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Treasury confirms deadline for raising debt limit

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Author Topic: Treasury confirms deadline for raising debt limit  (Read 2233 times)
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« Reply #60 on: August 04, 2011, 04:40:03 pm »

"...The Dow in New York lost a whopping 512 points."

This from our local news station.
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« Reply #61 on: August 04, 2011, 09:45:22 pm »

http://mediajackhammer.wordpress.com/2011/08/05/markets-plunge-worldwide-as-dow-crashes-italy-bank-run-rumoured/

8/5/11

Markets plunge worldwide as Dow crashes, Italy bank run rumoured
For the second time in three years, the world has been plunged into a financial crisis.

On opening, the Dow plunged 512 points following a global rout on equities coinciding with a sharp downturn in investor confidence overnight.

Earlier this morning, a steep fall in the Yen, prompted by Tokyo’s intervention to weaken the currency, tripped the first alarm with many expecting an imminent recession in Japan.

Then news of a possible bank run in Italy sent European markets into freefall. Other global markets promptly followed.

But the second alarm was tripped when Germany rejected calls for the Euro zone to step up its response to the continent’s debt contagion. In other words, all their efforts have been exhausted.

UBS Financial Services told CNBC “We’re hearing reports of funds being drawn out of European banks”. They added, “It might turn ugly.”

Shock, rumour and fear seem to be gripping markets, now paralyzed by a sudden spread of the crisis into the systemic areas of the global economy.

“I’ve never seen this happen, not in 25 years,” Gerard Cassidy, an analyst with RBC Capital Markets told Bloomberg (It’s noteworthy that 25 years ago was 1986 – The Great Wall St Crash).

With Italian and Spanish bond yeilds reaching crisis levels, we can expect some severe turbulence to be felt in the markets beyond what we’re seeing now.

On queue, the European Central Bank has just started buying up bonds like hotcakes, realizing that its attempts to extinguish the debt contagion have not worked.

In the US, panicked selling has become contagious with investor confidence evaporating at an alarming speed.  Policymakers, it seems, have run out of economic magic tricks.

John Prestbo, editor and executive director of Dow Jones Indexes, said: “The dog days have turned vicious for the market, with the Dow Jones Industrial Average plunging nearly 513 points, or 4%.”

“The question now,” he says  “is, have investors finished lowering their expectations or is there still some way to go? Time will tell, but it’s difficult to envision a sustained rebound without some evidence that the global economy is alive and kicking.”

Given the market trends over the last 48 hours, the term “dying and paralyzed” appears to be closer to describing the economic outlook.

Here in Australia, overseas hedge funds were big sellers of Aussie banks as the broader market suffered painful losses. It remains to be seen whether Treasurer Wayne Swan can pull any rabbits out of the hat to avoid a recession here.

With 3% having been wiped off the ASX this morning, there will be some consternation in the Reserve Bank as to where things will go from here.
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« Reply #62 on: August 07, 2011, 08:37:01 pm »

The Debt Ceiling Deal From Hell



Is the debt ceiling deal supposed to be some sort of a cruel joke?  Is this what the American people have been waiting months and months for?  The "debt ceiling deal from hell" is a complete and total fraud.  Barack Obama will not need to worry about the debt ceiling again until after the 2012 election, and no "real" spending cuts will happen until after the 2012 election.  The way the political game in Washington D.C. is played today, if you don't get something right now, you probably will never end up getting it.  The Republicans have traded a massive debt ceiling increase right now for the possibility of very skimpy budget cuts in the future.  Meanwhile, this deal establishes a new "Super Congress" that threatens to fundamentally alter our political system (and not in a good way).  The funny thing is that everyone is running around proclaiming that the Tea Party won this battle.  That is a complete and total lie.

So what about the $917 billion in "immediate" spending cuts that the Republicans are getting as part of this deal?

Well, they aren't really spending cuts at all.  Rather, they are spending caps.  Basically what is happening is that future spending increases are being cancelled and our politicians are selling that to us as "spending cuts".

