# Are You Preparing For A Worst Case Debt Ceiling Crisis? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [July 27, 2011, 4:59am UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464 "2011-07-27T04:59:43Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Sudden\_Kestrel](https://avatars.discourse-cdn.com/v4/letter/s/ecd19e/32.png) [@Sudden\_Kestrel](https://boards.straightdope.com/u/Sudden_Kestrel)\ **Post date:** [July 27, 2011, 6:14pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/21 "2011-07-27T18:14:24Z")
Let’s see…have garden space and seeds, big fat groundhog living in a hollow log in the back yard, lots of free-ranging turkeys, pheasants and deer, and even a good supply of unprotected dairy cows nearby. We have 6 months worth of cooking/heating gas, lots of farmer friends with their own gasoline pumps, and good health at the moment, so nope–not making any plans for the end times. Seriously, I don’t know that there’s much we can do to prepare. What we do have isn’t subject to vagaries in the interest rate and we’re not as dependent on services like ATMs and cell phones as many people. We don’t have a lot of cash on hand but don’t have a lot of debt, either. ---
**Author:** ![Rushgeekgirl](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rushgeekgirl/32/3715_2.png) [@Rushgeekgirl](https://boards.straightdope.com/u/Rushgeekgirl)\ **Post date:** [July 27, 2011, 6:34pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/22 "2011-07-27T18:34:00Z")
I’m so poor I don’t think I could deal with another blow, but at least I don’t have credit or debit cards. I have a garden but I don’t think I’d survive long on cherry tomatoes and serrano peppers. ---
**Author:** ![C3](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/c3/32/3108_2.png) [@C3](https://boards.straightdope.com/u/C3)\ **Post date:** [July 27, 2011, 6:43pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/23 "2011-07-27T18:43:18Z")
> [@Sudden\_Kestrel](#): > > …big fat groundhog living in a hollow log in the back yard… If that groundhog only knew… ---
**Author:** ![NinetyWt](https://avatars.discourse-cdn.com/v4/letter/n/cc9497/32.png) [@NinetyWt](https://boards.straightdope.com/u/NinetyWt)\ **Post date:** [July 27, 2011, 7:25pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/24 "2011-07-27T19:25:51Z")
There’s not a damn thing I can do about it, so what’s to prepare? That’s as ludicrous a thing as when, as elementary school children, we huddled under our desks during bomb drills. Yeah, like that would keep us from being maimed or killed. :rolleyes: ---
**Author:** ![Ludovic](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@Ludovic](https://boards.straightdope.com/u/Ludovic)\ **Post date:** [July 27, 2011, 7:30pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/25 "2011-07-27T19:30:00Z")
> [@purplehorseshoe](#): > > Huh. One side says “pay off credit balance in case interest rates go batty” and the other side says “rack up as much debt as humanly possible.” …but enough about Congress… ---
**Author:** ![Mr.Excellent](https://avatars.discourse-cdn.com/v4/letter/m/f19dbf/32.png) [@Mr.Excellent](https://boards.straightdope.com/u/Mr.Excellent)\ **Post date:** [July 27, 2011, 7:57pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/26 "2011-07-27T19:57:39Z")
> [@NinetyWt](#): > > There’s not a damn thing I can do about it, so what’s to prepare? That’s as ludicrous a thing as when, as elementary school children, we huddled under our desks during bomb drills. Yeah, like that would keep us from being maimed or killed. :rolleyes: Nitpick, but: Hiding under your desk could actually have been useful. For one thing, it makes sure you aren’t looking out the window, so you’re less likely to be flash-blinded. For another, you enjoy some protection from flying glass and debris. You’d enjoy better protection if you hid in the hall, perhaps - but it takes longer to get out there, so I’d call that a judgment call with reasonable arguments on both sides. A sufficiently close nuke will kill or injure you badly no matter what you do. A sufficiently distant one will be harmless even if you’re outdoors, naked, humming “god save the Queen” whilst raising your middle finger towards the pretty lights. In between those two extremes, even fairly modest measures might make a difference. ---
**Author:** ![The\_Devil\_s\_Grandmother](https://avatars.discourse-cdn.com/v4/letter/t/74df32/32.png) [@The\_Devil\_s\_Grandmother](https://boards.straightdope.com/u/The_Devil_s_Grandmother)\ **Post date:** [July 27, 2011, 8:12pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/27 "2011-07-27T20:12:41Z")
My husband is saving up a little money in case the stock market tanks, he’s planning on which things to buy. I’ve been tempted to take some extra cash out of the bank, but I don’t know if it will do any good or not. I’m hoping, like Y2K, this will pass with a minimum of fuss. I also hope Americans come to their senses and start voting out the old congresscritters. At least, I hope they’d behave more responsibly if they knew their jobs were on the line. ---
