If anyone is serious about ending this crisis, the best thing that could be done is not to throw endless amounts of taxpayer money at the issue. The best thing that could be done is unplug Bloomberg, CNBC, and Fox Business for 2 or 3 weeks.
Surely you must understand you are speaking in unrealsitic hypotheticals. When US debt matures it is paid off or rolled over.
And you might scan the maturity schedule of US debt. The weighted average interest cost from 1 month bills to 30 year paper is less than 4%. The average household would kill to have a mortgage that is only 70% of their income. There are industrialized nations that have higher debt loads and we have had higher debt loads.
Yesterday, Congress froze over a $700 billion INVESTMENT package and over $1 trillion was clipped off of the US equities market. And that may be just a harbinger of things to come if nohing is done.
Our nation's wellbeing and safety depends on growing output, employment and income. A shocking reversal of that by letting things go to hell in a handbasket to eradicate excesses just doesn't cut it in the modern world.
If the debt got called in today that would amount to a check to be written in the amount of 35K (+/- constantly changes) for every man, woman, child - on average this would be 140K per household. Is that acceptable to you?
Is it acceptable that a huge chunk of the national debt is in government securities at interest rates from 7 - 10 percent held by our good friends in Saudi Arabia and China? Is it acceptable that the interest they are making off these securities is financing terrorism in the middle east and nuclear build up in North Korea and Iran?
It will suck having 10% unemployment (might not even happen - worse case scenario) but the alternative is much worse.
Right now the national debt stands at some 70 percent (and growing) of our annual gross domestic product. Is that acceptable?
all the business guys want free bailout
don't care much about Main Street.. how come these business guys & politicians keep pushing on a bailout plan for Wall Street and not the average american citizen ?
Nothing worthwhile is easy....I agree with whno and tigger. This country needs to have a melt down....of CREDIT CARDS! Can you imagine how good it would feel to have no bills to pay? Okay, maybe we could have "Layaway" return to shopping, but this plastic society is worse than an addict. Nobody seems to pull the emergency brake until we're all rolling down the mountain of debt....wheels coming off...as people blame everyone but themselves. Wealth and solvency starts at home (not charity, in this case). Start paying down all your debts. Higher utility bills and food are coming. Be prepared instead of blind sided.
In all honesty, my thinking (having initially been in support of the bill - as a 'bitter pill' not something I liked) was changed by Fox business who allowed airing of opponents - best expressed in the argument that until we truly reach bottom (which excludes being falsely 'held up' by the printing machines) we have no chance of recovery. It's kind of like an alcoholic that has to stand up and admit to his/her addiction before any healing can begin. What this bill does (as I consider it) is like putting a heroin addict on morphine. Short term, eliminates the vomiting but continues the disease.
We CANNOT "Print" our way OUT of this Mess...
Thomas Jefferson was SMILING when the taxpayers STOOD UP to the 'Hank n' Benny' Printing Presses Yesterday....
Don't EAT the MUD Sandwich...!!!
It will give you BAD Heartburn !!!!!