Fail Quotes

[MrBogosity]

I hate to wrest the theme away from Mike Moore... well actually I love to do that but

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I think the whole speech by Shelley Lubben does count as fail quote

Wow...that was like a complete train wreck of fail! "We kill more people than the music industry"? What kind of argument is that?

And what, 21-year-old ADULT WOMEN are too stupid to read contracts???

[Travis Retriever]

"You can have your own opinion but you can't make up your own facts. If we don't raise the debt ceiling, we will go into a major fiscal hole almost overnight." - Idiot in a suit on Good Morning America

Translation: "AH! THE SKY IS FALLING! THE SKY IS FALLING!" Right?

[AnCap Dave]

Translation: "AH! THE SKY IS FALLING! THE SKY IS FALLING!" Right?

Pretty much. That and, "IF YOU DISAGREE WITH GOVERNMENT PAID 'ECONOMISTS' YOU ARE WROOOOOOOONG!!!!!!"

[Travis Retriever]

Pretty much. That and, "IF YOU DISAGREE WITH GOVERNMENT PAID 'ECONOMISTS' YOU ARE WROOOOOOOONG!!!!!!"

Government paid economist.  Sounds like "Church paid 'scientist'".

[AnCap Dave]

Government paid economist.  Sounds like "Church paid 'scientist'".

Exactly.

[AnCap Dave]

This article by USA today.

There's an important day coming for small businesses: August 2. That's the day the national debt ceiling must be raised, or the U.S. will officially default on its debt.

Okay...where's your data for this? Oh wait...you don't have any.

[Travis Retriever]

There's an important day coming for small businesses: August 2. That's the day the national debt ceiling must be raised, or the U.S. will officially default on its debt.

Citation DEFINITELY needed for that claim of theirs.
Also, that's implying default (and/or repudiation of the government's debt) would be a bad thing to begin with.

[MrBogosity]

I just ran some numbers. If the current debt were like a mortgage loan to be paid off in 30 years, then the annual payments on it (principal plus interest) would be about $710 billion. Estimated 2011 revenues are $2,173 billion. That's a debt-to-income ratio of 32.7%. Anything less than 36% is considered healthy.

No default.

[Travis Retriever]

I just ran some numbers. If the current debt were like a mortgage loan to be paid off in 30 years, then the annual payments on it (principal plus interest) would be about $710 billion. Estimated 2011 revenues are $2,173 billion. That's a debt-to-income ratio of 32.7%. Anything less than 36% is considered healthy.

No default.

*applause* Well played, good sir.

Though we can both probably agree that the "income" listed should be lower, if you know what I mean *coughlowertaxescough*.

[Gumba Masta]

But do they actually have the intention of paying anything back=?

[MrBogosity]

The Treasury has no alternative but to make the payments. It's just that right now, the payments are only about $300 billion, which won't pay it back for a LONG time, if ever.

[Travis Retriever]

The Treasury has no alternative but to make the payments. It's just that right now, the payments are only about $300 billion, which won't pay it back for a LONG time, if ever.

Debt ceiling aside, is there a theoretical economic limit to which the debt can go?  I know those numbers can't go up forever (obviously).

[MrBogosity]

There's not like a fixed dollar amount, but at some point it's going to get to the point where people and banks stop keeping dollars in reserve as the currency devalues and the debt mounts. Dollars are still the #1 form of money in the world, with gold in second place. The more this goes on, the more people and foreign banks will stop keeping dollars and start turning them in for gold. Once the foreign banks start doing this en masse, the dollar collapses.

Keep in mind, though, that no one can predict timing, and there are other factors involved as well. But if we keep going the way we're going, the collapse is not a matter of IF it will happen, but WHEN.

[AnCap Dave]

"Why cant both thoise claims be right? Lets put it this way......(and I can get to chemtrails later as I witness them and their effects DAILY here in the midwest...In fact, I can open my window and take a picture right now if you will)

Our international affairs have made more hardened enemies worldwide than friends. Our CONTINUAL affairs will make more. And it is my belief it is by design to be that way.

I can believe that through some very simple coercion that CIA could essentially take those hardened and willing men, finance their mission, and allow them to carry out there plan in the name of starting a war that makes some very powerful men even more powerful and wealthy. False flags are tradition in all warfare to incite anger.

There are more questions than answers on the 9/11 topic.

If you do not care to know more. Or if you do not entertain even the notion that it is a possibility then we can be done with this now and my feelings will not be hurt. I have learned not to waste my time with ears that do not bend.

I can tell you that 9/11 truthers are not some fringe group of conspiratists. They are very well informed, educated." - A conspiracy theorist I know on Facebook.

[AnCap Dave]

"Time is running out to raise the debt ceiling. Come August 2nd the country will have no money." - Sara Welch, an anchor for the weekend show of my local news affiliate WTNH.

Either this woman is stupid, or they're getting really desperate to get people to want to raise the debt ceiling.

I sent a comment to WTNH on their facebook thread on this with the numbers you posted as well as a statement from the Mises article about raising the debt ceiling stating that the treasury would have to pull a pay as you go system on the debt. They only read part of my comment on the air about military spending, but blatantly ignored everything else.