Saturday, May 21, 2011

Barney Frank: U.S. government default likely

U.S. Rep. Barney Frank (D-Newton) says America might have to default on its bills for the first time ever because Democrats and Republicans can’t agree to raise the government’s $14.3 trillion debt ceiling.

“I’m pessimistic about anything reasonable (winning congressional approval) in the near term,” Frank, the ranking Democrat on the House Financial Services Committee, told the New England Council in a Boston speech today. “It may be that we’re going to have to see some failure to raise the debt limit and some temporary hiatus in our ability to pay our bills (for lawmakers to act).”

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35 comments:

  1. Fuck, Yeah! Broke ass, bum ass, terrorist country!

    Cant pay your bill! Stop fucking with people that will save you at least a trillion!

    I mean they raided government retirement plans, they are going after 401ks next!

    Just default already, bring the troops home and start over!

    @SGS,

    how can one play this?

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  2. spoken like a true fear monger and a been in office to long--not my fault-politician that he is...he is what is wrong with this country...

    the budget should be reduced down to what revenues that come into the Treasury...no deficits spending ( $1.5 trillion) then the debt limit would not need to be increased..and then spending cuts could start every budget from now on out...also all their figures are for tens years..how about this year and next year right now not ten years out..these politicians as frank and the rest are just plain LIARS

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  3. Either he is preparing people for the actual government default and trying to frame it as the Republicans' fault, or he is trying to scare people so that they place pressure on Republicans to compromise with the Democrats. I would prefer the default option.

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  4. This should be bad for the US dollar and will likely drive gold and silver up during next week.

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  5. Yeah, why arent they collecting Frank's and rest paycheck's instead of everyone's Pensions?
    Oh yeah, cause they get Main Street to bail out Wall Street.

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  6. That chicken fucker Frank is one of the reasons that Fannie and Freedie are bankrupt because this POS thinks it is a right for everyone to own a house. The US can pay its interest payments without defaulting but will have to cut the shit of out its current budget to do so.
    Shiny is going to the moon soon enough...

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  7. This comment has been removed by a blog administrator.

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  8. Oh no! KY Jelly rationing here we come. Oh the humanity.

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  9. Hey Weather UNITARD, why don't you STFU and go post more horse shit on your crappy gay blog.

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  10. all of yall are just as stupid as news unit

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  11. typical blame game, yea Barney Phife, let's see, we have spent the country into trillions of debt, we have taxed the shit out of tax payers, we have wasted 100,000 times more than we took in, we stick our nose in everyone's business around the world, one out of every seven people in US is on food stamps, we robbed social security with a fake promise to pay it back, and none of that is enough. Now you want us to believe the sky will fall if we don't increase your blank checks and increase the debt, like it fucking matters what the people say anyway.

    Fuck all the lawyers and politicians, they have stolen what the US stands for.

    You know they are lying when their fucking lips are moving...

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  12. Democracy is two wolves and a lamb voting on what to have for lunch.

    Liberty is a well-armed lamb contesting the vote. - Benjamin Franklin

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  13. Weather Unit,,,, Paper silver will go to
    ZERO ! What has that to do with Phizz Silv !

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  14. Turn that frown upside down!

    Get some workout motivation:
    http://www.youtube.com/watch?v=h5v6fe9FMvI&feature=relmfu

    This chick is beyond belief.

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  15. DAVID MORGAN DOES ABOUT FACE ON FINANCIAL SENSE MAY 20th

    You all remember the Silver Round Table that Daivd Morgan had with Eric Sprott, Bill Murphy (gata), Rob Kirby, SGTBull, and two others just a few days ago. Basically the majority said the takedown in silver was manipulated.

    Well, after that round table, a few days later Morgan did an interview on Financial Sense on May 20, and told Jim Puplava that he agreed that the takedown was nothing more than the market (exchanges) using margin hikes to cool down a parabolic move in silver.

    If that wasn't bad enough he agreed with NED FRICKEN SCHMIDT that the backwardation in silver may have been due to high demand today with an increase of supply later.

    Why on earth would Morgan have a round table with folks who believe the silver was taken down by manipulation if he believed otherwise?? Why didn't Morgan have a round table with NED SCHMIDT, JEFF CHRISTIAN, JON NADLER and DENNIS GARTMAN who would at least agree with him and give more bearish information on gold and silver.

    All I can say....MORGAN is a hypocrite.

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  16. Hmm, does this default thingy imply that US and World indices moves down on monday along with paper silver?

    Warning:
    Level 2 Earth Quake warning for Oregon bay area.

    Warning:
    Level 3 Possible build up of a immense pressure in Mexico area, expect 6M quake in a few hours.

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  17. Thanks for the video Heward. Is that Lara Croft?

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  18. THIS IS THE WEATHER UNIT'S BLOG. HIS OWN WORDS:

    Also I might actually change my mind on big government. I'm not so sure Obama, Big Sis, the IMF, and other globalists are all that dangerous or threatening to me. In fact I may be leaning toward less freedom and more government control. I would like to see many of these trouble makers on YOU TUBE shut down promoting false news stories and mindless entertainment.

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  19. @Ex-Dissident: Not that I know of, tbh. Just something worth sharing. :)

    As for the UNIT fuckstick, well I do try to be as well read as possible. However, I saw some commentary on an interview between SGTBull07 and SilverShield from the Sons of Liberty Academy.

    "'We are all in this together.' Who's we? Not me! I'm just watching the show. I'm in paper money and it's the IMF's favorite right now:"

    Hey you talking flap of pussy meat, SGT means we are all in this together against the bankers. And if you aren't against the bankers, you are with them.

