tag:blogger.com,1999:blog-2761684730989137546.post3804234903949403265..comments2024-03-28T20:28:01.733-04:00Comments on Mike Norman Economics: House GOP readies push for balanced budget amendmentmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-2761684730989137546.post-79165611667644240412011-01-22T00:21:30.001-05:002011-01-22T00:21:30.001-05:00"After this, all we would need is an S&P ..."After this, all we would need is an S&P downgrade of US govt debt!"<br /><br />What would be the effect of S&P or Moody's downgrading US gov't debt? Wouldn't the Fed buy the bonds at whatever level/price/rate to assure that interest rate is maintained at their desired target?Robert Owenshttps://www.blogger.com/profile/09160788414479767601noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-79743179115145621222011-01-13T23:33:47.457-05:002011-01-13T23:33:47.457-05:00Am I to suppose the "Stand with Senator Mike ...Am I to suppose the "Stand with Senator Mike Lee and Support the Balanced Budget Amendment" advertisement is a parody? What the ??? I'm supposed to take what you say seriously when you accept money from those diametrically opposed to your beliefs?Ughhttps://www.blogger.com/profile/17267287853892482870noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-65696873270938640162011-01-13T19:38:26.732-05:002011-01-13T19:38:26.732-05:00These are the good intentions that our grandparent...These are the good intentions that our grandparents warned us about. The ones that pave the road to hell.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-52525137898555540742011-01-13T19:11:16.916-05:002011-01-13T19:11:16.916-05:00Jim,
You are right. I'm thinking of bills.Jim, <br /><br />You are right. I'm thinking of bills.welfarewarfare statehttps://www.blogger.com/profile/18188909985707356639noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-54294589063326734122011-01-13T14:55:48.062-05:002011-01-13T14:55:48.062-05:00Mike S.:
"Solvency" does not really app...Mike S.:<br /><br />"Solvency" does not really apply to the U.S. gov., or any sovereign currency issuer. They neither "have"<br />nor "don't have" their currency of issue at any given time, so they cannot become "insolvent".<br /><br />WWS:<br /><br />Presidents cannot veto proposed amendments. They must first be passed by a 2/3 vote in both houses, and if they are they go to the states for ratification. with 3/4 of the states. They never go to the president for signature.Jim Bairdhttps://www.blogger.com/profile/01515091154037683897noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77267074742347133062011-01-13T09:47:45.449-05:002011-01-13T09:47:45.449-05:00ADDER :
"AND ELLIMINATE THE MIDDLE CLASS&quo...ADDER :<br /><br />"AND ELLIMINATE THE MIDDLE CLASS"googleheimhttps://www.blogger.com/profile/14459089745473598235noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46732097596901647702011-01-13T07:57:15.396-05:002011-01-13T07:57:15.396-05:00TB,
Check "The Hill"
link_http://thehi...TB,<br /><br />Check "The Hill"<br /><br />link_http://thehill.com/blogs/ballot-box/house-races/137405-republicans-ready-push-for-balanced-budget-amendment<br /><br /><br />has a story about this, fyiMatt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-54818052690258242712011-01-12T19:30:13.645-05:002011-01-12T19:30:13.645-05:00Is this a political stunt, like the repeal of heal...Is this a political stunt, like the repeal of healthcare, or does it have a chance of passing the senate democrats? I can't find any polls on politico or anywhere.Ryan Harrishttps://www.blogger.com/profile/04815033054435303399noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-81454155982345284682011-01-12T14:33:45.728-05:002011-01-12T14:33:45.728-05:00Thanks Mike.Thanks Mike.Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-80806184800334728202011-01-12T14:24:13.982-05:002011-01-12T14:24:13.982-05:00Matt,
If wages fall far enough our trade position...Matt,<br /><br />If wages fall far enough our trade position likely goes to surplus. That's their goal anyway...eliminate the "twin deficits."mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-83917505842043152002011-01-12T14:16:16.793-05:002011-01-12T14:16:16.793-05:00Tom,
In your opinion, can they even achieve this ...Tom,<br /><br />In your opinion, can they even achieve this if the non-govt sector has positive savings desires, and the banks are broken down and cant net issue more credit, and we still run a negative balance of trade?<br /><br />Doesnt look possible (balanced budget) to me under these conditions.... simply cant be done.<br /><br />Resp,Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-46171631367032795752011-01-12T14:13:39.903-05:002011-01-12T14:13:39.903-05:00Glad to see you back Mike.
A commodity money is n...Glad to see you back Mike.<br /><br />A commodity money is not "essentially fixed." If gold and silver are monies and people demand more money holdings then the price of money will rise (prices will fall) which will encourage market actors to invest more in and ramp up mining for the commodity. It is self-correcting.<br /><br />The Senate will never pass this amendment; and if by some miracle they did, the president would veto it anyway. It's just not going to happen.<br /><br />What I suspect will happen is that the debt ceiling will be raised. The new Tea party House members will be promised by the GOP establishemnt that if they extend the debt ceiling this one time that new rules will be put in place that will be stringently enforced. That ,of course, is not going to happen. We are still heading for that cliff at breakneck speed.welfarewarfare statehttps://www.blogger.com/profile/18188909985707356639noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-14770343340044267852011-01-12T12:49:48.618-05:002011-01-12T12:49:48.618-05:00Gonna pay for the wars off budget?
They should c...Gonna pay for the wars off budget? <br /><br />They should channel the ghost of Richard Nixon on this one or get set to pull back to Fortress America.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-72581248910456152162011-01-12T11:29:12.981-05:002011-01-12T11:29:12.981-05:00Well said Mike.
Correct me if I'm wrong, but ...Well said Mike.<br /><br />Correct me if I'm wrong, but my perception is that there's no entity of any kind more solvent than the US government.Mike Sandiferhttps://www.blogger.com/profile/04266779805691997171noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-77860735463111532372011-01-12T10:59:17.952-05:002011-01-12T10:59:17.952-05:00Matt,
That's coming, but it's likely to b...Matt,<br /><br />That's coming, but it's likely to be Moody's that makes the first move. Seems like they're itchin' to do it.mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-20036076823046585332011-01-12T10:19:40.967-05:002011-01-12T10:19:40.967-05:00Mike,
After this, all we would need is an S&P...Mike,<br /><br />After this, all we would need is an S&P downgrade of US govt debt!Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com