What is even sadder is that the $917 billion is spread over ten years and the vast majority of the "cuts" are in the latter years.

For example, even if you consider these to be "spending cuts" (which they are not), the deal calls for only about $25 billion in "cuts" in 2012 and only about $47 billion in "cuts" in 2013.

25 billion dollars is far less than one percent of the federal budget, so needless to say these "cuts" are not very impressive at all.

Okay, so how about the second stage of the deal which will produce "spending cuts" of between 1.2 and 1.5 trillion dollars?

Well, yes, these would actually be spending cuts and they would be spread over 10 years.

Near the end of the year, the new "Super Congress" (more on that in a minute) will submit a proposal to Congress which could cut spending over the next 10 years by a total of up to 1.5 trillion dollars.

If the recommendations of the "Super Congress" are not implemented, then "automatic" spending cuts of $1.2 trillion will go into effect over the next 10 years.

However, there are some very important things to remember about these "spending cuts".

First of all, none of these "automatic" spending cuts would even go into effect until 2013.  The face of American politics will be dramatically different by then, and there is absolutely nothing that makes these cuts binding on Congress.

As Gregg Easterbrook recently noted, Congress can cancel spending cuts at any time and for any reason....


MORE: http://theeconomiccollapseblog.com/archives/the-debt-ceiling-deal-from-hell
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« Reply #63 on: August 10, 2011, 03:08:28 pm »

8/10/11 - Note: the red color means DOWN today

Index Value: 10,718.88
Trade Time: 4:02PM EDT
Change:  520.89 (4.63%

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« Reply #64 on: August 10, 2011, 04:33:53 pm »

U.S. runs deficit of $129 billion in July pushing the fiscal year-to-date deficit close to $1.1 trillion
10 August 2011, by Robert Schroeder - Washington (MarketWatch)
http://www.marketwatch.com/story/us-runs-deficit-of-129-billion-in-july-2011-08-10

Excerpt:

The U.S. government ran a budget deficit of $129 billion in July, the Treasury Department reported Wednesday, pushing the fiscal year-to-date deficit close to $1.1 trillion.

The latest monthly deficit was $36 billion less than the $165 billion figure reported in July of last year — though it is just $8 billion less when factoring in certain one-time transactions, Treasury said.

Few in Congress or the White House are likely to get excited about the smaller July deficit.

Members of Congress are gearing up to find some $1.2 trillion in deficit reduction over the next decade through a “super committee” created by the recently struck deal to raise the U.S. debt ceiling.

In July, the government spent about $288 billion and took in $159 billion. 

 
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« Reply #65 on: August 11, 2011, 02:23:03 pm »

From: http://www.aim.org/guest-column/flirting-with-the-great-depression-2-0/

Flirting with the Great Depression 2.0

Alan Caruba  —   August 9, 2011

When a nation’s debt equals its entire annual gross domestic product, it is bankrupt. It can still produce goods and services, but it will likely encounter fewer customers worldwide as they too are drawn deeper into their own debt crises.

When it must borrow billions daily just to meet its obligations to other nations and individuals who have purchased its treasury notes, it is has reached a point of “moral hazard” that threatens the wealth of every single citizen.

When it raises its “debt ceiling” to $14.58 trillion, the amount its Congress permits, and one day later its Treasury Department announces that its debt reached 100% of its GDP, it is in serious financial difficulty. Not since 1947 when the U.S. was recovering from the cost of World War II have we reached this point.

The nasty “debate” in Washington over the debt ceiling included the Republican demands that we reduce our spending and Democrat demands that we raise taxes. Those advocating sanity were called “terrorists” and “extremists.” The shallow reductions agreed to were stretched over ten years and barely begin to address the immediate financial crisis. Harder decisions were pushed off on a “super committee” that no one expects to agree on anything.

This news is bad enough for the United States of America, but it affects many other nations around the world in exactly the same way the Crash of 1929 did, leading to the Great Depression of the 1930s and putting in motion the events that led to World War II.

