The Painful Consequences of a Debt Ceiling Increase - Money Morning

BY LARRY D. SPEARS, Contributing Writer, Money Morning
Failure to reach a compromise on a U.S. debt ceiling increase could result in an unmitigated economic disaster - one so unprecedented government and private analysts can't even accurately pinpoint all the potential consequences.

To avert this crisis, U.S. President Barack Obama wants a debt ceiling increase of $2 trillion, which analysts say would carry the country through the end of 2012. The president has moved the deadline for reaching an agreement up to July 22.

President Obama said the time cushion was needed to prevent a last-minute panic by the financial and debt markets that could 'potentially create another recession' - panicking investors and possibly causing an economic meltdown even worse than the one in 2008."

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LIFESTYLE News, Jul 25, 2011

Jessica Zafra: Notes on the Death of Amy Winehouse
InterAksyon Sun, 24 Jul 2011 23:06 PM PDT
Despite what we'd heard about her lifestyle we were still shocked to hear of her death. Why, when the media had been on an Amy Winehouse deathwatch for years? Perhaps we were hoping that because she was a genuine talent she would be spared the cliche ending. That she would survive her own excesses and hang around to laugh in her detractors' faces - looking 100 years old at age 50 but with more ...

Entertainment / Lifestyle Malaysian Digest Sun, 24 Jul 2011 23:04 PM PDT Do you feel that the government have been overspending on defense equipments? City Press reveals secret Malema trust The Namibian Sun, 24 Jul 2011 23:00 PM PDT JOHANNESBURG â ANC Youth League leader Julius Malema is the sole trustee of a secret family trust, registered in the name of his five-year-old son, which he allegedly uses to finance his lavish lifestyle, City Press reported yesterday. New Recordings The Philadelphia Inquirer Sun, 24 Jul 2011 22:13 PM PDT Pop It's easy to understand why the haters attack Theophilus London. Even before this, his first album, arrived, the young hip-pop New Yorker garnered endorsements from upscale brands such as Bushmills and Cole Haan. He's been featured in fashion and lifestyle mags for his retro look (on the cover of Timez Are Weird These Days, he mimics the pose from a 1982 album by obscure Motown songwriter ... New property perspective The Malay Mail Sun, 24 Jul 2011 22:08 PM PDT LBS Bina Group to extend portfolio to include high-end housing Monday, July 25th, 2011 12:22:00 PETALING JAYA: As part of LBS Bina Group Berhad's long-term objective to become an internationally-recognised developer as well as to build and inspire lifestyle spaces that enhances community living, the local property developer recently launched a brand new image, identity and direction. Related to ... Malema has 'secret fund' IAfrica South African Business News Sun, 24 Jul 2011 21:41 PM PDT A secret family trust allows ANCYL leader Julius Malema to sustain his lavish lifestyle, the City Press reported on Sunday. Depression On The Rise In Modern Lifestyle Bernama Sun, 24 Jul 2011 21:26 PM PDT KUALA LUMPUR, July 25 (Bernama) -- Many famous personalities like former United States' presidents Abraham Lincoln and Theodore Roosevelt have experienced it. Mail Expose: Skype sex wife The Malay Mail Sun, 24 Jul 2011 21:25 PM PDT Woman forced to entertain men while hubby watched it âliveâ on webcam Monday, July 25th, 2011 11:02:00 PETALING JAYA: The Malay Mail exposes a VERY secretive and hidden lifestyle of a woman allegedly forced by her bank telemarketer husband to engage in sexual encounters with at least a dozen strangers in hotels while he watched and recorded the acts on his webcam at home. Amy Winehouse Through The Years KSBW Salinas Sun, 24 Jul 2011 21:20 PM PDT Amy Winehouse rocketed to fame as a new soul singer, but herlifestyle put her on a downward spiral. Take a look at her life in images. HuffPo Explains How Amy Winehouse's Death Can Help Your Small Business [Wtf] Gawker Sun, 24 Jul 2011 21:06 PM PDT # wtf Huffington Post Business blogger Tricia Fox posted a think-piece on the death of Amy Winehouse. Fox makes it clear from the start that she has no intention of "judging" Winehouse or "picking apart her chosen lifestyle." (Pro tip: You need an open mind to get ahead in the business world.) Rather, Fox's only intention is to highlight what you, the small business owner, can learn from her ...

