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Have I missed any major us economy news?

(81 Posts)
3asAbird Mon 30-Sep-13 19:02:58

So many fb statuses saying the broke and about to go bankcrupt? as republicans wont vote the right way?

I know detroit and other cities when bankrupt and they produced a trillion dollar coin which made out quantative easing looks good.

Are they in serious trouble? seen very little on news.

Bowlersarm Mon 30-Sep-13 19:05:01

It's happened before, but not for 17 years I believe.

ReginaldBlinker Mon 30-Sep-13 19:09:06

It basically is coming down to funding, so if they don't agree on something by midnight tonight, the government will shut. They will also (possibly) default on loans, causing another downgrade in their credit rating.

All because some stupid fucking Republicans won't back affordable health care, and want their oil instead. angry

ReginaldBlinker Mon 30-Sep-13 19:10:33

Sorry *the government will shut down.

I.e., all "necessary" workers, border agents and the like will have to work without pay, and those who are deemed unnecessary will go on mandatory unpaid leave.

3asAbird Mon 30-Sep-13 19:21:15

Thanks been doing some googling.

its bit mad did not realise they shut down in 90,s,

That,s lot jobs at stake.

There,s vote on debt ceiling October 17th which could mean further trouble.

Thought issue would get more coverage than tory party conference,

ReginaldBlinker Mon 30-Sep-13 19:29:15

I think the media here is probably not covering it because they don't realise the extent of the stupidity that is the Republican party don't think it will happen, but I'm almost positive it will.

And if you read the American media about it, most papers with even the slightest right-bias are painting this as Obama's fault, which is just the most ridiculous thing ever.

harbinger Mon 30-Sep-13 21:51:08

Shutdown is very likely now. Only six hours to go.....

meditrina Mon 30-Sep-13 22:03:03

BBC News has just said 7 hours to go (wonder if they can't count).

It is going much closer to the wire than I'd expected.

FriskyHenderson Mon 30-Sep-13 22:04:03

It's just like the West Wing. They just need Josh to sort it all out.

harbinger Mon 30-Sep-13 22:09:02

Perhaps I can't count confused

OhYouBadBadKitten Mon 30-Sep-13 22:11:51

I think it's 4am our time. Not staying up to find out but I will be listening to the news first thing. This could bugger up things for the world economy - again.

meditrina Mon 30-Sep-13 22:16:47

12:01 ET apparently.

It'll up the ante significantly if this deadline passes.

But they can withstand a couple of days of shutdown without great ill-effect. It'll take a couple of weeks for the money to run out to crisis level.

But stock markets are down already.

3asAbird Mon 30-Sep-13 22:52:35

forgot about time zone difference

it does seem bit nuts.

last one in 96 was 21 day shutdown.

find it distasteful how republics are holding obama to ransom over health bill.

I thinking might happen as they couldent be arsed to work a sunday to thrash it out.

just puzzled how little coverage its getting.

not sure how badly uk be affected by default but credit crunch started in usa then spread.

BBC are doom mongers

MurderOfBanshees Mon 30-Sep-13 22:54:13

That's nuts that this is even a possibility. Would something like this ever happen over here, or is it specific to the US?

ReginaldBlinker Mon 30-Sep-13 22:59:58

I think it probably could happen here in theory, but don't think it ever would. I find that the government here is a lot more sensible than the US government!

Think it will definitely affect the markets here, though could absolutely increase the value of the pound if the US stays "closed" for more than a few days.

contortionist Mon 30-Sep-13 23:02:41

It's a US thing; we don't have the sort of separation of powers in the UK that would make it possible.

I was on holiday in Washington DC last time it happened (in 1996) and ended up being locked in the zoo after dark because all the staff had been sent home. It was pretty scary hearing the lions and elephants close by in pitch darkness!

3asAbird Mon 30-Sep-13 23:18:50

The higher house in us is the sentate,

Ours is the lords and the lords cans stop bills from the commons being past and majority of lords is not democratically elected.

Blimey contortionist locked in zoo sounds scary.

saw bit on BBC website and said dont worry animals still be fed.

But due to sheer scale and size of usa its a lot of jobs lost.

just checked sky they still debating.

its very close to the wire.

meditrina Mon 30-Sep-13 23:23:15

Not quite - The Lords can send bills back for revision, but only a limited number of times. They cannot block.

And the Govt spending is set differently - it couldn't all come to a screeching halt even if say the Commons didn't pass the Government's budget.

Here's CBC on what will and what won't keep going if shutdown happens.

There's also the US debt ceiling deadline looming (17 October).

3asAbird Mon 30-Sep-13 23:29:19

Thanks medtrina did nor realise that.

I get impression debt ceiling be more important vote as this could lead to usa defaulting on its debts.

Im baffled how dollars so strong as thought they were no longer aa in credit ratings.

niceguy2 Mon 30-Sep-13 23:41:21

Quite frankly I'm utterly baffled as to why the Republican's are so dead set against 'Obamacare'

Personally it sounds like a small step in the right direction to me. Don't understand the animosity towards it. Especially to the point of pressing the political equivalent of self destruct sequence.

A US colleague of mine is just switching jobs and has found his health insurance will go from $600 to $1200 PER MONTH. And he has no kids...just his wife. WTF!?!? And their politician's still think NHS aka socialised medicine is a bad idea!?!?!

meditrina Mon 30-Sep-13 23:45:01

Well, whatever the rights and wrongs of Obamacare, it strikes me as just plain wrong to attempt to hold the entire budget hostage to a single issue. Especially when that single issue has cleared both Houses.

3asAbird Mon 30-Sep-13 23:53:40

Could cost the reoublicans the next election as some people wont forgive them.

I they dont vote raise debt ceiling then they go bust.

bit of a mess. still have 4 hours gmt to thrash it out not midnight our time.

CheerfulYank Tue 01-Oct-13 06:15:14

I AM American and I don't even really get what's going on. Other than it seems a lot of people in high up positions are acting like toddlers and throwing toys out of the pram rather than working together to hash things out.

I am sick of my entire government to be perfectly honest. Career politicians are beginning to give me the heave. Not an honest one in the bunch.

meditrina Tue 01-Oct-13 06:25:44

Partial shutdown has begun.

PractialJoke Tue 01-Oct-13 07:42:35

So they went and did it. What is the impact on the rest if the world?

Surely the Republicans can't win an election for at least a decade now - or will right wing Americans blame Obama?

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