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What will happen if the Republicans refuse to raise the debt

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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:03 PM
Original message
What will happen if the Republicans refuse to raise the debt
limit? What will happen to our economy? Would it be another shutdown of our government?
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lumberjack_jeff Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:04 PM
Response to Original message
1. Democrats in 2012. Unless it's the product of more Obama "compromise". n/t
Edited on Wed Nov-03-10 03:05 PM by lumberjack_jeff
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emulatorloo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:04 PM
Response to Original message
2. I don't think they will default on the US's loans. How will they pay for the Rich Folks tax cuts?
They need to borrow money to pay for those tax cuts.
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Lasher Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:08 PM
Response to Reply #2
3. No worries, the catfood commission will steal all they need from widows and orphans.
We need lots of money to give to rich people. After all, they're RICH.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:09 PM
Response to Reply #2
4. That would force a crisis which they could claim could only
be fixed by ending Social Security, Medicare, end regulation, shut down the EPA and Department of Education and Energy. Shock Doctrine at it's most vile.
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upi402 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:10 PM
Response to Original message
5. Printing $ = pouring water into a bucket with a hole in it
(MSNBC's Dylan Ratigan uses that analogy)

    Republicans will NOT do what needs to be done to create jobs.
    Clinton Republicans failed to do it.
    The country that makes things, and sell to other counties... WINS!
    We will crash -NO opposition to corporatism
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Naturyl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:13 PM
Response to Original message
6. World economy will tank
Which actually would have some serious silver linings, IMO...
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:18 PM
Response to Reply #6
8. The republicans nearly succeeded in 2008, I guess they
need to keep trying until they succeed. Total collapse is the only way they can do away with social programs and the still popular New Deal reforms.
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TomClash Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:18 PM
Response to Original message
7. The United States would be in default on its Treasury Bills, Notes and or Bonds
Because of the interrelated global economy, these government securities are hedged and hypothecated and indexed around the world. They are in virtually every portfolio.

Think financial and economic tsunami.
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-03-10 03:24 PM
Response to Reply #7
9. That would give the truly wealthy even more power over us.
Edited on Wed Nov-03-10 03:26 PM by alfredo
My Bonds shuddered when the Reps won the house.
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