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HEALTH News, Jul 25, 2011

Research shows Cowley among least healthy counties in Kansas The Arkansas City Traveler Sun, 24 Jul 2011 22:46 PM PDT Cowley County is not very healthy â and the numbers prove it. Research into health-related behaviors and outcomes shows that Cowley County is among the least healthy counties in Kansas. Statistics help tell story of teen suicide in the north valley Oroville Mercury-Register Sun, 24 Jul 2011 22:45 PM PDT In Butte County, 10 young people between the ages of 12 and 17 died by suicide from 1991 to 2009, according to data from the state Department of Public Health. Pressures can lead to depression Oroville Mercury-Register Sun, 24 Jul 2011 22:45 PM PDT CHICO â Many teenagers feel stressed by the high expectations their parents and others may have of them, said Cindy McDermott, a supervisor with the crisis program of the Butte County Department of Behavioral Health. Abington Memorial, Independence Blue Cross sign new contract North Penn Life Sun, 24 Jul 2011 22:44 PM PDT Independence Blue Cross members who seek health care at Abington Memorial Hospital and its affiliates â including Lansdale Hospital â are unlikely to notice a difference, but the hospital system and major insurer have inked a new three-year contract. Malloy names first 6 higher ed board regents Journal Inquirer Sun, 24 Jul 2011 22:42 PM PDT HARTFORD â A former university president, a corporate lawyer, a hospital vice president, and the leader of a health care management company have been named among the first members of Connecticutâs new higher education oversight board. Beckton student teaches in Zambia Newham Recorder Sun, 24 Jul 2011 22:39 PM PDT Beckton student Patricia Okello is about to embark on a three month volunteering stint in Africa to teach young people about the importance of sexual health and how to avoid contracting the HIV virus. R.I. has loan deal for nursing students Boston Globe Sun, 24 Jul 2011 22:38 PM PDT Rhode Island will offer aspiring nurses zero-interest student loans if they agree to work in the state for a time after graduation. Governor LincolnChafee plans to announce the initiative tomorrow. It is designed to address a projected shortage of nurses. To qualify, nursing students would have to work at a hospital or other health care facility in the state. ... Local health department to focus on obesity Grand Island Independent Sun, 24 Jul 2011 22:33 PM PDT The Central District Health Department will focus on obesity during the upcoming year after surveys in Hall, Hamilton and Merrick counties showed obesity as a common concern. CDC: Chickenpox deaths plummeted since vaccine seattlepi.com Sun, 24 Jul 2011 22:30 PM PDT share: digg facebook twitter ATLANTA (AP) â Chickenpox vaccine has dramatically cut deaths from the disease, especially in children, says a new government study proclaiming an important public health victory. Researchers from the Centers for Disease Control and Prevention found that chickenpox deaths fell from an average of 105 per year to 14 after the vaccine had been available for a dozen ... Abington Memorial and Independence Blue Cross sign new contract The Ambler Gazette Sun, 24 Jul 2011 22:29 PM PDT Independence Blue Cross members who seek health care at Abington Memorial Hospital and its affiliates are unlikely to notice a difference, but the hospital system and major insurer have inked a new three-year contract.

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BARACK OBAMA News, Jul 25, 2011

Obama's attempts at compromise fail Guelph Mercury Sun, 24 Jul 2011 21:10 PM PDT WASHINGTON â Barack Obama took office vowing to usher in a post-partisan era that would drain the toxic anger of the George W. Bush years and focus the country on practical, long-overdue reforms. Like Bush, he was no doubt sincere in wanting to unite the country. Unlike Bush, he has governed in a manner largely consistent with that ideal. Oil lower on US debt concerns Channel NewsAsia Sun, 24 Jul 2011 21:10 PM PDT SINGAPORE: Oil fell in Asian trade Monday on concerns over a possible US default if President Barack Obama and lawmakers fail to reach a deal to raise the country's debt ceiling, analysts said. House panel cuts $32M from catch share funds Gloucester Daily Times Sun, 24 Jul 2011 21:09 PM PDT A key U.S. House committee's decision 10 days ago to cut $32 million from the Obama administration's funding request to further expand NOAA's fishery catch-share system â essentially converting wild fish stocks and fishermen's catch quotas into investor-ready commodities â is renewing a fierce ideological and political battle. Obama cancels fundraisers amid debt negotiations CNN Political Ticker Sun, 24 Jul 2011 21:06 PM PDT Washington (CNN) - A campaign official for President Barack Obamatells CNN the president has cancelled two political fundraising appearances... Bachmann Says Pawlenty Is Presidential The Atlantic Wire via Yahoo! News Sun, 24 Jul 2011 21:02 PM PDT The fighting Minnesotans just never stop. Michele Bachmann fired back at her arch nemesis Tim Pawlenty Sunday. After Pawlenty subtly hinted she was unfit to serve because of her migraines, the ball was left in her court to respond. A spokesman for Bachmann compared Pawlenty's policies to President Obama's in a statement, Politico reports. ... Obama extends condolences to Norway over bombing WQOW Eau Claire Sun, 24 Jul 2011 21:00 PM PDT President Barack Obama says a bombing that killed at least seven people in Oslo, Norway, is a reminder that the world has a role in stopping such terror from happening. He also expressed his condolences to Norway's people. Painful portrait emerges Fort Wayne Journal Gazette Sun, 24 Jul 2011 20:54 PM PDT Barack Obama Sr. married four times, but the most important woman in his sadly troubled life was a middle-aged American literacy teacher, Elizabeth "Betty" Mooney, who hired the young Kenyan as her Nairobisecretary in 1958 and soon sponsored - and helped fund - his dream of attending college in the United States. US debt crisis threatens global markets as Congress is locked in blame game Guardian Unlimited Sun, 24 Jul 2011 20:50 PM PDT Congressional talks fail to make progress after Obama's fall-out with House leader John Boehner Democrats and Republicans are locked into a dangerous game of seeing who will crack first over the national debt crisis, with the White House warning that the next few days could be stressful for world markets and Americans. With time running out, congressional leaders from both sides met on Saturday ... Democrats, Republicans Pursue Separate Debt Ceiling Plans After Weekend Standoff ABC News Sun, 24 Jul 2011 20:46 PM PDT ABC News' Jonathan Karl (@jonkarl) After a weekend of fitful, hurried back-and-forth between House Republicans, President Obama and Congressional Democrats, Democrats and Republicans are now pursuing separate plans to rasie the debt ceiling. But for all the sound and fury... Ari Melber: On the Compromiser-in-Chief and Elizabeth Drew's Article The Huffington Post Sun, 24 Jul 2011 20:45 PM PDT Originally published at The Nation. "Iâve never won a tough election," concedes Paul Krugman, "but neither has Obama!"  The Nobel Prize-winning economist is fuming about...

