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Thread: Boehner After GOP Hostage Taking: This is about doing the right thing for our country

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    Boehner After GOP Hostage Taking: This is about doing the right thing for our country

    Boehner After GOP Hostage Taking: 'This is about doing the right thing for our country.' | Video Cafe

    Itís entirely possible that the House Speaker really is this dumb. With this in mind, Iím trying to think about how to ask the questions in a way John Boehner can understand. How about this:

    1. How would the country benefit from two votes on raising the debt ceiling, instead of one?

    2. If Republicans are sincerely concerned about economic ďuncertainty,Ē why tell investors, job creators, and international markets that default is a possibility early next year?

    3. If getting one debt-ceiling revision through Congress is necessary but difficult, why make lawmakers go through this twice?

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    Re: Boehner After GOP Hostage Taking: This is about doing the right thing for our cou

    But the consequences of any default would, ironically, actually increase the size of the government relative to the U.S. economy—the very outcome that Republican intransigents claim to be trying to avoid.

    The reason is simple: A government default would destroy the credit system as we know it. The fundamental benchmark interest rates in modern financial markets are the so-called risk-free rates on government bonds. Removing this pillar of the system—or creating a high degree of risk around U.S. Treasurys—would disrupt many private contracts and all kinds of transactions. In addition, many people and firms hold their rainy day money in the form of U.S. Treasurys. The money-market funds that are perceived to be the safest, for example, are those that hold only U.S. government debt. If the U.S. government defaults, all of them will "break the buck," meaning they will be unable to maintain the principal value of the money that has been placed with them.
    Government default: What would it look like? - By Simon Johnson - Slate Magazine

    "Dear tea party, here is what you do not seem to understand. Prioritizing bills means nothing if global markets crash. Got it? Good." Signed Karoli, Crooks & Liars

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    Re: Boehner After GOP Hostage Taking: This is about doing the right thing for our cou

    Quote Originally Posted by BDBoop View Post
    Government default: What would it look like? - By Simon Johnson - Slate Magazine

    "Dear tea party, here is what you do not seem to understand. Prioritizing bills means nothing if global markets crash. Got it? Good." Signed Karoli, Crooks & Liars
    I hope we are all looking forward to tomorrow's blood bath on the Dow Jones. What does it take for these fools to finally get it?

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    Re: Boehner After GOP Hostage Taking: This is about doing the right thing for our cou

    Guess we'll be finding out, yeah?

    BTW: Gratz on 1k posts.

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