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<p>I find it hard to see how it gets resolved as both sides have pretty hardened positions. I just try to plan for potential problems on my radar screen so that I don’t have to panic if a given shock appears.</p>
<p>That sounds good…</p>
<p>This isn’t going to be solved on the floors of Senate or House–too many chiefs. The chambers will cobble something and leaders will get in a back room to work it out, if not by Tues., within one week before money runs out.</p>
<p>US has money until Aug 10.
<a href=“http://www.nytimes.com/2011/07/27/us/politics/27date.html[/url]”>http://www.nytimes.com/2011/07/27/us/politics/27date.html</a></p>
<p>I just read a little more. President had a conference which I need to look at. Reid has invited McConnell to work something out. Can’t get a feel for what’s happening in the House. The Administration is supposed to provide a briefing on what the priority order is for Federal payments should we get a default.</p>
<p>I’m trying to decide on whether to go to the bank and withdraw a hunk of cash.</p>
<p>$USD is getting trashed today. It’s in the lower 70s for a trading range.</p>
<p>Dollar trashed<sigh> Lucky for me I’ve already paid for my overseas trip(hotels and such), I only have to worry about spending money.</sigh></p>
<p>McConnell said he won’t work with Reid until after Boehner calls a vote. Wants that to play out …</p>
<p>“I’m trying to decide on whether to go to the bank and withdraw a hunk of cash.”</p>
<p>lol…I guess you really aren’t 100% in stocks…</p>
<p>I do wish I had bought gold though…</p>
<p>Interesting way of framing the issue from Fareed Zakaria on cnn.com this morning.</p>
<p> when a legislature votes to authorize spending at a certain level but authorizes tax revenues at a lower level, it is assumed that the government will have to borrow the difference.</p>
<p>The vote to have higher expenditures than tax revenues is - in effect - a vote to borrow money to cover the difference.</p>
<p>And in the United States, Congress voted for a budget in which expenditures exceeded tax revenues.</p>
<p>The logical consequence of that budget is that the government has to make up the difference by borrowing.</p>
<p>To come at it now after the budget has been passed is like getting your Visa bill and calling up the company to say, “Actually we don’t want to buy all that stuff we bought.”</p>
<p>That’s not how it works. First you pay the bill, then you can change your spending habits.</p>
<p>I like what Obama said today…</p>
<p>If this debt issue isn’t resolved…and interest rates go up…that would be like a tax increase on Americans.</p>
<p>So…people who are against tax increases…may actually cause something that is similar to tax increases…</p>
<p>lol…</p>
<p>Alice In Wonderland is a good book…</p>
<p>Good heavens Tigerdad, we are about to become Greece by our own inability to compromise. The Europeans who have been through austerity cannot fathom why we would want to do this to ourselves. A nation is not a household. There is no reason to balance the budget. It is absolutely NOT the case that having a deficit, debt and a government that administers programs is evil! The lack of sophistication shown by representatives willing to stomp their feet and take their toys home is stunning. There is no reason to force ourselves into a depression. This would not be a good thing.</p>
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<p>I am in my stock accounts.</p>
<p>I imagine that anyone with a sizable portfolio separates out investment accounts from short-term cash accounts. How else would you buy a house for cash or pay college tuition bills?</p>
<p>Yeah…that’s true…</p>
<p>ITA w/hugcheck. These people need to … <em>pre-emptively deleting my real thought.</em></p>
<p>As far as investments are concerned - I wasn’t sure whether to buy S&P calls or puts so I’ve done nothing. I do plan on loading up the boat on calls if we get downgraded or there is no resolution to the debt ceiling by the 2nd.</p>
<p>“There is no reason to balance the budget”</p>
<p>This is assuming foreign countries will keep buying our debt no matter what.</p>
<p>What are they going to do instead? Buy Europe??</p>
<p>I don’t know, buy gold, silver, raw materials. islands, etc.</p>
<p>They already do buy tons of gold etc.</p>
<p>They will buy a lot more gold, etc. if our credit ratings drop from AAA.</p>