Vince Cable: Right wing nutters threaten financial markets

Started by Martinus, July 24, 2011, 02:10:41 PM

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Martinus

July 24, 2011, 02:10:41 PM
QuoteVince Cable in attack on US 'right-wing nutters'

Vince Cable has attacked leading US Republican politicians for holding up a deal to reduce US government debt.

Speaking on the BBC's Andrew Marr Show, the business secretary called them "a few right-wing nutters in the American Congress".

Unless a deal on Capitol Hill is agreed before 2 August, the US Treasury could run out of money to pay its bills.

Mr Cable said it presented a bigger risk to the global markets than the continuing debt woes in the eurozone.

'Unthinkable' default

President Barack Obama wants to cut US debts by both reducing government spending and raising taxes.
Republicans in Congress are strongly opposed to the tax rises.

The two sides have to come to an agreement before the current $14.3tn (£8.7tn) limit on US borrowing can be raised.

An emergency meeting between President Obama and congressional leaders on Saturday failed to make a breakthrough.

However, US Treasury Secretary Timothy Geithner said on Sunday that he still expected a deal to be reached.

Mr Geithner told CNN: "It's unthinkable that this country will not meet its obligations on time.
"It's just unthinkable we'd ever do that. It's not going to happen."

Yet he added that a Republican proposal to first raise the debt limit and then negotiate the spending cuts was "irresponsible" and would not be agreed by Democrats.

'Step forward'

Mr Cable also welcomed the agreement of eurozone leaders to grant Greece a second financial bail-out, but says more still needed to be done.

The business secretary said: "It hasn't solved the big problems, but it was a big step forward."

The new package of financial support for Greece was agreed on Thursday, and totals 109bn euros ($155bn,
£96.3bn).

Eurozone leaders also agreed to reduce the amount of interest Greece has to pay on its existing bail-out and the rates on the bail-outs received by Portugal and the Republic of Ireland.

Mr Cable said: "It is very much in Britain's interest that the eurozone succeeds."

'Flat-lined'

Turning his attention to the domestic UK economy, the business secretary said there were increasing signs of growth in the manufacturing sector.

But with the latest official UK economic growth figures out later this week, Mr Cable admitted that the economy still "isn't great".

He called on the Bank of England to consider another round of quantitative easing (QE) to boost economic growth.

Under QE, the Bank pumps new money into the financial system to try to boost bank lending.

Speaking to Sky News, shadow chancellor Ed Balls accused the government of cutting spending at the
expense of economic growth.

"Of course the deficit must come down in a steady way but our economy has flat-lined in the last six months, it's not growing," said Mr Balls.

"That's why the chancellor is having to admit that borrowing is going to be higher than he expected.

"In the end, unless you've got more people in work paying taxes, the economy growing, it is very hard to get these deficits down."

:D

Razgovory

#1
July 24, 2011, 02:12:34 PM
Who's Vince Cable?  Did he invent cable TV?
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Martinus

#2
July 24, 2011, 02:16:34 PM
Quote from: Razgovory on July 24, 2011, 02:12:34 PM
Who's Vince Cable?  Did he invent cable TV?

He is the British business secretary - sort of like the minister of trade and whatnot.

Razgovory

#3
July 24, 2011, 02:17:28 PM
Did he invent cable TV?
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Martinus

#4
July 24, 2011, 02:19:10 PM
Quote from: Razgovory on July 24, 2011, 02:17:28 PM
Did he invent cable TV?

No, it was his brother, Thomas V. Cable.

Eddie Teach

#5
July 24, 2011, 02:55:07 PM
That's Thomas Vincent Cable and they're really the same guy, who just likes to pretend to be his own twin sometimes on a lark.
To sleep, perchance to dream. But in that sleep of death, what dreams may come?

grumbler

#6
July 24, 2011, 06:35:39 PM
Old news, already reported.
The future is all around us, waiting, in moments of transition, to be born in moments of revelation. No one knows the shape of that future or where it will take us. We know only that it is always born in pain.   -G'Kar

Bayraktar!

Neil

#7
July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

Razgovory

#8
July 24, 2011, 10:07:26 PM
Quote from: Neil on July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.

Yeah, it has MSNBC and FOX news on it.  Yeesh.
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

derspiess

#9
July 24, 2011, 10:52:09 PM
You know what you Euros ought to do?  Organize a letter-writing campaign to tell American voters how to vote next year.
"If you can play a guitar and harmonica at the same time, like Bob Dylan or Neil Young, you're a genius. But make that extra bit of effort and strap some cymbals to your knees, suddenly people want to get the hell away from you."  --Rich Hall

Jacob

#10
July 25, 2011, 12:38:40 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do?  Organize a letter-writing campaign to tell American voters how to vote next year.

No way that could backfire  :lol:

Gups

#11
July 25, 2011, 04:57:31 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do?  Organize a letter-writing campaign to tell American voters how to vote next year.

Good idea but who will deliver the letters?

Josquius

#12
July 25, 2011, 07:06:16 AM
Clearly the tories are confident of a democrat victory in the next US election.
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Ed Anger

#13
July 25, 2011, 08:05:59 AM
Quote from: Jacob on July 25, 2011, 12:38:40 AM
Quote from: derspiess on July 24, 2011, 10:52:09 PM
You know what you Euros ought to do?  Organize a letter-writing campaign to tell American voters how to vote next year.

No way that could backfire  :lol:

http://www.guardian.co.uk/world/2004/oct/21/uselections2004.usa4

TWAS ONLY A BIT O FUN GUV'NOR!
Stay Alive...Let the Man Drive

Warspite

#14
July 25, 2011, 09:41:31 AM
Quote from: Neil on July 24, 2011, 07:23:28 PM
Cable isn't exactly respected or credible.

He isn't?
" SIR – I must commend you on some of your recent obituaries. I was delighted to read of the deaths of Foday Sankoh (August 9th), and Uday and Qusay Hussein (July 26th). Do you take requests? "

OVO JE SRBIJA
BUDALO, OVO JE POSTA
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