If The Us Defaults On Its Debt Next Month...

[midas]

You wish! Credit rating just devalued to AA+, announced on a Friday afternoon to lessen the blow, no doubt. Going to love to see the arousing applause at the NY stock exchange on Monday evenings closing bell.

i didn't think S&P will dare

I wonder if the Obama administration will start calling S&P terrorists and hostagetakers as well

[cloudhopper]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

A bit OT but about 15 years ago I was president of our local Red Cross chapter - until the day I learned that while I was organizing penny drives in elementary schools our national president, one Elizabeth Dole, was pulling down a cool 50k A MONTH salary.

Back on, this is a good read - http://www.theburningplatform.com/?p=19454

[midas]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

A bit OT but about 15 years ago I was president of our local Red Cross chapter - until the day I learned that while I was organizing penny drives in elementary schools our national president, one Elizabeth Dole, was pulling down a cool 50k A MONTH salary.

Back on, this is a good read - http://www.theburningplatform.com/?p=19454

as well as losing trust in the financial system we've also lost the meaning of altruism.

15 Highest-Paid Charity CEOs, People Actually Live With Themselves Taking This Money

http://newworldorderreport.com/News/tabid/266/ID/6183/15-Highest-Paid-Charity-CEOs-People-Actually-Live-With-Themselves-Taking-This-Money.aspx

Edited August 6, 2011 by midas

[ronz28]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

Wish they would.... and also cut the local coaches salary of $5.2 million/year plus benefits plus endorsements not to mention the basketball coach, etc.

http://www.texastribune.org/library/data/government-employee-salaries/the-university-of-texas-at-austin/

No wonder tuition is so high, students are taking on $100,000 of debt and then defaulting because they can't service the debt on their $40K per year salary they get after graduation if they can find a job.

[flying]

No wonder tuition is so high, students are taking on $100,000 of debt and then defaulting because they can't service the debt on their $40K per year salary they get after graduation if they can find a job.

Defaulting on Student Loans use to be quite popular....

I do not think it is possible anymore....Was it Bush who changed that?

Anyway from what I understand it is no longer an option

They can chase you for the rest of your life & get their $$ one way or another.

[ronz28]

No wonder tuition is so high, students are taking on $100,000 of debt and then defaulting because they can't service the debt on their $40K per year salary they get after graduation if they can find a job.

Defaulting on Student Loans use to be quite popular....

I do not think it is possible anymore....Was it Bush who changed that?

Anyway from what I understand it is no longer an option

They can chase you for the rest of your life & get their $ one way or another.

There is a 2 year lag in data but it appears the student loan default rates are increasing again now so they are defaulting and the two year lag doesn't even show the worst of it.

http://www2.ed.gov/offices/OSFAP/defaultmanagement/defaultrates.html

Bush became President in 2001 and the default rate had already declined from early 1990 levels. US Gov't went after and started cutting off schools that had the highest default rates, etc. I think gov't needs to get on such schools harder that are saddling their naive students with unconscionable debt loads so they can pay those excessive compensation levels to coaches, Executive admin, and a few professors. They should dog the students forever and penalize the offending schools but it doesn't look like they are getting the money back.

[flying]

They should dog the students forever and penalize the offending schools but it doesn't look like they are getting the money back.

What I have read recently stated that yes they can be in default but they may never declare bankruptcy against student loans.

The government can now not only garnish any future wages but also any tax returns for life or until loan is paid back.

Even if you get through your life they will now withhold even Social Security if you owe for a student loan...pretty amazing.

Although they also can leave you with no less than $9000 a year SS....which for many folks is actually more than they get.

So yeah maybe if you fly under the radar & take cash only jobs your whole life you can escape

Edited August 7, 2011 by flying

[midas]

They should dog the students forever and penalize the offending schools but it doesn't look like they are getting the money back.

What I have read recently stated that yes they can be in default but they may never declare bankruptcy against student loans.

The government can now not only garnish any future wages but also any tax returns for life or until loan is paid back.

Even if you get through your life they will now withhold even Social Security if you owe for a student loan...pretty amazing.

Although they also can leave you with no less than $9000 a year SS....which for many folks is actually more than they get.

So yeah maybe if you fly under the radar & take cash only jobs your whole life you can escape

what happens if you permanently leave to go to work abroad ? Do their tentacles reach that far?

[midas]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

Wish they would.... and also cut the local coaches salary of $5.2 million/year plus benefits plus endorsements not to mention the basketball coach, etc.

what is the rationale for awarding local coaches that kind of salary? is there that much money involved in the games

that they are able to generate that kind of revenue back from the supporters?

[flying]

What I have read recently stated that yes they can be in default but they may never declare bankruptcy against student loans.

The government can now not only garnish any future wages but also any tax returns for life or until loan is paid back.

Even if you get through your life they will now withhold even Social Security if you owe for a student loan...pretty amazing.

Although they also can leave you with no less than $9000 a year SS....which for many folks is actually more than they get.

So yeah maybe if you fly under the radar & take cash only jobs your whole life you can escape

what happens if you permanently leave to go to work abroad ? Do their tentacles reach that far?

Well I think we know they do eh?

Just look at all the forms even x-pats need to fill out.

