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Fri Oct 4, 2013, 03:25 PM

Peter Morici on the Cycle saying it is fine to not raise the debt ceiling

That it would not be default on debt, that we could easily prioritize payments, no biggie.

Another right winger on Morning Schmoe was pushing the same meme.

I wonder if they are planning on not raising the debt ceiling?

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Reply Peter Morici on the Cycle saying it is fine to not raise the debt ceiling (Original post)
LiberalLoner Oct 2013 OP
unblock Oct 2013 #1
el_bryanto Oct 2013 #3
ananda Oct 2013 #2
maddezmom Oct 2013 #4
WillyT Oct 2013 #5
Politicalboi Oct 2013 #6
chowder66 Oct 2013 #7
LiberalLoner Oct 2013 #8
chowder66 Oct 2013 #9

Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:31 PM

1. "prioritizing payments" means "selective default"

if he thinks this is a good idea, can we put teabagger congresscritter paychecks at the bottom of the priority list?

having the federal government default on its obligations is not a good idea, period.

yes, if we have to default, we can do ourselves less damage if we are smart as do how we actually do default, but it's far better to not default, period.

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Response to unblock (Reply #1)

Fri Oct 4, 2013, 03:35 PM

3. Particularly when it comes to how we look in front of the rest of the world

We've already borrowed and spent the money; this makes us voluntary deadbeats.

Bryant

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Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:34 PM

2. Boy, these people are dangerously irresponsible!

..

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Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:35 PM

4. I don't think they have a clue on what their end game is at this time.

But getting sick of all the RW'ers pushing it as a fine idea.

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Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:40 PM

5. According To This... They Are...

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Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:43 PM

6. So they want SSI checks to be canceled?

Really???? I know they hate SSI, but to have people go cold turkey without ANY notice IS crazy.

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Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:50 PM

7. Rand Paul was spewing this….

There is a clip of him in relation to the transcript below.

Partial transcript from a segment on Rachel Maddow

Ezra Klein speaking….

"if you default on the debt, the government has a payment system , right? that's how we put out our checks as a country and it sends out hundreds of millions of dollars of checks a year. and it's not like somebody in treasury is cutting each one. there's a computer and the only thing the computer is built to do is pay the checks on time. there isn't an option in the payment software, to begin to pay some of them and not others. so i spoke to mark paterson , a chief of staff at treasury in 2009 , '10, and '11 and one of the things he said is, we have no way to do that. we looked at this back in 2011 , and we can do our best, but the likelihood we can make distinctions between payments so we never miss a payment to our interest holders is nuts. and imagine that you are doing that, so you're now saying to the american people , we are paying chinese bond holders but not paying social security recipients. we are paying wall street , but we are not paying out medicare claims. it would be complete chaos domestically too. and the idea that wall street and investors are going to look at us and say, oh, yeah, these are great, we can totally trust them, they're not doing anything at all is ridiculous."

http://video.msnbc.msn.com/rachel-maddow/53181604#53181604

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Response to chowder66 (Reply #7)

Fri Oct 4, 2013, 03:56 PM

8. Thank you for this. I think this is what they want, complete chaos.

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Response to LiberalLoner (Reply #8)

Fri Oct 4, 2013, 04:03 PM

9. You're welcome. I think

that either they know this or they don't (those who are putting this b.s. out there).
And I'm guessing they really don't know, which is dangerous either way.

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