And this is how a MANUFACTURED CRISIS, becomes a REAL crisis

[nadinbrzezinski]

get them belts on kiddies, it will get even rougher.

[Poll_Blind]

1. +1

I was thinking this same thing.

Thanks Nadin!

PB

[JDPriestly]

2. K&R

[AngryOldDem]

3. What effect will this have on the markets on Monday?

The timing of this couldn't possibly be worse.

[originalpckelly]

4. "Clear!"

[krispos42]

5. On the contrary, it occured after the markets closed...

...and it's 61½ long hours before they can open again. It gives Congress and the President time to act before the shit hits the fan.


At least, that's how it seems to me.

[TheWraith]

11. And that's 61 hours that Wall Street can use to scream bloody murder at Boner.

He's going to be getting a lot of phone calls tonight.

[krispos42]

15. S&P's rating agency met with the GOPers last night

Short version: RAISE THE FUCKING DEBT CEILING YOU FUCKERS!!!!

NEW YORK (CNNMoney) -- More than 40 House Republicans on Thursday met with a top official from Standard & Poor's and representatives of other Wall Street groups to hear what could trigger a downgrade of the U.S. credit rating.

"It was a lively discussion," said the meeting's organizer, Rep. Nan Hayworth of New York, who characterized the information the lawmakers were given as "nonpartisan," "dispassionate" and "objective."

<snip>

A week ago credit rating agency Standard & Poor's warned that there was a one-in-two chance it could downgrade the country's long-term credit rating within 90 days "owing to the dynamics of the political debate on the debt ceiling,"

S&P further warned that it wouldn't be sufficient for Congress to simply raise the debt ceiling. Lawmakers must also pass a sizeable 10-year debt-reduction deal to preserve its otherwise sterling AAA rating, S&P said.

<more>

http://money.cnn.com/2011/07/21/news/economy/debt_ceiling_house_gop/index.htm?iid=Lead

[nadinbrzezinski]

6. Not good... unless they get something done on the weekend

POTUS better re-read the 14th ammendment

[Gin]

7. I like the get tough words he used....but will be watching his actions

since they speak louder.

[ashling]

8. A lot of different things have happened this afternoon

To which are you referring?

[nadinbrzezinski]

10. Talks collapse

and now this has entered into real crisis

[DevonRex]

9. Only if you let it. The debt ceiling will be raised. Period.

In the meantime Obama has shown the entire country how scary and insanely partisan the Repubs are. That's a good thing.

[Rex]

12. How many times in history has the debt ceiling been tied into SS as

both being essential to the other?

[slipslidingaway]

14. First time as far as I know and from a Democratic president :( n/t

[Rex]

16. Your username is how I feel about my country right now.

[slipslidingaway]

18. Under Bush that is how I felt ...

hence the username, and did not see any compelling reason to change my username after Obama was elected. I did think about it though, but there were too many doubts in my mind as to where he would lead the country.

:(

[slipslidingaway]

13. knr nt

[Lorien]

17. All Obama has to do is give a pretty speech and the criticisms will end

they'll create a real crisis, then when things get bad enough they'll ram through more legislation that kills the middle class and enriches the uber wealthy...but by then half the naysayers will say that it was worth it. Disgusting.

[Joe the Revelator]

19. Good thing I stocked up on canned milk.