Timmy Geithner Wants to Eliminate Debt Ceiling?

[4suchatimeasthis]

I read this (http://cnsnews.com/news/article/treasury-secretary-geithner-lift-debt-limit-infinity)today.....can someone smarter than me please tell me this is not something to be concerned about....cause in my limited understanding it seems like the exact wrong thing to do, to stave off an economic collapse.

[piranha2]

Doubt that I am smarter than you, but it definitely is the wrong way to go. Wish I could lift my personal debt limit to damn infinity. prep hard and fast, folks. Unbelievable.

[TEOTWAWKI13]

It is the exact opposite of what should be going on. Raising the debt ceiling is bad enough. Eliminating it would be equivalent to you being allowed to bounce checks all over town and ignore your credit card spending limits. Not good. And we're already printing money at will. Hello inflation! Hello collapse! Stock up quick while your money still works at the store.

[izzyscout21]

Let me be as apolitical as I can about this.

yes...........bad.

am I worried???

1.......yes..........

as much as I ever was...... we continue to spiral downward unchecked


and

2.......no

Geithner is probably out anyway this next term. someone else is going to have to do his dirty work.




For me, well, we passed the bingo point a long time ago. There's no turning back now.

Whether Geithner does it or someone else does, it's happening.

[bacpacker]

Izzy, You are exactly right. We are too far down the fiscal road to recover IMO. The only thing that has been going on the last 20-30 years has been to kick the ball down the road. I expect things to keep speeding up and if Giethner gets his way that will be like pouring gas on a fire.

[NWPilgrim]

This confirmation there will be no serious attempt to reduce spending. They may in fact try ramping it up even more! This is the thrashing around of the fat man choking on a chicken bone called economic reality.

[Echo2]

No good can come from this.

[The Stig]

This makes zero sense to me.

The financial issue in this country is spending. Pure and simple. It's not "revenue" (a.k.a. my stolen money) it's spending. Raising the debt limit is mostly symbolic however, the end result is our benefactors in DC will then be able to spend unfettered.

It's not a good signal and one that should remind us to adjust any investments we have accordingly, adjust the amount of cash we keep on hand, and prepare for $1,000 loaves of bread.

[prepguide]

This can't and won't end well if it is allowed to take place. You cannot spend your way out of debt, period.

[ak474u]

When I first started as a realtor in 2001, we used to get spam faxes from lenders that advertised 0% down, 110% Loan To Value, no income verification, no documentation, no citizenship requirements, and 3 months out of bankruptcy OK loans... THIS is what caused the real estate market to go tits up, and apparently, the same brainiacs are in control of the economy now. I wish I could say I was hopeful that it won't happen, but I'm not. I also have to say, that it seems like they truly want to ruin the economy, it just seems like the cliff is in sight, the signs say stop, and these guys are pedal to the metal.


I always laugh when Dave Ramsey says, "I never met a millionaire that said my secret to success was using credit cards"

[Sniper-T]

perspective:

http://www.youtube.com/watch?v=iTBODoBaCns&feature=youtu.be

[greg48]

we here at this forum know what is coming, so called "preppers" are called crazy, yet we have some one like timmy right in there with the rest of washington pushing us right over the cliff. the economic collaspe will come and those that pushed us over the edge will spend their days blaming someone else...