tue Oct-18-11 08:45 PM
Response to Original message
4. Two month total of around $34,000.
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jaysunb Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:50 PM
Response to Original message
5. 8k so far.....
:evilfrown:
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roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 08:56 PM
Response to Original message
6. we need to talk about this, to everyone we know
http://www.economist.com/blogs/freeexchange/2011/08/sps...

As S&Ps announcement makes clear, the inadequacy of the deal was only one motivation. As important (to me, even more important) was the the reckless and divisive battle that preceded it:

The political brinksmanship of recent months highlights what we see as Americas governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy weakens the governments ability to manage public finances

This is crucial. Sovereigns arent like companies. They cant go bankrupt, and creditors cant seize their assets. Their creditworthiness depends as much on their willingness as their ability to pay. As Felix Salmon presciently noted before the announcement was made, its not our ability to pay thats in doubt:

Americas ability to pay is neither here nor there: the problem is its willingness to pay. And theres a serious constituency of powerful people in Congress who are perfectly willing and even eager to drive the US into default. The Tea Party is fully cognizant that it has been given a bazooka, and its just itching to pull the trigger. Theres no good reason to believe that wont happen at some point.

Absent the toxic politics that infected the debate, we could have hammered out a deal that stabilized the debt without squeezing the economy too much in the near term. After all, Britain, Germany and even Italy seem able to do so, and we have in the past, too.

Investors largely tuned out the debt-ceiling debate until its final days out of a belief based on long experience that for all the antics and rhetoric of the Tea Party, the people who actually run Capitol Hill would never compromise the countrys credit worthiness. After all, it was Mr Boehner who reminded his freshmen colleagues that on the debt ceiling theyd have to act like adults.

That is not what happened. As the fight dragged on, the leadership moved closer to the Tea Party, not the other way around. And they seem happy with the results. Why else would Mitch McConnell have promised on August 1st to do exactly the same the next time the debt ceiling must be raised?

It is striking that the proponents of this strategy seem so oblivious to its impact. Our economy is lubricated by a sophisticated and stable credit market whose most vital component is also the most ephemeral: trust."

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krispos42 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 09:14 PM
Response to Original message
7. Check my sigline
About 15%.
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mailman82 Donating Member (254 posts) Send PM | Profile | Ignore Tue Oct-18-11 10:48 PM
Response to Original message
8. 14K
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RagAss Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 10:50 PM
Response to Original message
9. $0 .... All my money is tied up in cash.
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 11:22 PM
Response to Original message
10. While this was going on, Cantor was shorting Treasuries
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tuckessee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 12:09 AM
Response to Original message
11. Not a cent.
I don't gamble my money in stupid games.
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DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 05:23 AM
Response to Original message
12. $8K (so far) on the funds we inherited from Mom.
However, she made some really solid choices in her investment strategy and diversified.
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roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 06:58 AM
Response to Original message
13. Go forth & write LTTEs about the Tea Party downgrade ...
tie it to people opening their 401k statements

there is much to mine from what S&P said, including references to a 2nd downgrade over the refusal of new revenue from Republicans
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IDemo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 07:03 AM
Response to Original message
14. Opted out, so nothing n/t
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