How Political Capitalists destroy a nation.

[manolete]

How Capitalists destroy a nation ,its people and its future.
Many in G.O.P. Offer Theory: Default Wouldn’t Be That Bad

By JONATHAN WEISMAN
Published: October 8, 2013 1967 Comments

WASHINGTON — Senator Richard Burr, Republican of North Carolina, a reliable friend of business on Capitol Hill and no one’s idea of a bomb thrower, isn’t buying the apocalyptic warnings that a default on United States government debt would lead to a global economic cataclysm.
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Stephen Crowley/The New York Times
Senator Richard Burr
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Mark Wilson/Getty Images
“It really is irresponsible of the president to try to scare the markets,” said Senator Rand Paul, Republican of Kentucky.
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Christopher Gregory/The New York Times
“There’s no way to default on Oct. 17. We will have enough money to make interest payments," said Representative Justin Amash, Republican of Michigan.
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Drew Angerer/Getty Images
"There are a lot of things that are going to affect our economy,” said Representative Paul Broun, Republican of Georgia. “The greatest threat right now is Obamacare."
Readers’ Comments
"These 'not worried about default' Republicans in Congress either do not understand how bond markets work or they prefer to lie publicly and mislead their constituents."Nancy Cadet, Fort Greene Brooklyn

• “We always have enough money to pay our debt service,” said Mr. Burr, who pointed to a stream of tax revenue flowing into the Treasury as he shrugged off fears of a cascading financial crisis. “You’ve had the federal government out of work for close to two weeks; that’s about $24 billion a month. Every month, you have enough saved in salaries alone that you’re covering three-fifths, four-fifths of the total debt service, about $35 billion a month. That’s manageable for some time.”

As President Obama steps up his declarations about the dire consequences of not raising the debt limit, increasing numbers of Congressional Republicans are disputing that forecast, as well as the timing of when the Treasury might run out of money and the implications of a default, further complicating the negotiating situation for both Mr. Obama and Speaker John A. Boehner, who must find a way out of the impasse.
Both men were counting on the prospect of a global economic meltdown to help pull restive Republicans into line. On Wall Street, among business leaders and in a vast majority of university economics departments, the threat of significant instability resulting from a debt default is not in question. But a lot of Republicans simply do not believe it.

 

[manolete]

How Capitalists destroy a nation ,its people and its future.
Many in G.O.P. Offer Theory: Default Wouldn’t Be That Bad

By JONATHAN WEISMAN
Published: October 8, 2013 1967 Comments

WASHINGTON — Senator Richard Burr, Republican of North Carolina, a reliable friend of business on Capitol Hill and no one’s idea of a bomb thrower, isn’t buying the apocalyptic warnings that a default on United States government debt would lead to a global economic cataclysm.
Enlarge This Image
Stephen Crowley/The New York Times
Senator Richard Burr
Enlarge This Image
Mark Wilson/Getty Images
“It really is irresponsible of the president to try to scare the markets,” said Senator Rand Paul, Republican of Kentucky.
Enlarge This Image
Christopher Gregory/The New York Times
“There’s no way to default on Oct. 17. We will have enough money to make interest payments," said Representative Justin Amash, Republican of Michigan.
Enlarge This Image
Drew Angerer/Getty Images
"There are a lot of things that are going to affect our economy,” said Representative Paul Broun, Republican of Georgia. “The greatest threat right now is Obamacare."
Readers’ Comments
"These 'not worried about default' Republicans in Congress either do not understand how bond markets work or they prefer to lie publicly and mislead their constituents."Nancy Cadet, Fort Greene Brooklyn

• “We always have enough money to pay our debt service,” said Mr. Burr, who pointed to a stream of tax revenue flowing into the Treasury as he shrugged off fears of a cascading financial crisis. “You’ve had the federal government out of work for close to two weeks; that’s about $24 billion a month. Every month, you have enough saved in salaries alone that you’re covering three-fifths, four-fifths of the total debt service, about $35 billion a month. That’s manageable for some time.”

As President Obama steps up his declarations about the dire consequences of not raising the debt limit, increasing numbers of Congressional Republicans are disputing that forecast, as well as the timing of when the Treasury might run out of money and the implications of a default, further complicating the negotiating situation for both Mr. Obama and Speaker John A. Boehner, who must find a way out of the impasse.
Both men were counting on the prospect of a global economic meltdown to help pull restive Republicans into line. On Wall Street, among business leaders and in a vast majority of university economics departments, the threat of significant instability resulting from a debt default is not in question. But a lot of Republicans simply do not believe it.

This clearly shows how little these political criminals care for the American people.

 

[dogtowner]

So the article suggests that there would be no default yet you bemoan it ? Eere you going to argue that default is unavoidable or just assume it ?