TacticalFox88
Banned
Almost zeroronito said:
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PoliGAF 2011: Of Weiners, Boehners, Santorum, and Teabags
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NihonTiger90
Member
I can completely see this happening. I'm in his district and it's big. It could easily be split between 3 other Reps with little damage. Plus, it would put us back in a district with all of the other counties in our region (we are currently completely split off from them).
mckmas8808
Mckmaster uses MasterCard to buy Slave drives
Door2Dawn said:
It hasn't failed yet. Put a pause on that statment.
polyh3dron
Banned
holy fuck that would be awesomemckmas8808 said:Could We Solve the Debt-Ceiling Crisis With Trillion-Dollar Coins?
Here's one way out of the debt-ceiling impasse, courtesy of well-known Yale constitutional-law professor Jack Balkin:
Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time. Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
We don't know, this proposal seems kind of ... bizarre. Why mint two trillion-dollar coins when you can just mint a single two-trillion-dollar coin? Other than that, it's perfect.
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lol wat? How is this even a real story? I bet that coin with Obama's head on it would make the Tea Party go crazy.
It looks cool as hell lol.
Plinko
Wildcard berths that can't beat teams without a winning record should have homefield advantage
mckmas8808 said:Could We Solve the Debt-Ceiling Crisis With Trillion-Dollar Coins?
Here's one way out of the debt-ceiling impasse, courtesy of well-known Yale constitutional-law professor Jack Balkin:
Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time. Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
We don't know, this proposal seems kind of ... bizarre. Why mint two trillion-dollar coins when you can just mint a single two-trillion-dollar coin? Other than that, it's perfect.
######################
lol wat? How is this even a real story? I bet that coin with Obama's head on it would make the Tea Party go crazy.
It looks cool as hell lol.
LOL...my reaction was the same as the one who said, "Wouldn't this cause huge inflation?"
mckmas8808 said:Could We Solve the Debt-Ceiling Crisis With Trillion-Dollar Coins?
Here's one way out of the debt-ceiling impasse, courtesy of well-known Yale constitutional-law professor Jack Balkin:
Sovereign governments such as the United States can print new money. However, there's a statutory limit to the amount of paper currency that can be in circulation at any one time. Ironically, there's no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.
We don't know, this proposal seems kind of ... bizarre. Why mint two trillion-dollar coins when you can just mint a single two-trillion-dollar coin? Other than that, it's perfect.
######################
lol wat? How is this even a real story? I bet that coin with Obama's head on it would make the Tea Party go crazy.
It looks cool as hell lol.
That picture will end up completely out of context in a Tea Party chain letter in about a month.
worldrunover
Member
Plinko said:
Yeah. Maybe Back to the Future II is still on target; $50 bills will buy us Pepsis in 4 years!
Byakuya769
Member
Jonm1010 said:
Yep.
mckmas8808
Mckmaster uses MasterCard to buy Slave drives
Jonm1010 said:
Yeah that's why I said the picture will drive them nuts. I can see them already saying that the coin is real and that the DEMs want them circulated in order to increase spending.
The Chosen One
Member
This is all hilariously tragic.
Though I'm pretty Boehner will eventually get the votes he needs even if he has to promise hookers and blow to a half-dozen teabaggers.
Though I'm pretty Boehner will eventually get the votes he needs even if he has to promise hookers and blow to a half-dozen teabaggers.
Byakuya769
Member
Guevara said:
Cantor.
The Chosen One
Member
Frank the Great said:
That's exactly what has happened:
Reid finally did something politically smart. And Boehner was dumb enough to create a "compromise" bill that has zero Dem support. He should have at least thrown some bones to the Dems to pressure a few of them to vote for it. As it stands now, it's an easy "No" vote for the entire Dem caucus.
StopMakingSense
Member
Jonm1010 said:
Cantor being third in line in succession is pretty terrifying on it's own.
Learn2read
Member
There'd be something awesomely fitting if this entire ridiculous shitshow got resolved just by minting a couple trillion dollar coins.
Learn2read
Member
Deku said:
How could that be any worse than the consequences of defaulting?
Was I being overly paranoid for moving my entire 401k into a no-risk cash fund yesterday? Are they really going to sit back and watch the markets crash?
Yes, that's how hyperinflation happens. When governments try to print money to pay debts they destroy their currency and the wealth of their citizens.Choabac said:
mamacint said:
There won't be a default. Printing that trillion dollar coin would break so many taboos and political retraints to growing the money supply, it could well return the US economy to the bad old days of stagflation, where you have high unemployment and high inflation.
