The NRPS Crowd Are Going To Do It
Via Steve Bates, Paul Krugman on the The Boehner Bunglers. At the CBC Neil Macdonald offers Republicans twerking for the cameras like Miley Cyrus.
The ‘lemmings’ are going over the cliff, and if they survive they will set off their ‘suicide vests’.
Congresscritters like Joe Barton (R-TX) talk about prioritizing payments and paying the interest on bonds. He says it’s like paying your mortgage and putting off other bills if you are short. He obviously has never been in that position or he would know that if a family does that, they have defaulted on their obligations and are in a world of financial hurt. Just paying something late can reduce your credit rating and cause credit card companies to increase your interest rate and minimum payment. Depending on the terms of your mortgage, making the payment may not prevent default. If you have your homeowners’ insurance policy cancelled for non-payment, or you don’t pay your property taxes, the mortgage is usually considered in default.
If the US government doesn’t pay all of its bills when they are due, the government is in default. The world markets will tank, the US economy will tank – we will be facing full-blown Depression, probably worse than 2008, because no one will buy US bonds to finance a recovery.
October 9, 2013 2 Comments
