The Big Lie of Default
Timothy Birdnow
Timothy "Turbo Tax" Geitner warns of grave consequences in the event of a default as a result of not raising the debt ceiling.
"Even a short-term default could cause irrevocable damage to the economy. ... A default on Treasury debt could lead to concerns about the solvency of the investment and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system. ... A default would call into question the status of Treasury securities as a cornerstone of the financial system, potentially squandering this unique role and the economic benefits that come with it."
Spaceba to the Federalist Patriot.
Hmmm. So, we will default if we fail to let the nation borrow i.e. print more money? Why don't we use unspent money from the Obama stimulus? http://www.newsbusters.org/blogs/tom-blumer/2011/02/07/spin-meter-out-control-ap-claims-almost-all-unspent-stimulus-money-cant- That we have promised to give those goodies away doesn't mean we can't alter the deal; they are a slush fund anyway.
Perhaps we could stop blowing money in Libya, where Obama got us into the middle of a civil war without Congressional approval? Perhaps we could hold money from the U.N.? There are numerous ways to stay solvent without borrowing more money; they only require a determination to do them. This is a farsical statement, to put it mildly.
How did we ever live before the debt ceiling was this high? We didn't default, despite a recession in 2000 and the terrorist attacks on 911. Somehow I think we'll muddle through.
Timothy "Turbo Tax" Geitner warns of grave consequences in the event of a default as a result of not raising the debt ceiling.
"Even a short-term default could cause irrevocable damage to the economy. ... A default on Treasury debt could lead to concerns about the solvency of the investment and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system. ... A default would call into question the status of Treasury securities as a cornerstone of the financial system, potentially squandering this unique role and the economic benefits that come with it."
Spaceba to the Federalist Patriot.
Hmmm. So, we will default if we fail to let the nation borrow i.e. print more money? Why don't we use unspent money from the Obama stimulus? http://www.newsbusters.org/blogs/tom-blumer/2011/02/07/spin-meter-out-control-ap-claims-almost-all-unspent-stimulus-money-cant- That we have promised to give those goodies away doesn't mean we can't alter the deal; they are a slush fund anyway.
Perhaps we could stop blowing money in Libya, where Obama got us into the middle of a civil war without Congressional approval? Perhaps we could hold money from the U.N.? There are numerous ways to stay solvent without borrowing more money; they only require a determination to do them. This is a farsical statement, to put it mildly.
How did we ever live before the debt ceiling was this high? We didn't default, despite a recession in 2000 and the terrorist attacks on 911. Somehow I think we'll muddle through.
posted by Timothy Birdnow | 6:54 AM
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