Comments for Debt Default, the End of the World and Timothy Geithner's Thoughts at http://www.cepr.net , comment 1 to 10 out of 10 comments http://www.cepr.net Mon, 20 May 2013 10:35:22 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18772 It just struck me how Austrian this sounds. A serious crisis and depression might not be a bad thing if it cleaned out an artificially bloated industry and allowed its resources to be put to more productive uses. This isn't really an argument and I fully agree with you that the financial sector is a bloated drag on our economy (and a terrible distorter of our politics). But it was surprising to make that connection, so I thought I'd comment. BTW, are commenters like "Newton" bots or are there actually people who have so little to do with their lives that they can spend their time making sure the first comment on every post is a (spurious) refutation? If the latter, what a sad, dreary existence. - Andrew Burday Tue, 11 Sep 2012 18:02:47 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18747 See Forbes "It is Impossible For The US To Default." - Paul Heise Mon, 10 Sep 2012 06:48:18 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18743 OBAMA ARROGANT? A PLAN "B?" Dean, the National Inquirer, oops the Post, continues today to 'report' on Woodward's idiotic book, if you believe what the Post says about it anyway, which is always doubtful. Here is the comment I shared with them on the piece: "The absolute arrogance and stupidity of this article explains why I've halted 30 years of subscription to the Post. Woodward blames the rapist's aggression on the victim's attractiveness? A plan "B?" [the Post attributes to Woodward blaming the President for not having a plan"B." This more than idiotic comment served as a headline for the last several days.] I am an economist but can't imagine a single plan "B" to assuage not raising the debt limit. It is like jumping off a cliff, once the deed done, what is the plan "B," stationing an ambulance at the bottom of the cliff?" - SS Mon, 10 Sep 2012 05:07:23 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18729 sence when does tim geithner care about morales ,and if they dont agree on a budget,and we have a financial meltdown I hope PNC bank is the first to fail! - david j michel jr, Sun, 09 Sep 2012 12:01:31 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18728 Argentina had debts denominated in a foreign currency, and they had their currency pegged to the dollar. It was a real default because they wouldn't produce the US dollars because they didn't have them and they can't make them. There are no such issues with the US, the US can only default if it CHOOSES to. I know dean knows all this, so why the unnecessary comparison? Does dean really think congress will voluntarily choose to stop paying and let its wall street benefactors be wiped out. The earth could get hit be a huge meteor tonight and make us all extinct too... Choosing to not honor treasuries in full would also remove interest income from the economy, like pension funds and stuff. Great idea. - joe Sun, 09 Sep 2012 10:03:18 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18727 Today's government in 2012 is allegedly corrupt, therefore the response to the financial crisis in 2001 was somehow wrong? Had they not defaulted they would have honest politicians today? - Andrew Solarski Sun, 09 Sep 2012 08:28:42 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18724 DB: My brother in Argentina (30 years there) tells me that the current government is saturated with corruption with a steady revenue stream channeled to wealthy benefactors. The middle class is squeezed in new ways every month. Imports are blocked from entering the country. Pensions have been raided. Obtaining foreign currency is essentially prohibited. Inflation (over 30%) is rampant. Get the picture? Thanks. - Slim Jim Sun, 09 Sep 2012 06:15:23 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18722 As a retired person who relies on investment income I think the prescription by Dean Baker to freeze up the entire world financial system is crazy. Comparison with Argentina makes no sense given the much larger size of potential consequences if the US defaults. Dean Baker cannot possibly know the full scale of what would happen. - AlanInAZ Sun, 09 Sep 2012 05:24:13 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18720 Geithner is obviously channeling Hank Paulson who proclaimed during the financial crisis it was immoral for homeowners to default by walking away from the debt of underwater homes, despite it was the rational thing to do. Who do homeowners think they are anyway, bankers? - Last Mover Sun, 09 Sep 2012 03:44:23 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/debt-default-the-end-of-the-world-and-timothy-geithners-thoughts#comment-18719 Argentina jails people who report accurate inflation data, Argentina cooks the books, it's extremely irresponsible of you to praise Argentina. - Newton Sun, 09 Sep 2012 03:37:02 +0100