**Author:** ![lieu](https://avatars.discourse-cdn.com/v4/letter/l/c2a13f/32.png) [@lieu](https://boards.straightdope.com/u/lieu)\ **Post date:** [July 27, 2011, 8:24pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/28 "2011-07-27T20:24:45Z")
> [@Ludovic](#): > > …but enough about Congress… Nice. ---
**Author:** ![Broomstick](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/broomstick/32/246_2.png) [@Broomstick](https://boards.straightdope.com/u/Broomstick)\ **Post date:** [July 27, 2011, 8:27pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/29 "2011-07-27T20:27:12Z")
> [@The\_Devil\_s\_Grandmother](#): > > I also hope Americans come to their senses and start voting out the old congresscritters. At least, I hope they’d behave more responsibly if they knew their jobs were on the line. It’s not just the old Congresscritters… some of the freshmen are part of the problem, too. ---
**Author:** ![bordelond](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bordelond/32/150_2.png) [@bordelond](https://boards.straightdope.com/u/bordelond)\ **Post date:** [July 27, 2011, 8:46pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/30 "2011-07-27T20:46:58Z")
> [@msmith537](#): > > And why would people stock up on canned goods and such? What do you think will happen? The entire country will permenantly shut down overnight? I’ve done almost no reading about the debt crisis … so I’ve been wondering the same thing as you. The OP seemed to be full of non sequitirs to me – how does the debt crisis lead to all kinds of everyday stuff not functioning? Sounds like Y2K all over again. But then … I am fairly ignorant about what the debt crisis actually means down here on the ground. Very much willing to be educated if there are helpful Cliff Notes anywhere – preferably some from both sides of the aisle. ---
**Author:** ![bordelond](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bordelond/32/150_2.png) [@bordelond](https://boards.straightdope.com/u/bordelond)\ **Post date:** [July 27, 2011, 8:48pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/31 "2011-07-27T20:48:56Z")
> [@rachelellogram](#): > > A run on the banks? Not being able to use my debit card? These words make no sense to me. > > \*\*I have nothing invested in stocks \*\*so this won’t affect me in the slightest. I live on cash. Oh, is this the thing? The debt crisis is bad for those who depend on investment income, but not a big deal for those who live off of wages? ---
**Author:** ![Machine\_Elf](https://avatars.discourse-cdn.com/v4/letter/m/82dd89/32.png) [@Machine\_Elf](https://boards.straightdope.com/u/Machine_Elf)\ **Post date:** [July 27, 2011, 8:54pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/32 "2011-07-27T20:54:05Z")
> [@bordelond](#): > > Oh, is this the thing? The debt crisis is bad for those who depend on investment income, but not a big deal for those who live off of wages? No, it’ll be bad for wage earners, too. If we default, the resultant higher interest rates will make things difficult for businesses; expect another recession, with plenty of lost jobs. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [July 27, 2011, 9:17pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/33 "2011-07-27T21:17:33Z")
> [@Duckster](#): > > So are you considering a worst case scenario for this debt crisis? Worst case as in the computers trigger and the markets stop trading. Down 1,000 points. First day. Down another 1,000 the next two days. > > The Fed steps in stabilize the financial system. because the problem shifts to daily financial events. Your credit card doesn’t work. Your debit card doesn’t work. A quick trip to an ATM for cash and that isn’t working, either. A run on basic food items at the local market. Cash only please, because the EFT is on the fritz. > > The current FAA shutdown (over union participation) now expands to affect commercial flights. Your phone calls/emails to your Member of Congress don’t go through. Your neighbor, a government contractor, is home early. Contract was canceled. No work. Federal contracting web sites report static home pages. > > Incremental daily living thingies start to slow, even stop. > > Are you prepared? Do you have enough cash on hand? Did you stock up on basic foods before Monday? Vehicle(s) gassed up ahead of time? All your 30-day bills paid up by 31 July - utilities (especially!), credit cards, etc? Only your mortgage and car payments left to pay, but still caught up by the end of the month? > > If it all does not come to pass, no harm no foul. But if, by chance, we have a real bleeder here, are you prepared? > > Poll to follow. Of course I’m prepared: I’ve already talked to my financial adviser and he has his instructions on what to do if the market goes south - BUY, BUY, BUY! ---
