Even Politico is now writing in panic-stricken tones about how unhinged the House Republicans have become.
About The Author
BooMan
Martin Longman a contributing editor at the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. He has a degree in philosophy from Western Michigan University.
I still don’t know what we’re all running around screaming about. This has been the deal for a long time:
Debt-limit ransom: $1.5 trillion in cuts, no new revenue, and another panel
Are we still reading this out of context?
Sort of. The president is insisting on revenue. How he gets it? Through Pelosi’s leverage, hopefully.
Is he insisting because it really, really, really must be a part of the final deal? Or is his insistence simply part of the kabuki theater that has been heavily discussed here for the past week?
Well, I don’t think he’ll ultimately let us default if it really comes down to it, but I think he’s in good position to insist on at least the cuts in tax breaks he’s been discussing.
If Obama’s not willing to let us default, then he’s really in a horrible bargaining position, because, by the looks of it, there are enough crazy Republicans who are willing to let us default. The real question is: at what point does the price become too high so that default becomes a better option than the price demanded for not defaulting? Because that is the price Obama is likely to pay for looking like the adult in the room. On the other hand, I tend to think that has already decided that we are at the point where default is a better option than more concessions. That’s what I’m getting from all the theater: the bill must either be a clean increase that lasts past the election or it must include revenue increases along with cuts. If one of those two conditions can’t be met, then there will be no increase in the ceiling, and while we probably won’t technically default on Aug. 2nd, because Obama will cut expenditures deeply, it will become an acute crisis.
Last week I thought about speculating in gold ETF’s. Should have gone with my gut. Maybe it’s not too late. Just keep on top of the wave and keep your stop loss orders current. Made over 40% on silver earlier in the year. Should have put 10X the dollars into it, it would have compensated for 2008’s “safe” investments.
Forget silver, that bubble is burst. Gold? People rush to gold on fear and the MSM is pumping out the fear, just be ready to jump ship,preferably on auto-pilot.
http://www.askstockguru.com/cgi-bin/s?s=gld&SUBMIT=GO
People at Politico knows the GOP is about to mess up their mom and pops 401K. They cannot handle another 40% hit.
How in the hell did we end up with these choices? Why are we even making choices right now? Business and consumer confidence do not exist. This is working so completely in the Repug favor by destrying the economy that its driving me nuts. We have watched a 30 year plan to starve the government play out successfully at the expense of the nation. Please let your representatives know the public does not want this cut, cap and butcher crap. We just want the debt limit raised. Like a sane country would do if they had debt limits.
My representaive is Peter Roskam (R- wingnut). He’s more interested in saving snowflake babies than his constituents and worships at Nyquist’s altar. A (conservative) newspaper once described him (proudly!) as “more conservative than Henry Hyde”.
I’m sorry to hear that. Mine is Frank Wolf (R-lifer) I e-mailed and called anyway. If you have a Repug congressman it is discouraging. Today at work I saw a wingnut on Fox Spews talking about his constituents are 9-1 in favor of the cuts. So I think its worth the time. Especially if nine out of ten are crazy people calling they are getting a disproportionate amount of pull.
I just opened a reply in the mail from Wolf and he voted against the 2001 and 2003 taxcuts (“because they weren’t paid for”). He says everything should be on the table including “tax policy”. I guess he is a step up from Roskam. I’m a bit shocked about the 2001 and 2003 taxcut votes. Who would have thought a sensible vote from a Republican. I’m thinking he didn’t sign on to Grover’s tax pledge.
I don’t really see the panic-stricken tones in the article, or any clear admission that the Reps are unhinged. I’m more and more thinking that if the Reps keep up their insistence on destroying the system, the country would be better off going into default than giving in to their nonsense.
It’s kind of like the dilemma faced by anyone with a serious illness: do you go through hell now in hopes of a healthy future, or do you settle for chronic misery as far as the eye can see? I’m glad I don’t have to decide that one.
I’ll make one prediction that Booman will probably scoff at.
If the R’s do force us into default, Wall Street will be done with them completely and the media that created the Tea Party will turn to destroying it. This is not good news for us, because it means Wall Street will solidify its hold on the Democratic Party. Witness the millions that they are pumping into contributions to Obama’s campaign while ignoring the Republican Presidential candidates.
Let’s say we default. What will happen to US currency rates? Plummet?
Interest rates would skyrocket, and then the debt would actually be a problem.
How about as it stands against other currency? I live in Canada and work in the US.