House Republicans squander their leverage & jam themselves - again. http://washingtonexaminer.com/house-gop-became-own-worst-enemy-in-battle-over-spending-and-debt/article/2537307 …
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@DavidMDrucker It's not rocket science. The Revs surpass Debt Service 10:1...and then there's the fact the the Fed holds $2 Trillion. -
@Jstoner64 Let's assume you're right. Because I'm fine w/ that: Then there is no leverage on the debt ceiling to negotiate anything. -
@DavidMDrucker the White House's leverage was in fear mongering. The House would have been wise to dispel & slow the pace. -
@Jstoner64 OK. But my point is, if the default is a myth then no reason for Obama to ever give them anything to raise it. -
@DavidMDrucker that's exactly what he gave them, nothing. But they should have known that and held out. They caved over fear of perception. -
@Jstoner64 perception is reality & they were getting pummeled in the polls. They were losing & would have lost worse. -
@DavidMDrucker tomato tomaaato....btw, who are the Senate Rs known to be in Ys? -
@Jstoner64 ha! enjoyed the debate. So, I expect a decent number of yes votes, but not sure yet total. Looking into.
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@DavidMDrucker and markets never showed real fear of default. CDS showed concern but not at default level, some bills were sold, no panic. -
@Jstoner64 Fair enough. We're not going to agree on this … But I still say, if default is a myth there's no leverage to negotiate anything
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@DavidMDrucker I actually have among the firmest grasps of Govt financing...public Debt in particular. The numbers are plain and simple. -
@Jstoner64 Didn't suggest you didn't. My point is, markets markets. If the U.S. can't borrow, that's a problem.
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