patrick.net

It will not affect housing. The debt ceiling will be raised.

Well there's always some cause and effect. Either the U.S. dollar takes a hit or there are huge cutbacks on US spending causing more job loss.

Housing market? The stock market would tank.. not housing so much. Everyone would get into cash or some form of hard assets... People would still need a roof over their heads.. But houses prices would double dip in the short term for sure.. But that'd be the LEAST of our worries as an economy.

We'll spend Social Security with holdings until August.

So it turns out, my ole man was savvy World class economist when he would raid our piggy banks for his vice fixes...

Just like the PROS!

Treasure has plenty things to sell. GM and Citi stocks, Foreclosure houses.

Actually I believe Geithner no longer owns C. He's got $16B in GM still, which will pay for about two days of government.

The sky is not falling, Geithner's threats and hyperbole were "like a tale told by an idiot, full of sound and fury, and in the end, signifying nothing."
The pop quiz question that I bet no one here can answer is, why is Geithner Sec. of the Treasury? There is a reason he survived not paying his taxes.
What is fascinating is that people are either outraged that we may stop spending $1 trillion+ of borrowed money each year forever, that by not spending more borrowed money,some people will suffer. But, if they keep spending this borrowed money, we will be taxed and our economy slowed down by the gigantic debt. This will make others suffer in more subtle ways, like a lower valued dollar, higher taxes, and other unintended effects.
So, people will suffer one way or the other. Who should suffer, those who have worked, saved, invested all of their life? Or should those who are receiving military pensions, food stamps, SSI, government pensions, windmill farm subsidies, corn ethanol subsidies, etc?
Personally I prefer that those who suffer are the unproductive ones and those living off the rest of us. Call me mean, but since someone must suffer, I say they should.

Geithner should be hung by his feet and caned Singapore-style for giving Chrysler about $7 billion dollars of our money.

This event is just more Political Kabuki Theater for the hoi polloi to eat up.

After a big show of making more cuts to services and entitlements, maybe even a partial shut down of some gov. services, the debt ceiling will be raised once again.

They are not going to stop the gravy train of milking the general population of the country to make the rich richer until they're either forced out or the country is drained dry and the super rich move on to greener pastures.

tts says

This event is just more Political Kabuki Theater for the hoi polloi to eat up.

After a big show of making more cuts to services and entitlements, maybe even a partial shut down of some gov. services, the debt ceiling will be raised once again.

They are not going to stop the gravy train of milking the general population of the country to make the rich richer until they’re either forced out or the country is drained dry and the super rich move on to greener pastures.

Bingo.

tts says

This event is just more Political Kabuki Theater for the hoi polloi to eat up.
After a big show of making more cuts to services and entitlements, maybe even a partial shut down of some gov. services, the debt ceiling will be raised once again.
They are not going to stop the gravy train of milking the general population of the country to make the special interests richer until they’re either forced out or the country is drained dry and the super rich move on to greener pastures.

I'll be the second one to bingo that. I don't think either political side wants to stop milking the taxpayers.

Agreed, they absolutely will raise the debt ceiling. America will not 'take a haircut.'

When I say "make the rich richer" I mean exactly and only that BTW. The term "special interests" has political baggage with some people and could be interpreted in many different ways.