    Moreover, I notice that you take time to comment on SGS further down that front page. Between that and what 2pac posted here, from your page, I'm inclined to believe you're a tyrannical fool who points a finger at anyone that doesn't agree with them.

    Just stop acting like a fucking petulant child. It is really that simple.

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  20. O/T:

    Pre-nuptial agreements and PMs? Should I list all physical PMs owned (in troy oz.) as pre-marriage assets?

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  21. First, the youtube, and facebooks will not be shutdown until at least after the next election. Obamas reelection team are savvy users of that media.

    Now, regarding Barney Frank and anybody in Congress for more than a few years--let their record speak for itself. They have taken us into this financial abyss, constantly pointing fingers at anyone else they can (btw, left and right and right and left).
    They have knowingly kicked the social security/medicare can down the road for decades.

    And now one of the leaders is fearful of default?

    Arrogant assholes.

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  22. The solution is right under your feet. Just like Greece who should sell their gorgeous Mediterranean Islands the US should auction off its real estate. Alaska and oil reserves $2 Trillion. Hawaiian Islands $1 Trillion. Florida $3 Trillion. California $10 Trillion - Total $16 Trillion. See very easy - I just sold off the corners and wiped out all your debt! In time you won't even notice it's gone! Now bring the military home and save a $Trillion per year and all terrorism would cease immediately. There Budget is balanced too! Finally slap a 300% tax on all Chinese imports and bring all outsourced jobs home - AND - Shut down Wall Street to prevent any further economic disasters!

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  23. Since I´ve invested most of my life savings on som' fast put options, is there any incentive that can send the financial markets to the moon any time soon?

    Will a QE3 bomb temporarily pump up the markets, just like they did with QE2? (But it sure did sent PM half way to the moon)

    I guess QE3 might be my biggest enemy.

    But QE3 probably wont happend until fall, right?

    Would appreciƤjt some help!

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  24. Re: David Morgan (and Puplava):

    yes--Morgan is a but two faced.

    and we are all big boys in a big stakes game.

    However, the fact still remains that the margin increases came AFTER the Sunday night hit and JPM with huge underwater short positions does not have the same rules as longs regarding margin-they can do till the end of time (or physical).

    They also had to do 5 margin hikes to get the price of silver back to or below where it was when a good number of longs bought to trigger margin calls (ie--if you bought at 30 and its 50 back to 35, except for the actual hike there would be few margin calls. They would have had to bring silver down into 20's without the hikes to flush out longs.

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  25. Talk about D-U-M
    This guy robs a coin shop and gets away with it, but all he took was 10k in federal reserve slave notes and left all the metal. Give this guy a Darwin Award.

    http://abclocal.go.com/kgo/story?section=news/local/north_bay&id=8144319

    This just in, in connection with this robbery, police now looking for suspect called "The Weather Unit".

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  26. There went one in the Mexico-area
    http://quakes.globalincidentmap.com/

    But It was only 4,8M luckily, only some 120x off the prediction ;) ...and in Guatemala

    More can come, still though!

    Still no explanation of possible correlation of QE2\QE3 effects on my put options?

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  27. I bet we'll see QE3 by early September.

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  28. Time between QE1 ending and QE2 being announced was something like March to late August. I think the time difference between QE2 ending and QE3 being announced will have to be around half as long. I bet you have a good chance of seeing decent gains on your puts but personally I wouldn't be holding on to them any longer than late august.

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  29. Thx capitald, I will not hold them longer than a week or two cause, if the pressure keeps building significantly in the whole pacific region like its doing now, also the Icelandic vulcano is getting me very suspicious of a bad event.

    http://quakes.globalincidentmap.com/

    Don't be afraid, I´ll be sounding the alarm if a big one strikes eg. Hawaii and sets of a mayor Tsunami.

    And as long as medium ones keep going of, there is stress relief. (literally)

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  30. The important, to buy slv now?? accepted views

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  31. SLV? who, why and where is telling you to buy SLV now? Calls maybe, do not buy SLV shares. One day you will wake up, the fraud will be exposed, and you will holding worthless pieces of certificated share paper instead of the phyzz.

    Heward: you know the great thing about me owning this blog is I have the power to see those little garbage pale icons, click them, and you are forever gone out of my life and onto your little meaningless one. Thanks for contributing to this blog.

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  32. Michael.....There is this fallacy that was put forth by MAIN STREAM that the BIG SPECULATORS took the price of silver to $50. This was false.

    The big speculators actually bought from mid summer 2010 and sold off a great deal by Nov 2010. They bought a small amount again in Jan-Feb..but this was a fraction of their initial buying of 6 months prior.

    Take a look at this article and it explains it very clearly:

    Short Covering not Speculative Buying Led to Silver’s Parabolic Rise

    http://financialsense.com/contributors/trendsman/short-covering-not-speculative-buying-silver

    A great deal of BS and misinformation floating out there in main stream has even convinced many of the gold and silver bugs who should know better.

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  33. SGS hahahaha. I can really relate to your angry rants. Keep up the good work.

    Solid gains (6-8)% this weeks in PMs, I can feel it in my balls AND my dong pole.

    Also, Barney Frank (D-Massachucets) got in a big fight with his live-in, gay prostitute/boyfriend and it pissed the kid off so much he went public. This was a few years back. Fact check that shit.

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  34. Sounds like we need a good old fashioned manufactured crisis in July to get this debt ceiling raised.

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