Not to mention even folks like myself who still live in the USA. If I have any accounts outside of the USA that at ANY time during the year exceed 10,000 USD I must report it or face crazy fines & jail time. That is not 10k in any one account either but all accounts combined period. Another great addition thanks to the Patriot<sic> Act. They have also threatened foreign banks that even they must report any US citizens holding. I do not know how that has gone but remember all the complaining when it started

That aside it is also very easy for them to cancel any passport/renewal at their whim ( good reason to hold dual citizenship... sadly I do not)...

Edited August 7, 2011 by flying

[bdenner]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

A bit OT but about 15 years ago I was president of our local Red Cross chapter - until the day I learned that while I was organizing penny drives in elementary schools our national president, one Elizabeth Dole, was pulling down a cool 50k A MONTH salary.

Back on, this is a good read - http://www.theburningplatform.com/?p=19454

What a dip shlt you are. Firstly bagging Canada rated 7 in the top ten economies then Australia rated 10 and China who holds 8% of your bonds (national debt). China does not have to declare a military war on the US just flood the market with your worthless scraps of paper, at say, 10 cents in the dollar and YOUR F@CKED!!

I pity your brain washed arrogance, about time the American public got their heads out of the sand and take stock what's happening around them.

[lannarebirth]

Yet another default sighting -

http://news.yahoo.co...-222059604.html

do you think they will also default on the Postmaster General's salary of $800,000

A bit OT but about 15 years ago I was president of our local Red Cross chapter - until the day I learned that while I was organizing penny drives in elementary schools our national president, one Elizabeth Dole, was pulling down a cool 50k A MONTH salary.

Back on, this is a good read - http://www.theburnin...rm.com/?p=19454

What a dip shlt you are. Firstly bagging Canada rated 7 in the top ten economies then Australia rated 10 and China who holds 8% of your bonds (national debt). China does not have to declare a military war on the US just flood the market with your worthless scraps of paper, at say, 10 cents in the dollar and YOUR F@CKED!!

I pity your brain washed arrogance, about time the American public got their heads out of the sand and take stock what's happening around them.

You may be right but I'm guessing the long bond gets to 3% at some point. I expect China will be buying all the while. Hopefully the Fed will be distributing their QE II purchases to them , in preperation for the next round.

[cloudhopper]

What a dip shlt you are. Firstly bagging Canada rated 7 in the top ten economies then Australia rated 10 and China who holds 8% of your bonds (national debt). China does not have to declare a military war on the US just flood the market with your worthless scraps of paper, at say, 10 cents in the dollar and YOUR F@CKED!!

I pity your brain washed arrogance, about time the American public got their heads out of the sand and take stock what's happening around them.

Easy there big guy (or little girl) your ad hominem attacks aren't helping your argument. Why would China, which pegs its currency to the USD, flood the market with their 2 trillion in worthless scraps of paper and how would that hurt the US in any way? The moment China stops buying USTs is the moment their economy dies. Regardless of how the various world economies might be rated against each other, they are all structurally weak, and virtually every post I have made on this thread has pointed out weakness in the US economy.

[Naam]

bdenner: China does not have to declare a military war on the US just flood the market with your worthless scraps of paper, at say, 10 cents in the dollar and YOUR F@CKED!!

cloudhopper: Why would China, which pegs its currency to the USD, flood the market with their 2 trillion in worthless scraps of paper and how would that hurt the US in any way?

mass brain amputations of Chinese politicians in charge could cause these kind of suicidal actions. but nobody would gain, everybody (and that includes all of us) would be "fàcked".

:jap:

[Naam]

Firstly bagging Canada rated 7 in the top ten economies then Australia rated 10

for the record:

in terms of Gross National Product the global ranking is:

Canada 14

Australia 17

[cloudhopper]

Here's a good review of the Chimerica symbiosis - http://globaleconomicanalysis.blogspot.com/2011/08/idea-china-to-stop-buying-treasuries.html

[Naam]

Here's a good review of the Chimerica symbiosis - http://globaleconomicanalysis.blogspot.com/2011/08/idea-china-to-stop-buying-treasuries.html

no need for a review. a bit of economic knowledge and some logical thinking... that's all what is required. unfortunately a number of eggsburts posting in Thaivisa lack these attributes and believe in their own gospel

[cloudhopper]

"Looks like only around 2 months before the US bumps up against the debt ceiling again."

That's not true. Some people enjoy complaining, and you're having a blast.

Here is a second analysis showing the debt ceiling will be hit again by the end of next month.

http://www.zerohedge.com/news/treasury-adds-another-20-billion-debt-overnight-just-160-billion-below-revised-ceiling

[bdenner]

Firstly bagging Canada rated 7 in the top ten economies then Australia rated 10

for the record:

in terms of Gross National Product the global ranking is:

Canada 14

Australia 17

My bad, I quoted credit ratings not GDP.

[midas]

"Looks like only around 2 months before the US bumps up against the debt ceiling again."

That's not true. Some people enjoy complaining, and you're having a blast.

Here is a second analysis showing the debt ceiling will be hit again by the end of next month.

http://www.zerohedge.com/news/treasury-adds-another-20-billion-debt-overnight-just-160-billion-below-revised-ceiling

" That's not true."

http://www.abovetopsecret.com/forum/thread736045/pg1