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Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

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Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

Post by Guest on Mon Jul 11, 2011 10:16 am

Testifying before a Congressional committee on Thursday, economist Heather Boushey said that reaching the debt ceiling could trigger a stock market plunge that would wipe out nearly two years of 401(k) gains, Think Progress reports.

"Reaching the debt ceiling will, in all likelihood, trigger a sharp fall in the stock market, which also
will likely reduce employment," Boushey told the Congressional Democratic Policy and Steering Committee.

"The drop in stock prices will have an immediate effect on the economy, but also on families. Families with 401(k)s would likely lose all the gains they have made in 2010 and much of their gains in 2009, moving them further below where they were at the end of 2007 after the stock market fell sharply."

Boushey, a senior economist with the Center for American Progress, also warned that if the debt ceiling is not lifted, the housing market is likely to experience "a severe double-dip contraction marked by much-lower home sales and depressed house prices."

And, she said, hitting the debt ceiling could worsen the nation's unemployment problem.

http://www.huffingtonpost.com/2011/07/07/debt-ceiling-401k_n_892596.html?ref=tw

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Re: Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

Post by USA Citizen on Tue Jul 12, 2011 1:49 am

There is a good reason why Republicans want the U.S. to default by not raising the debt ceiling. House Majority Leader Rep. Eric Cantor (R-Va.) is betting that the U.S. defaults and has thousands in hedge funds that are betting against America.

Rep. Eric Cantor will profit if US suffers credit default
http://www.newsytype.com/8313-eric-cantor-debt-ceiling-bet/

"Debt ceiling negotiations were shut down by House Majority Leader Rep. Eric Cantor (R-Va.) last week. This raised renewed fears that the U.S. is on the verge of total credit default, and it raised a question as to whether Cantor – the GOP’s key operative in debt ceiling talks – has a “glaring” conflict of interest."

If Republicans are so intent on having the economy crash so that they can cash in because of their hedge funds, then what do they have to gain by having the middle class default? Homeowners default and the rich Republicans with their wisely invested money reap great profits while the working person has to go live in a shelter on food stamps.

The Recession is a scheme to make rich people richer and the middle class into poor people. Expect years of recession leading to depression. Why isn't Obama and Congress doing anything constructive about jobs and the economy? Because they are profiting from the demise of America. Our leaders are betting that America defaults and fails. If the President and Congress to do something for the unemployed, then their profits will decrease. Our leaders are betting on a bust.

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Re: Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

Post by Guest on Tue Jul 12, 2011 8:31 am

I have said it before and it bears repeating, these "freshman" Tea Partiers who are desperately trying to make a name for themselves, need to be settled in a room and given the facts of life speech all "freshman" are given by the party. They need to learn how the real world works. Eric Cantor was elected by his state, not the US, he is ruining any deal they could make and as a result, the Dems & Reps will have to reach a compromise on their own to get the votes needed to pass this.They have to do it soon, because the markets are shakier yesterday than friday and it's starting to set the scenerio they wanted to avoid, which is a rush deal, accomplishing nothing but raising the limit and "kicking the can further down the road". Which for all of us means more of this political theater and nothing concrete gettng done to create jobs, extend benefits, help the 99ers or Tax Reform.

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Re: Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

Post by USA Citizen on Tue Jul 12, 2011 10:57 pm

USA Citizen wrote:There is a good reason why Republicans want the U.S. to default by not raising the debt ceiling. House Majority Leader Rep. Eric Cantor (R-Va.) is betting that the U.S. defaults and has thousands in hedge funds that are betting against America.

Rep. Eric Cantor will profit if US suffers credit default
http://www.newsytype.com/8313-eric-cantor-debt-ceiling-bet/

"Debt ceiling negotiations were shut down by House Majority Leader Rep. Eric Cantor (R-Va.) last week. This raised renewed fears that the U.S. is on the verge of total credit default, and it raised a question as to whether Cantor – the GOP’s key operative in debt ceiling talks – has a “glaring” conflict of interest."

If Republicans are so intent on having the economy crash so that they can cash in because of their hedge funds, then what do they have to gain by having the middle class default? Homeowners default and the rich Republicans with their wisely invested money reap great profits while the working person has to go live in a shelter on food stamps.

The Recession is a scheme to make rich people richer and the middle class into poor people. Expect years of recession leading to depression. Why isn't Obama and Congress doing anything constructive about jobs and the economy? Because they are profiting from the demise of America. Our leaders are betting that America defaults and fails. If the President and Congress to do something for the unemployed, then their profits will decrease. Our leaders are betting on a bust.

This debt ceiling problem isn't going to be solved by getting Eric Cantor into a back room and telling him to grow up. House Rep. Eric Cantor (R-Va.) is going to make a lot of money if the debt ceiling isn't raised and the U.S. goes into default because of his hedge fund investments. Our officials are not helping the unemployed because they are getting rich because of their investments that make them money when working class people lose their homes and valuables. This isn't just about Tea Party activists, this is about the pure greed of our elected officials.

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Re: Hitting Debt Ceiling Could Erase Two Years Of 401(k) Gains: Economist

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