Apple now has more money than the US government

[gosu_smurf]

Apple has more money than the US government, media reports revealed on Saturday.

According to a CNN report, Apple had US$76.2 billion (S$91.7 billion) in cash and marketable securities at the end of June, more than the US' operating cash balance of US$73.8 billion.

The US is currently in a stand-off trying to lift its debt ceiling, with the Senate on Friday rejecting a House-passed Republican bill to avoid a default.

Business leaders have warned that a default would cripple the fragile US economy, which has been struggling with high unemployment ever since the 2008 financial crisis.

full article at:
Apple now has more money than the US


What's wrong with this picture

 

[gosu_smurf]

SINGAPORE is likely to be among the worst-hit countries in Asia should the United States default on its massive debts leading to a financial crisis, warned Credit Suisse yesterday.

This is because US banks account for almost 15 per cent of total domestic bank lending here, said the bank in a report.

In such a default cum credit crunch scenario, American banks would almost certainly withdraw their funds from the region, including Singapore, said Credit Suisse head of India and South-east Asia economics Robert Prior-Wandesforde.

'Should the US default and a credit crunch happen, it would make the fall of Lehman look like a picnic,' he added, referring to the collapse of Lehman Brothers investment bank in September 2008, an event that triggered the financial crisis.

US lawmakers have been locked in heated, partisan talks over raising a statutory limit on the US borrowings ceiling ahead of an 2 August deadline.

If the US fails to raise this debt ceiling, it could default on its obligations - sending shock waves across global financial markets, said analysts.


Source:
Singapore 'likely to be hit' if US defaults

 

[clan_NEt]

*prays*

 

[gosu_smurf]

Fresh from yahoo news

"The United States' top military officer admitted Saturday he did not know whether troops serving in Afghanistan would get paid if lawmakers fail to agree a deal on avoiding a debt default."

 

[thecakeisalie]

Ok I don't know anything about money so just tell me some of the bad stuff that could happen if this financial crisis takes place.

 

[gosu_smurf]

The bad stuff? People lose jobs.

 

[gosu_smurf]

Chances are the US government is not gonna let this happen. They just gonna raise the debt ceiling by tuesday

 

[clan_NEt]

Yup,

The White House said on Saturday it "strongly supports" a bill being considered in the House of Representatives that incorporates both Democratic and Republican ideas and would raise the debt limit to early 2013.
-Reuters