Wall Street falls, hit by Reid's "fiscal cliff" comments

Comments (4)
Samrch wrote:

What economist advocates debt reduction in a time of high unemployment?
One source of debt reduction that will not raise underemployment is a change in trade policies which have not worked for decades. Any economic unit must sell at lest as much as it buys that includes the USA. The world trade rules are stupid to that reason. An noncompetitive nation has to remove the cause if it easily removed and until speed things up put tariffs on things the do not need and bankroll firms that are expanding exports in an industry that pay wages. Not owing money does not mean some can or will want to start a business in your nation.

Nov 27, 2012 9:12pm EST  --  Report as abuse
boonteetan wrote:

Never mind about the fiscal cliff, focus on the national debt.

The US national debt now stands at $16.3 trillion. How many people really know what a billion is, let alone a trillion, what more 16.3 trillions?

Government keeps printing big money at full force, estimated up to maximum of $8 billion a day. At 24 hours a day, 7 days a week and non-stop, it would take more than 5.5 years to get $16.3 billion printed. During this period, the debt could have soared 80 to 100% higher.

End result: Go for default. Can’t believe, just wait. (vzc1943)

Nov 28, 2012 1:27am EST  --  Report as abuse
UnPartisan wrote:

@Samrch

Non Keynesian economists would advocate deficit reduction no matter when you are heading towards lowered credit ratings. We can’t even begin to nip at the debt right now. We have a $1.1 TRILLION deficit. We currently pay $400 billion a year for interest on our debt. If we don’t get the budget deficit in order, that $400 billion we WASTE each year on interest grows. If we don’t pay out on interest our credit rating drops, and the interest grows. If we fold altogether the dollar becomes worthless.

So you tell me. What economist would advocate continued deficit spending when we are heading into a debt crisis? Would that economist be in Greece, Spain, or Italy?

Nov 28, 2012 3:29pm EST  --  Report as abuse
JohnWH wrote:

WRONG! The Market fell so the profit takers could swoop in and suck up profits….Wall Street…The biggest scam pulled on America

Nov 30, 2012 11:21am EST  --  Report as abuse
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