John Boehner will present a plan to raise the debt ceiling by Sunday (July 24th) evening. This deadline is to prevent a “roil” when the Asian stock markets open tomorrow night. Keep in mind that this will only be a plan, not legislation, which can only lead to another continuing resolution to raise the debt ceiling. The deadline to draft legislation was missed last week as Timothy Geithner warned us.
Christian Cooper, head of U.S. dollar derivatives trading in New York at Jefferies & Co. (one of 20 primary dealers that trade with the U.S. Federal Reserve) made the following statement today concerning the TEA Party:
“The markets will be under very real pressure at the open [Sunday evening] because the assumption will be there is really no resolution to this,” Cooper said. “The breakdown in negotiations has crossed the line from the political posturing of the last few weeks to potentially a very real crisis.
“The Tea Party is effectively playing Russian roulette with the bond market and they will, with certainty, lose.”
Whether this action is to head off the threatened credit rating downgrade on Monday morning by Standard & Poor’s, save the Asian stock market or protect US interests when Americans are locked out of the stock market, the bottom line is that the debt ceiling will be raised. The Republican party will try to save face in this matter but this is another example of the Democrat party outmaneuvering the GOP with the help of the media.
There is no hope left that any of our elected leaders will ever show the fiscal restraint necessary to save our economy. Will the American people remember this next November? That is irrelevant: we need to remember this in the primaries next year. Any member of Congress who is up for re-election should be TEA partied in the primary if they vote for another continuing resolution.
At this point, anyone who is a patriot needs to get on their knees and pray to our Lord for the future of our country.
David DeGerolamo
Praying! Only hope God has not decided that we have messed up for too long and lets us live with the consequences of removing Him from our country!
It amazes me that the Republicans in D.C. just keep doing it. Any idiot can see from a distance what the Dems do over and over and over again. I’m sure they all chuckle to each other continually about how they “got em” again. They’ve got to say to each other, “This is just too easy”. Why do people keep voting for the same people and expect things to change? Oh yeah, they’re insane!
It is not a democratic/republican issue. The true issue for the Washington elite is how to give in to each other in the least intrusive manner to save their ability to win re-election. Clean house, folks, clean from top to bottom. We may be obliged to do this several times over the next several electiions. So be it. Let’s do it.
Incumbents -- They ALL need to go!
Yup the Republicans are always on defense. I can only assume that they do not know or see what I know and see, therefore they are no hope for us.
And yet, the people still continue to give this government allegiance.
This term “debt ceiling” is quite interesting. How far we have come to believe that a ‘ceiling’ is to be found within our debt. Shouldn’t the ceiling (or the basement floor rather) be found when we first run out of money? Shouldn’t THAT be our natural limit? Or better yet, shouldn’t we begin looking at an actual “reserve savings” amount as our limit? We’ve gone so far in the other direction. We believe it is bad, but time has made it worse than we realize, as terms like these have become so commonplace. I agree with Mr. Forms in that it is not a Republican/Democrat issue. But I would go further by saying that it is not even an election issue. The problem lies not in the first, second, or third branch of government, but in the fourth — the people. We have a right to alter or abolish, and we have forgotten that we also have inherent rights — rights that cannot be legislated away. To vote and participate in this system as an attempt to “beg” for our rights is contrary to what the founders believed. We should throw off the chains and begin recognizing only Constitutional law as binding to each of us individually. The child-like simplicity of such a solution of resistance has been clouded by our inability to operate outside this popular and comfortable ‘party politics’ box in which we continue to find ourselves.
@Cliff
The comfortable party politics’ box allows the Ds and Rs to divide us which weakens us. Your argument calls for unity and strength as well as returning to the founding principles. So we have to realize that political parties are more concerned with power than the country even if that power is transitory.
While “unity and strength” would be highly desireable, it is not a prerequisite for individual action.
As people “awake” and claim their sovereignty, one man at a time, they can choose to “nullify” unconstitutional acts through “creative disregard” for specific laws that infringe.
I had a conversation on this subject with an attorney a few Fridays ago. I asked him how many misdemeanors and felonies he had committed that day.
He looked puzzled, so I pressed the issue. I described the broad criminalization of behavior that does not result in injury of another human and virtually guarantees that men will break laws.
Beyond those accidental infractions, I asked “how many laws did you intentionally disregard today?”
He didn’t want to answer, so I didn’t give him my personal tally.
The Bible teaches us that one can stand against one thousand with His help. If I did not believe one man could make a difference, I would not be hosting this site. We need statesmen and women to stand up and show the people that the principles that founded this country are still present.
The more people stand up, the more people will listen. Is there enough time? Since we have no John Galt, we have no other option.