My take on the probability of US Government default.
First, we have this: “We’re not going to be disrespected,” conservative Rep. Marlin Stutzman, R-Ind., added. “We have to get something out of this. And I don’t know what that even is.”
Which has to be considered one of the most counterproductive and muddled statements I've ever witnessed.
Follow it up with Boehner's problem: "They are only trying ( Read more... )
Which has to be considered one of the most counterproductive and muddled statements I've ever witnessed.
Follow it up with Boehner's problem: "They are only trying ( Read more... )
http://www.washingtonpost.com/blogs/plum-line/wp/2013/10/09/the-morning-plum-a-clarifying-moment-of-washington-dysfunction/?print=1
http://dyn.politico.com/printstory.cfm?uuid=B06E60A0-8DF3-42AD-9894-5BB98C816456
A basic primer on what is likely to happen in a default:
http://economix.blogs.nytimes.com/2013/10/08/when-the-treasury-runs-out-of-cash/?_r=0
Why one of the prime reasons cited that a default might not be a disaster is bogus:
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/10/07/if-we-hit-the-debt-ceiling-can-obama-choose-which-bills-to-pay-2/?print=1
The US did accidentally default in 1979. The cost? About 100 times what wasn't paid.
http://www.ibtimes.com/debt-ceiling-2013-lessons-last-time-us-defaulted-1410778
http://dmarron.com/2011/05/26/the-day-the-united-states-defaulted-on-treasury-bills/
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