Page 16 - August 2011 News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Dollar. the debt limit sits under $16.7 trillion. >> our systems were not designed to not pay bills. >> despite cries of chaos, some republicans say sounding the alarms is a bit sensational. >> i'd rather have a managed catastrophe now. >> i think this is the 11th time i've been through this discussion about the sky is falling and the earth will erupt. >> more recently the u.s. teetered dangerously close to the deadline in august, 2011 where a deal was struck in the 11th hour. >> well, alison kosik joins us now with more. so you would think as we were mentioning there before your report, aliso...

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Also the s&p 500, dropped 23%. that's amazing. you put all of that together -- by the way, the urban institute told us, during the recession itself, the greatest since the great depression, the markets lost $1.7 trillion. we're already recovering from that and go into the august 2011 debate about the debt ceiling and fast forward and look to today, it's not going to be pretty by the way, it doesn't matter if it's 20%, 10%, 2%, the politicians are screwing with our retirement and it's not okay. >> jonathan, take a look at this chart from the report you were writing about which shows the bulk of...

President is risking default by not having a conversation with us. >> we're not going to negotiate under the threat of economic they talk about what the government is cutting in this shutdown. guess how much it is running in catastrophe that economists and this shutdown? ceos increasingly warn would result if congress chose to byron doing some digging and default on america's apparently a lot more than we think is still up and running. obligations. >> neil: when you use words like >> sure is. default and that -- talk about the bottom line is 83% of federal expenditures are still tantrums and...

This to me was the launch, august, 2011, film at a fundraiser in massachusetts. this video went viral. let's play a clip of that for a minute. >> there is nobody in this country who got rich on his own, nobody. you balt factory out there. good for you. but i want to be clear, you moved your gods to market on the roads the rest of us paid for. you hired workers, the rest of us paid to educate. you built a factory and it turned in something terrific or a great idea, god bless. cope a big hunk of it. but part of the underlying social contract is you take a hunk of that and pay forward for the nex...