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Obama Announcement of Debt Deal to End U.S. Debt Crisis

An announcement that President Obama made on July 31st, 2011.

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All for "nothing"!

  • Aug 6, 2011
Rating:
-5
ItIt makes me wonder, is this a show of hands or is it simply a camouflage to the world? This tussle about the debt ceiling looks to me (possibly just me since I don't hear anyone talk about this "idea") like a signal to the world that should United States one day has to answer to its many debtors, it's a case of "we had tried our best to resolve the issue" rather than having to swallow the bitter pill wIt makes me wonder, is this a show of hands or is it simply a camouflage to the world? This tussle about the debt ceiling looks to me (possibly just me since I don't hear anyone talk about this "idea") like a signal to the world that should United States one day has to answer to its many debtors, it's a case of "we had tried our best to resolve the issue" rather than having to swallow the bitter pill when the day comes.I 
I wrote the following review before the announcement of the credit rating cut by S&P. As it turns out, more tremors would probably be felt in the markets in the next week/s.



As we all know it, when a country has to ask for a loan via the IMF or as did Greece ask its neighbors for support, the country has to come up with some tough measures. In the event that the U.S. will have to default on its loans one fine day, it can just say to the world it did try measures within itself even before it comes to that stage in life!
 
Majority of Lunch readers are American. So, this is a bitter pill to swallow. The day of reckoning will come, just as all of us who consumed and borrowed too much. Everyone alive will have to face that dreadful day. No country or individual will be exempted, it's simply a matter of time. Naturally, human tendencies are to drag things until one can't and at times when luck is shining upon us, we scrapped through. Will the U.S. still be favored? Is it not too late now you say? Personally, I think it's already too late. As we all know, in business, when things are not salvagable, the only measures is to write it off! Yes, all of it! To write off one's debt? Not as bad as it sounds. For a couple of years or at times decades, it's a loss of reputation and whatever privilege one has been accorded with. With time though, things are forgotten and the involved party can start to rebuild that reputation and "empire" again. So, it won't be a bad thing should the U.S. simply swallow its pride and work hard again, right from the bottom.

It's a foregone conclusion, as far as I'm concerned, that the U.S. will have to devalue its dollars, if not already. How much more? Perhaps another 20% conservatively. The tough part is not in devaluing but in the decade thereafter. The next 10 years or even 20 years will be the toughest in America's recent history. It's nothing new though, Britain had faced it, Spain had, Argentina had and many Asian countries have had too. So, this is the bad news for America, unfortunately. It's not the end of the world. It's just the end of a world that we are all well acquainted with. We will see major upheavals in the finance and business world very soon. The worst has yet to come and we are probably going to see dark clouds with major thunderstorms anytime in the next 24 months. Nothing an individual can do about, just be well prepared and know what to do when the typhoons or tsunamis hit our shore! 



According to CNNMoney, "The move is unprecedented -- and the effects unclear."

 
It's a foregone conclusion, as far as I'm concerned, that the U.S. will have to devalue its dollars, if not already. How much more? Perhaps another 20% conservatively. The tough part is not in devaluing but in the decade thereafter. The next 10 years or even 20 years will be the toughest in America's recent history. It's nothing new though, Britain had faced it, Spain had, Argentina had and many Asian countries have had too. So, this is the bad news for America, unfortunately. It's not the end of the world. It's just the end of a world that we are all well acquainted with. We will see major upheavels in the finance and business world very soon. The worst has yet to come and we are probably going to see dark clouds with major thunderstorms anytime in the next 24 months. Nothing an individual can do about, just be well prepared and know what to do when the typhoons or tsunamis hit our shore!is it simply a camouflage to the world? This tussle about the debt ceiling looks to me (possibly just me since I don't hear anyone talk about this "idea") like a signal to the world that should United States one day has to answer to its many debtors, it's a case of "we had tried our best to resolve the issue" rather than having to swallow the bitter pill when the day comes.
 
As we all know it, when a country has to ask for a loan via the IMF or as did Greece ask its neighbors for support, the country has to come up with some tough measures. In the event that the U.S. will have to default on its loans one fine day, it can just say to the world it did try measures within itself even before it comes to that stage in life!
 
Majority of Lunch readers are American. So, this is a bitter pill to swallow. The day of reckoning will come, just as all of us who consumed and borrowed too much. Everyone alive will have to face taht dreadful day. No country or individual will be exempted, it's simply a matter of time. Naturally, human tendencies are to drag things until one can't and at times when luck is shining upon us, we scrapped through. Will the U.S. still be favored? Is it not too late now you say? Personally, I think it's already too late. As we all know, in business, when things are not salvagable, the only measures is to write it off! Yes, all of it! To write off one's debt? Not as bad as it sounds. For a couple of years, it's a loss of reputation and whatever privilege one has been accorded with. With time though, things are forgotten and the involved party can start to rebuild that reputation and "empire" again. So, it won't be a bad thing should the U.S. simply swallow its pride and work hard again, right from the bottom.
 
It's a foregone conclusion, as far as I'm concerned, that the U.S. will have to devalue its dollars, if not already. How much more? Perhaps another 20% conservatively. The tough part is not in devaluing but in the decade thereafter. The next 10 years or even 20 years will be the toughest in America's recent history. It's nothing new though, Britain had faced it, Spain had, Argentina had and many Asian countries have had too. So, this is the bad news for America, unfortunately. It's not the end of the world. It's just the end of a world that we are all well acquainted with. We will see major upheavels in the finance and business world very soon. The worst has yet to come and we are probably going to see dark clouds with major thunderstorms anytime in the next 24 months. Nothing an individual can do about, just be well prepared and know what to do when the typhoons or tsunamis hit our shore!
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August 06, 2011
yeah, pretty much. You summed things up well. Well, all I gotta say is I'll be debt free real soon. Nice one, Sharrie!
August 07, 2011
Thanks! Being debt free is awesome. Good for you!!! Bad times for the financial markets in the next few days, at the least!
 
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More Obama's Announcement of Debt D... reviews
Quick Tip by . August 05, 2011
posted in Business Matters
Caption
Nothing new here. The fact it took so long to "resolve" something of this proportion, well, the president is certainly losing his Midas touch! Fact of the matter is that nothing is quite resolved, the way I read it. In less than a week, the stock market plunges again and we'll see more drops to come, I'm sure. Be it the currency or the stock market, we are in for rough times!      I'm sorry to say this, folks. As with some economists, I agree with them on …
Quick Tip by . August 06, 2011
posted in Business Matters
Caption
I'm downgrading the rating from -3 to -5. In an unfortunate turn of event, the S&P still downgrade the US AAA to an AA-plus rating and more downgradings expected in future... The Congress appeared to have work for nothing over the debt deal! How unfortunate! More trouble ahead for the rest of the world too! See review for more details!     
About the reviewer
Sharrie ()
I'm a traveler at heart & have been nicknamed Travel Queen by friends & colleagues alike. Traveling has been my life passion for the last decade or so. As we enter a new decade, I'm excited … more
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On July 31, 2011, President Barack Obama announces that leaders of both parties have reached an agreement to lift the debt ceiling and reduce the federal deficit, and separately, House Speaker John Boehner told Republicans that they have reached the framework for an agreement. Boehner reveals details of the agreement in a presentation to the House Republicans.
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Business, Politics, Finance, Obama, Debt Crisis

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"All for "nothing"!"
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