**Author:** ![mazirian](https://avatars.discourse-cdn.com/v4/letter/m/46a35a/32.png) [@mazirian](https://boards.straightdope.com/u/mazirian)\ **Post date:** [July 27, 2011, 9:42pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/34 "2011-07-27T21:42:36Z")
I’ll be in my bunker. ---
**Author:** ![The\_Devil\_s\_Grandmother](https://avatars.discourse-cdn.com/v4/letter/t/74df32/32.png) [@The\_Devil\_s\_Grandmother](https://boards.straightdope.com/u/The_Devil_s_Grandmother)\ **Post date:** [July 27, 2011, 9:52pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/35 "2011-07-27T21:52:09Z")
> [@Broomstick](#): > > It’s not just the old Congresscritters… some of the freshmen are part of the problem, too. Yes, I should have said “start voting out the **current** congresscritters”. One of the local news stations is making it sound like it’s all the fault of the freshmen tea-party critters, but I’m sure some of the old guard is at fault as well. I just wish I knew what to do. ---
**Author:** ![asterion](https://avatars.discourse-cdn.com/v4/letter/a/4da419/32.png) [@asterion](https://boards.straightdope.com/u/asterion)\ **Post date:** [July 27, 2011, 9:54pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/36 "2011-07-27T21:54:36Z")
> [@Machine\_Elf](#): > > No, it’ll be bad for wage earners, too. If we default, the resultant higher interest rates will make things difficult for businesses; expect another recession, with plenty of lost jobs. Exactly. What worries me is not the “end-of-the-world” stuff, but either inflation where my paycheck doesn’t keep up or deflation where the couple loans we do have would increasingly become more and more expensive and I don’t know which way this would go. Seriously, I’ve thought about asking in GQ. Anyway, it took my company about 18 months to do a big layoff after the initial 2008 crisis and I hope that they’re at a point where it won’t make any financial sense to lay off more. That said, while I felt relatively protected last time (I’m cheap by comparison to a lot of my coworkers), I have a feeling I’m the kind of guy they’d be likely to get rid of this time because they figure they can make the senior employees do more. It may still be only a recession, but it’ll probably feel like a depression. ---
**Author:** ![Broomstick](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/broomstick/32/246_2.png) [@Broomstick](https://boards.straightdope.com/u/Broomstick)\ **Post date:** [July 27, 2011, 10:15pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/37 "2011-07-27T22:15:45Z")
Folks, we’re IN a recession. If we “get a recession from the crisis” that will be a _depression_. ---
**Author:** ![Oredigger77](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/oredigger77/32/3181_2.png) [@Oredigger77](https://boards.straightdope.com/u/Oredigger77)\ **Post date:** [July 27, 2011, 10:33pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/38 "2011-07-27T22:33:49Z")
I’m stocking up on ammo. Of course, that’s so that I can get lots of practice with my new rifle before hunting season rolls around. In a worst case senario I guess that would be usefull outside of that, nope I won’t even be near my disarster prep kit when the day comes. ---
**Author:** ![msmith537](https://avatars.discourse-cdn.com/v4/letter/m/d9b06d/32.png) [@msmith537](https://boards.straightdope.com/u/msmith537)\ **Post date:** [July 27, 2011, 10:37pm UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/39 "2011-07-27T22:37:33Z")
> [@rachelellogram](#): > > A run on the banks? Not being able to use my debit card? These words make no sense to me. > > I have nothing invested in stocks so this won’t affect me in the slightest. I live on cash. Which could become worthless (although probably not). ---
**Author:** ![Hari\_Seldon](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hari_seldon/32/5173_2.png) [@Hari\_Seldon](https://boards.straightdope.com/u/Hari_Seldon)\ **Post date:** [July 28, 2011, 12:37am UTC](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464/40 "2011-07-28T00:37:17Z")
Surely the finest congress money can buy will not let this happen. But it would be interesting to see what would happen. Can’t affect me as far as I can see. I get of US SS but I can live without it. My pension and my income funds will continue to come, so why should I care? [Previous page](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464.md?page=1) [Next page](https://boards.straightdope.com/t/are-you-preparing-for-a-worst-case-debt-ceiling-crisis/590464.md?page=3)