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GREECE News, Jul 25, 2011

Moody's downgrades Greece to Ca from Caa1 FT Alphaville (blog) In the first ratings move after Thursday's EFSF debt deal, Moody's has decided to downgradeGreece. London, 25 July 2011 — Moody's Investors Service has today downgraded Greece's local- and foreign-currency bond ratings to Ca from Caa1 and has ... See all stories on this topic »

GRAHAM BELL: Argentina model for default may tempt Greece Business Day A DECADE ago a slow-motion crash was unfolding in Argentina which has echoes in Greece and other euro-zone peripherals today. After hyperinflation in 1990, Argentinian economy minister Domingo Cavallo (literally translated as "Sunday Horse"), ... See all stories on this topic »

S&P 500 Profit Pain Ends in Greece as Europe Revenue Drops to 21% of Total Bloomberg September futures on the S&P 500 retreated 0.9 percent to 1329.40 at 8 am in Tokyo today as President Barack Obama and Congress failed to reach an agreement on raising the federal debt limit, intensifying concern the nation will default. ... See all stories on this topic »

THE OUTLOOK: Turkey's Lessons For Greece On Fixing Fiscal Mess Wall Street Journal Greece posted growth rates between 3% and 5% since the early-1990s, a period in which Turkey suffered bouts of surging inflation and booms followed by bust. Greece's GDP per capita today is close to three times as high as Turkey's. ... See all stories on this topic »

Greece Credit Rating Cut Three Levels by Moody's Bloomberg Greece's long-term foreign currency debt was downgraded to Ca from Caa1, the ratings company said in a statement in London today. Moody's assigned a developing outlook to the ratings and said it will re-assess the credit risk profile of any outstanding ... See all stories on this topic »

Greece through the rear-view mirror Journal of Turkish Weekly Such a rating would complicate Greece's access to ECB financing without ensuring that Greece will emerge from default with a sustainable debt burden. The situation confronting Greece today is similar to Argentina's situation in the summer of 2001. ... See all stories on this topic »

European Stock Futures Drop on U.S. Deficit Stalemate; Banks May Be Active Bloomberg Lenders including National Bank of Greece SA (ETE) and Alpha Bank SA may move today after Moody's downgraded Greece by three steps to Ca from Caa1 saying the European Union's financing package for the debt-laden nation implies “substantial economic ... See all stories on this topic »

How To Read Today's Euro Rally Benzinga Today's rally was precipitated by the details of today's meeting being leaked, which showed a greatly expanded EFSF. The final terms were private creditors taking a haircut, a 160 billion euro package for Greece, lowering the interest rate on the loan ... See all stories on this topic »

Italy Is Venal, But It's Not Greece Newsweek Foreigners account for 7 percent of the population today, a huge change from the 1 percent of only 20 years ago, and although Italians grumble a good deal about the alien invasion, they have supplied needed labor on southern farms, ... See all stories on this topic »

Wall Street Freak Out? Daily Beast Asian markets dropped one percent last night, and overnight futures markets indicate a similar hit in the US today—on what should be a positive day, given the good news coming out of Greece. Gold has started to spike, a sure sign of a “fear trade. ... See all stories on this topic » Daily Beast

USA Today Greece bailout: What 'selective bond default' means USA Today Greece bailout: What 'selective bond default' means. www.orkutpet.com.br/.../USA-Today-Greece-bailout-What-sel...

Greece cruise Disruptions today(from Oceania board) - Cruise ... Greece cruise Disruptions today(from Oceania board) Seabourn Cruise Line. boards.cruisecritic.com/showthread.php?p=29905292

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