““The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.” Ronald Reagan
Let me try and get this straight. If is bad for a person to default on their bills. Once upon a time, in England, a person would go to the Fleet, a prison for debtors. Conservatives constantly stress the value of paying one’s bills, not getting into debt, and when you do, being responsible. Conservative talking heads and pundits always make fun of those who consider going bankrupt. They’re considered free-loaders.
If you default on your credit cards, you ruin your credit rating.
The far right & tea party losertarians are always telling people we need to pay our bills, balance our budget, and quit spending, and act like American citizens who must live by those same rules.
Why then, are they demanding we not raise the debt ceiling and default?
The Pink Flamingo is just curious.
In other words, the far right and libertarian tea party losers don’t think they need to live by the same standards they preach that we the people should practice.
It is rather curious, isn’t it?
The Pink Flamingo has been wondering, for ages, why the far right and the tea party “patriots” have dumped Reagan. I guess that’s simple. He would never advocate what they are doing, then Reagan was an responsible grown up. The problem with the new “Purists” is they don’t quite act like adults, more like petulant and spoiled children.
“...House Speaker John Boehner (R-Ohio) has said it would be “irresponsible” not to raise the debt ceiling. But he, too, has criticized “those who insist we shouldn’t ‘play games’ with it,” according to remarks he made to the Economic Club of New York last week. “Others have gone further,” he said. “One prominent figure even went so far as to say ‘the people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists,’” referring to a Bloomberg Television interview with former Bush Treasury Secretary Paul O’Neill.
The 1983 letter was not the only time that Reagan warned of what could happen if lawmakers did not raise the debt ceiling. In a 1987 radio address during another such clash with Congress, Reagan wrote that “Congress consistently brings the government to the edge of default before facing its responsibility. This brinksmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar.”
His language is remarkably similar to that used by Geithner in his letters to Congress.
Republicans are not the first to make the issue a political cause. When he was a senator, President Obama voted against raising the debt limit during the George W. Bush administration. There was no risk then, however, that the government would not get more borrowing authority. Obama recently said that his vote was a mistake….”
Reagan really does make these people look bad. Maybe that’s why they’ve thrown him under the bus.
The tea parties like to wax poetic about Jefferson, but his ideas for the economy were disaster. They are the roots of today’s libertarian mess.
Or are they doing this because there could be staggering political consequences for Obama?
Okay, I get it.
It is perfectly acceptable for libertarians and tea party types to demand we default as a nation. I get it. They don’t think much about the full faith and all that of the United States. It is more about their hatred of all things Republican. Yea, it makes perfect sense to me.
For the tea party types, it is not about what is best for the country, but what is the best way to forward their very perverse agenda.