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Reply #81: I don't know where this rich will suffer meme got started, do you have a source? [View All]

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A Simple Game Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-18-11 06:10 PM
Response to Reply #7
81. I don't know where this rich will suffer meme got started, do you have a source?
In my opinion the rich may suffer (very little) short term.

One of the consequences of defaulting is that interest rates, including government bond rates, will go up significantly. When the debt ceiling is raised, and it will be eventually, the government will have to pay much higher interest rates on it's bonds. When the rich, who own a lot of our debt, cash in their low interest bonds, they will then buy high interest bonds. Short term problem solved.

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