[Drogoth]

Its not worse *at all*. Everyone still buys dollars, that's pretty much a guarantee right there. USA is still growing its economy and Portugal is stalled for a decade now. Please don't compare.

The dollar is bleeding value everyday, and the middle class is shrinking. It might not have been Portugal but its fast approaching. America's economic glory has come and gone imho, its time for the world to find some equal balance, so we aren't all cast off into the roiling sea when America can't get its **** together.

As for these debt talks 7 days and counting boys, hold on to your shorts

[NGTM-1R]

I am amused that Republican Party has successfully painted itself as being in the driver's seat and is now attempting to steer for a crash.

Blatantly suicidal urges ahoy.

[IceFire]

Well I'll definitely be holding onto my hat and waiting to see what happens. Hoping to buy a house in the next year but if the US defaults and the economy tanks it will no doubt cause some disruptions up here. We came through the last down turn relatively unscathed. We'll see if we can pull that magic rabbit out of it's hat a second time.

[Unknown Target]

I really see this more as a continuation of the 2008 crash; really, the economy never recovered - stocks did, but for average folks the bad news never seemed to stop.

EDIT: By the way, could the US dollar getting devalued end up helping people with large loans in USD?

[Drogoth]

I really see this more as a continuation of the 2008 crash; really, the economy never recovered - stocks did, but for average folks the bad news never seemed to stop.

EDIT: By the way, can someone help me out here? Could the US dollar getting devalued end up helping people with large loans; namely college students?

Hardly, prices would probably go up.

And I dont think this is a continuation of the 2008 crash, the US addiction to borrowing tons of money has little or nothing to do with the 2008 crash, this would have happened anyways.

[Unknown Target]

Well I was thinking that right now the loans are for a set value; so if the dollar tanks, you pay back the same amount with money that's worth less. I mean, it's mitigated by the fact that yea everything will cost more, but just a thought.

[Drogoth]

Yeah fair enough

[BrotherBryon]

So only a few more days left before the US may default (Not necessarily going to happen should the debt ceiling fail to be raised but very likely). I wonder where the public will place blame for this fiasco after all is said and done. Will it be on the heads of the Republicans who refuse to compromise on anything and draw lines in the sand like spoiled children or will it be the Democrats who didn't cave in but failed to come up with anything that both sides could agree to. Guess we will find out come election time but how can any one continue to have any faith in our leaders when they are so polarized that simple issues become gridlocks.

[redsniper]

I blame both of them. All of them! Acting like stubborn children, can't even dream of giving an inch to those bastards in the other party. No no, that would be weakness. God forbid they act like responsible adults and reach some kind of compromise for the good of the nation.

[Flipside]

More worrying is that it looks both of them got their sums wrong and are going to have to come up with a way to cut $500 billion more than their current proposals allow for.

http://www.bbc.co.uk/news/world-us-canada-14318377

[Mongoose]

I blame both of them. All of them! Acting like stubborn children, can't even dream of giving an inch to those bastards in the other party. No no, that would be weakness. God forbid they act like responsible adults and reach some kind of compromise for the good of the nation.

Actually, as Jon Stewart put it the other day, it turns out that both sides basically caved to the other at one point...and then said side rejected their proposals.  So now I don't know what the hell is going on.

[NGTM-1R]

What's interesting is that the Republicans actually have far more to lose, as they've managed to convince their constituents that they're in the driver's seat, where the Democrats have consistently said that it's not really up to them, it will require compromise.

[SypheDMar]

This is what happens when voters vote for a Democrat President and a Congress that's split in two with the majority Senate being useless if the minority collectively object, and a Republican House.

[Drogoth]

This is what happens when voters vote for a Democrat President and a Congress that's split in two with the majority Senate being useless if the minority collectively object, and a Republican House.

Congressional system for the win

[MP-Ryan]

The tiny sadistic side of me is reading the news and almost hoping for a default - perhaps then Americans will realize that their government needs repair in all kinds of ways other than what many of them thought.

This is what comes of low taxes for the ultra-rich, massive loopholes in the tax code, high corporate tax rates that punish smaller businesses, massive (unaffordable) military spending well beyond defensive need, and a broken medical/social system that costs more and delivers less than any other G8 nation.

Perhaps I'm being a smug Canadian here, but the politics surrounding the current negotiations are exactly what's wrong with the United States as a whole - no one wants to actually work together for the common good and within realistic scenarios other than a very few people surrounded by policy madness on all sides.  It's really, really sad.

Oh, and IceFire, don't buy your house yet; interest rates aren't set to rise until later in the fall when the BoC makes it's next adjustment, and you may luck out and see housing prices tank just beforehand.  Right now is probably the worst time you could buy a house, although a 5-year locked interest rate may look pretty rosy compared to what's coming.

[LordPomposity]

The tiny sadistic side of me is reading the news and almost hoping for a default - perhaps then Americans will realize that their government needs repair in all kinds of ways other than what many of them thought.

As an American who is well aware of those problems and would very much like to see them resolved, I can confidently say that a default would only cause the Americans who are part of the problem to double down on the derp.

[Drogoth]

The tiny sadistic side of me is reading the news and almost hoping for a default - perhaps then Americans will realize that their government needs repair in all kinds of ways other than what many of them thought.

As an American who is well aware of those problems and would very much like to see them resolved, I can confidently say that a default would only cause the Americans who are part of the problem to double down on the derp.

Double down on the derp. I definitely LIKE that saying haha, and may start using it.

[Androgeos Exeunt]

The tiny sadistic side of me is reading the news and almost hoping for a default - perhaps then Americans will realize that their government needs repair in all kinds of ways other than what many of them thought.

It's best not to think like that, Ryan. A lot of countries have assets in America. If the US defaults, these countries will be hit as well.

From the way I see it, there will not be a happy ending to this. Either America defaults and drags the rest of the world down with it, or it raises the debt ceiling, spends more money, chalks up more debts and postpones repaying its debts again. If the Americans think that some miracle will happen or their God will save them, I don't think that will happen this time round unless some people wake up.

Even if there's a budget surplus for the next ten years, I doubt America would be able to pay off their debts unless they make ludicrously huge profits.

[Grizzly]

Mabye the EU should offer the USA economic aid...

[redsniper]

but Greece and Portugal.