If America defaults.....

sonofagun · 26th July 2011, 06:04 AM

How much will it affect us?

box2box · 26th July 2011, 06:52 AM

I image would have some impact, growth and exchange rates defo
what was in Obama s speach last night ?

monkeytassle · 26th July 2011, 06:58 AM

Quote:

Originally Posted by box2box

I image would have some impact, growth and exchange rates defo
what was in Obama s speach last night ?

more bollox than usual. weak leader opposed by a bunch of lunatics.

redandwhitejoe · 26th July 2011, 07:03 AM

Quote:

Originally Posted by monkeytassle

more bollox than usual. weak leader opposed by a bunch of lunatics.

I'm not an Obama fan usually but I thought he came across well in his speech. I vote Tory here but I don't think I could support the Republicans in America, the stance they're taking at the moment is nothing short of ridiculous

ouro · 26th July 2011, 07:08 AM

If Obama had anything between his ears other than chanted catchphrases and glib soundbites, he and his crew could maybe formulate some sort of plan.
To address the original point, I'd imagine the dollar would plummet and that would fuck my wages up.

monkeytassle · 26th July 2011, 07:14 AM

Quote:

Originally Posted by redandwhitejoe

I'm not an Obama fan usually but I thought he came across well in his speech. I vote Tory here but I don't think I could support the Republicans in America, the stance they're taking at the moment is nothing short of ridiculous

both sides are being complete numpties. i'm amazed someone like paulson hasn't stepped in to start knocking heads. this is so bad for the US/global economy. although their big bargaining chip is that there is nowhere else to invest other than US. Geithner appears to have given up.

chunkylover53 · 26th July 2011, 07:22 AM

It would be huge, and I dont think anyone can predict the knock on effects.

I still cant see it happening.....

monkeytassle · 26th July 2011, 07:25 AM

Quote:

Originally Posted by chunkylover53

It would be huge, and I dont think anyone can predict the knock on effects.

I still cant see it happening.....

fwiw i don't think they'll default but they will likely be downgraded meaning no mroe "risk free" investment. higher credit costs which will be felt everywhere including the man on the street.

redandwhitejoe · 26th July 2011, 07:25 AM

Quote:

Originally Posted by monkeytassle

both sides are being complete numpties. i'm amazed someone like paulson hasn't stepped in to start knocking heads. this is so bad for the US/global economy. although their big bargaining chip is that there is nowhere else to invest other than US. Geithner appears to have given up.

They're both been very stubborn but to be fair to the Democrats, their starting point in this was already a compromise. The line the Republicans are sticking too is very tough. Heads need to be knocked together, and soon. This could be really bad

Charmless Man · 26th July 2011, 08:57 AM

I was watching CNN last night and there was a press release from the Whitehouse a couple of hours before the speech saying Obama was going to announce that the risk of defaulting was imminent? Did he not say this in the end? I didn't stay up to watch and haven't checked any news yet this morning.