Government shutdown

What would you like to happen?

Comment by Gallup's Mirror on October 5, 2013 at 9:15am

Restart in Constitution Mode.

And get rid of Windows while you're at it.

Comment by SteveInCO on October 5, 2013 at 9:48am

I will (probably to GM's great surprise) also go with "Restart in Constitution Mode"

I seriously doubt he and I will agree much on what that means, except as regards the first amendment.

Comment by Gallup's Mirror on October 5, 2013 at 10:10am

Looking beyond October 17, 2013, the Republican shutdown is the least of our problems.

Here is a sample of what the "full faith and credit of the United States of America" looks like: Uncle Sam currently is able to borrow at virtually zero percent interest. The low point on the line at the end of 2008 shows where T-bills actually dropped to a negative interest rate as investors grabbed them and put their money into "the safest instrument known to mankind": Treasury bills backed by the US government.

If the Republicans force a default on the US debt in their attempt to shut down ObamaCare it means T-bills will not be paid back on time. Imagine what will happen to the interest rate and attractiveness of T-bills going forward from that point.

I doubt Boehner will allow a default and send an enraged Wall Street into the arms of the Democrats. If he does, I think Obama will have enough political capital to ignore the debt ceiling. After that, who knows? Maybe while it drags through the courts the 2014 elections come along and with the backing of Wall Street the Democrats sweep the Republicans out of power. 

it

Comment by Warren on October 5, 2013 at 12:18pm

As to raising the debt limit (IMO)

Comment by ɐuɐz ǝllǝıuɐp on October 5, 2013 at 12:20pm

Reformat System !

Comment by SteveInCO on October 5, 2013 at 12:50pm

GM highlights a very important issue there.

If the interest rate on the federal debt should go up for whatever reason, we have a real problem on our hands.

Comment by Gallup's Mirror on October 5, 2013 at 1:19pm

The analogy comparing the US to a household with a credit card: deficit hysteria. The more pressing problem is lingering mass unemployment caused by the Bush recession. If the couple in the cartoon above could borrow like the US can-- at essentially 0% without limit-- but both were unemployed, the solution isn't to stop paying the bills, sell the house, and become transients, it's to get jobs and pay the bills.

The analogy fails for that reason: the US is millions of households. My spending is your income. Your spending is my income. If both we're unemployed, we both stop spending. Tax revenues fall. Incomes fall. More people lose jobs as we all try to underspend each other. That's a recession. Spending IS the economy. You can't cut your way out of a recession, you can only grow your way out: keynesian economics.

GM highlights a very important issue there. If the interest rate on the federal debt should go up for whatever reason, we have a real problem on our hands.

We will, but not for the reason you might think.

Comment by H3xx on October 5, 2013 at 10:20pm

I will (probably to GM's great surprise) also go with "Restart in Constitution Mode"

I seriously doubt he and I will agree much on what that means, except as regards the first amendment.

We can sit down with a copy and talk it through.

Comment by Gallup's Mirror on October 5, 2013 at 10:34pm

I mainly had in mind the full restoration of the 4th amendment in the aftermath of the NSA spying scandal.

Comment by SteveInCO on October 5, 2013 at 11:48pm

I mainly had in mind the full restoration of the 4th amendment in the aftermath of the NSA spying scandal.

I will go along with that!

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