Does history repeat itself? Apparently so.

What is happening in America is happening around the world. Greece, a nation of 11 million people, had by 2009 managed to run up its debt to more than $500 billion. Its fellow members of the European Union took notice even though Greece accounted for only two percent of the EU’s economy. A year earlier, the tiny nation of Iceland, population 300,000, had literally bankrupted itself when its debt went from $8 billion in 2001 to more than $48 billion in 2007.

On September 29, 2008, the Irish cabinet held an emergency session by phone because the implosion of its housing market threatened to bring down its financialsystem. To avoid a bank run, it guaranteed all deposits and, not long after, England did the same thing.

Many people find history boring, but it does provide lessons and what America and its lenders all face is the potential for The Great Depression 2.0. The gyrations on Wall Street and worldwide are evidence of global fears.

In America, the Congress merely applied a band-aid to a gaping wound, the result of the “solutions” instituted during the Great Depression of the 1930s, the entitlement program of Social Security and, in the 1960s, the addition of Medicare. In the 1930s, the federal government guaranteed mortgages by creating Fannie Mae and later Freddie Mac.

When the financial crisis arrived in 2008, they owned half of all the mortgages issued by the nation’s banks. The government was forced to step in and seize both “government sponsored entities” to avoid bringing down the nation’s financialsystem. At the same time, it agreed to buy up the “toxic assets” owned by a number of banking firms and by the insurance giant, AIG. Billions in public funds were allocated to this.

There probably was no alternative.

In the same way the government in the 1930s initiated all manner of programs to put Americans back to work, the Obama administration created a “stimulus” program while, at the same time, taking ownership of Chrysler and General Motors. The Federal Reserve reduced interest rates close to zero, lending banks and nations billions. By contrast, during the Great Depression the government had allowed hundreds of banks to fail which, in hindsight, contributed the nation’s ills.

Franklin D. Roosevelt had been elected to end the Depression, but after nearly eight years of the New Deal has passed, FDR’s Secretary of the Treasury, Henry Morgenthau, Jr., addressed the House Ways and Means Committee on May 9, 1939, to say, “We have tried spending money. We are spending more than we have ever spent before and it does not work.” Unemployment remained high and would remain high until World War II intervened in 1941.

Much has changed since the 1930s, but much has not.

In 2010, power in the House of Representatives was returned to the Republican Party, but the debate over the debt ceiling revealed the difficulty it had marshalling support for raising it. Many new Tea Party caucus Representatives opposed it. Others argued that only massive spending cuts could remedy the growth of the nation’s debt. In the Senate, controlled by the Democrat Party, any deal that did not include raising taxes was dead on arrival.

Other than the so-called “stimulus” programs, the President devoted all of 2009 to legislation dubbed Obamacare that would have created a government takeover of twenty percent of the nation’s economy. By May 2010, a million people marched in Washington, D.C. to protest it. It has since been repealed in the House and has 26 States allied against it in the courts.

In the 1930s, efforts to keep the world’s economy from imploding found little political support for the measures needed to sustain an integrated world economy. In the modern era of globalization, the same problems have been encountered and, sadly, the United States has shown little taste for reducing its spending as it continues to borrow until, at some point, other nations decide to put their money elsewhere. So far that has not happened.

The United States’ financial future is in peril without a significant downsizing of thefederal government and the international economy faces similar challenges as nations share similar debt levels that exceed their ability to meet their obligations.

It will take a minimum of a decade to meet the USA’s present need to reduce spending and reduce the burden of its borrowed debt. Let us hope the voters in 2012 take the first steps toward the political resolve needed by returning power to the Republican Party in the Senate and the White House. Then let us hope they show real political courage.

Let us hope it doesn’t take another world war to focus our attention on survival of a different kind.

Author’s Note: This commentary was greatly aided by data in the book “Lost Decades” by Menzie D. Chinn and Jeffry A. Frieden, recently published by W.W.Norton & Company.
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