Fed Chairman Debt Ceiling Warning

Fed chairman Ben Bernanke warned about the risk of defaulting on U.S. debt. Richard Eskow of Campaign For America's Future breaks it down.

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[whedonfreak976]

@charms71 nope cave, as in the stone age, caveman you know, that kind.

[zsylvana]

The response to the S&P downgrade by everyone and every academic economist in the world was along the lines of:

-The US is the issuer of the dollar,It can print dollars.So it can always make timely payments without limit.-There is no such thing as the US running out of dollars to spend.-There is no such thing as the US being dependent on taxing or borrowing to get dollars to spend.-Euro member nation is different.They can’t print euro,more than the US states,corporations,and households

[Steadno]

somebody give this money shark a shower made of fire and led!

[moocowpunk]

its actually funny that this "debt" can fuck you in the ass if you cant manage this so called "legal tender"shit just paper -____- waisting your life for paper...society is a broken cycle

[zsylvana]

@rainstormseattle Much of the conventional economic wisdom prevailing in financial circles& governmental policy,accepted by media and the public, is based on incomplete analysis, contrafactual assumptions, &false analogy.Saving is advocated without attention to the fact that for most people encouraging saving is equivalent to discouraging consumption and reducing market demand, and a purchase by a consumer or a government is also income to vendors & suppliers,&government debt is also an asset

[TopGunOriginal]

@edeal86 My point was that the Republicans don't actual practice supply-side economics. They only claim they do so it sounds like they are fixing the economy as supply side economics has worked in the past. I'm all for raising personal income taxes if it means lowering corporate taxes and sales taxes. Sales taxes hit the lower income family harder than they fairly should and our countries corporate taxes have been too high for far too long.

[edeal86]

@TopGunOriginal Investing in infrastructure may have an effect on the corporations of supply-side, but, government investing of any kind is considered demand-side. As supply-side economics doesn't work government spending into the equation. Which is why the Laffer Curve is a total failure right now. Free Trade, and globalization can be attributed to both sides of the political spectrum. But, the massive tax increases that saved us during the great depression can't.

[TopGunOriginal]

@edeal86 What Republicans push supply-side economics today? What Roosevelt and Eisenhower did was supply side economics. Investing in infrastructure, promoting free trade, globalization, etc is supply-side economics. Cutting taxes from the rich and deregulating companies to the point where they can do anything is Reagan's bastardization of supply-side economics.

[cmix19]

It's not our debt it's the bankers debt created out of derivatives that we sign on to default call there bluff END THE FEDERAL RESERVE that's the problem debt monetary system.