That happened a little before most GAffers were born so we sort of take low interest rates for granted. My boss like to talk about 20% prime rates and trying to get a mortgage on that.
Learn2read
Member
Trouble said:
A week ago I would've thought "no fucking way,"
Now?...
Deku said:
Getting a bit tired of inflation boogeymen...
polyh3dron
Banned
BAAAAAAAAAAAACK IN THE SADDLE AGAINByakuya769 said:
Particle Physicist
between a quark and a baryon
Jonm1010 said:
lol This is definitely happening.
I can't believe the GOP keep playing political theater over Boehner's bill. It's not going to get through the senate. So then what? They try to compromise? The GOP can't even get this monstrosity through. You think The GOP is going to pass Harry Reid's watered down version of Boehner's bill?
mamacint said:
Not really a bogeyman, its a basic principle of economics. If you simply pay your bills by printing money, you increase the amount of money chasing the same amount of goods and services, since you technically did not have economic growth/productivity growth, just a money supply growth.
Now, as the reserve currency, the US have advantages that other currencies do not have, but only so much. Increasing money supply in the US tend to also export inflation overseas, such was the stagflation phenomenon of the 70s and early 80s, granted most welfare states printed money in quantities as it was the prescribed keynesian antidote to the economic slowdown at the time.
The Chosen One
Member
slit said:
Yep. Even if this bill passes, the House has demonstrated nothing else whatsoever is going to pass there. You can forget about any watered down or compromise bill getting through.
At this point, I'm not sure what the end game is here.
It really does seem Obama is going to get a clean bill at the last possible second because there no longer seems to be legislative path to get a deal done.
The Chosen One said:
I don't think anyone knows.
There's probably some certainty that the debt ceiling will be raised either by Obama or the Senate taking Boner's bill and adding a whole bunch of stuff to it and the House somehow managing to pass it without TP support.
The recriminations and political spin will happen Aug 3rd. The GOP is just making sure they have as many angles covered as possible.
I'd give chance of default at 10%
speculawyer
Member
Bulbo Urethral Baggins
Banned
Haha. Couldn't agree more. The biggest douchebag in America.SoulPlaya said:
empty vessel
Member
mckmas8808 said:
The underlying article actually has a very good, and simple, description of the problem: "We are having a debt-ceiling crisis because Congress has given the president contradictory commands; it has ordered the president to spend money, and it has forbidden him to borrow enough money to obey its orders."
slit said:
Which if thats the case, I wonder how he plays a bill returned from the senate to him for a vote.
Does he do the right thing and work on a coalition of moderate republicans and democrats to pass it to the president? Or does he cave in to what will no doubt be almost violent opposition by the tea party against any deal with Democrats and Obama?
Honestly, in pretty much any scenario Boehner, I feel, loses.
He passes it with a coalition - his own base buries him.
He kills it by rallying the troops against it - the public may bury him and democrats get to blame the entire thing on him and give themselves an out for more extreme measures (see: constitutional approach). not to mention he gets the tag as being an ineffective leader.
11 step chess game indeed.
AbsoluteZero
Banned
I don't know where else to post this, and I don't think it's quite thread worthy, but I got a good laugh out of it.
NEW AUDIO: ANTI-TEA PARTY PROTESTER EXPLAINS WHITE PEOPLES RACIST GENE IN BIZARRE INTERVIEW
This just in: Racism is a white genetic trait.
Look, I can understand you disagreeing with the whole Tea Party nonsense but it's a bit of a blanket statement to say they exist just because they're all a bunch of racists.
NEW AUDIO: ANTI-TEA PARTY PROTESTER EXPLAINS WHITE PEOPLES RACIST GENE IN BIZARRE INTERVIEW
This just in: Racism is a white genetic trait.
Look, I can understand you disagreeing with the whole Tea Party nonsense but it's a bit of a blanket statement to say they exist just because they're all a bunch of racists.
Jonm1010 said:
He passes it. Being a congressman is one path of life but he will lose all his donors and probably all his business friends if he lets the country default. He has to choose between staying leader of the house (and even that is not a guarantee, he still might get voted out as leader for some his other comments during this whole thing and he will likely lose his seat thanks to business people trying to vote someone else in) or losing everything else.
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