Friday, July 29, 2011

Debt limit diary.

I think a survival skill is knowing when to panic.

I always wonder how many people in the Twin Towers had the instinct to run, but were convinced by others to "remain calm."

I don't think I panic easily. Y2K looked pretty phony, for instance.

But my feeling about the debt crisis is that, to use to cliche "If you play with fire, you'll get burned."

Tell me we haven't been playing with fire.

I'm writing this on Wednesday, the 27th, with the assumption that some half-assed, halfway measure will pass.

But I also think there is a chance -- that nothing will get passed.

Hey, playing Russian Roulette isn't my idea of a smart thing to do.



I got into a political discussion at the store, which I try to avoid. I avoid politics not because I don't care, but because I get too heated. If you'll notice, I've tried to keep political slants out of this post, except for the basic idea that I think NOT passing the debt limit would probably be a mistake.

But from the mild reaction from the stock market, you have to wonder.

It's probably all kabuki theater. I'm not saying anything new here, just observing from the outside.


O.K. It is now Friday morning, and the Republicans can't summon enough votes.

I'm still going to assume that something will pass, and it will be consolidated with the Reid plan and passed with Democratic and a few Republicans who are willing to risk their career.

Stock market is stable. Down just a little every day. A little hedging, but nothing much.


Friday afternoon. Obviously they've decided to hold off on the vote until after the stock market closes. Which doesn't inspire confidence...


H. Bruce Miller said...

"Obviously they've decided to hold off on the vote until after the stock market closes. Which doesn't inspire confidence..."

If they don't have something worked out by the time the markets open Monday morning, or at least appear to have made substantial progress, there's gonna be a real shitstorm.

The problem is the Republican "leaders" have lost control of the fanatics in the party. The loonies have completely taken over the asylum. I wonder how the voters will feel about the Republican Party if its Teabagger faction manages to bring on Great Depression II by throwing a temper tantrum in Congress. The 'Baggers are betting they can blame it all on Obama, but I'm not sure they'll be able to get away with that. Obama's approval rating for handling this crisis is not high, but Congress's rating is so low it's invisible to the naked eye.

Duncan McGeary said...

I still think they'll come up with something...


no doubt....

Anonymous said...

tea-baggers are what is making the senators and good-old boyz go crazy,

Forever the us government is been about doing as they wish, ...

now there are fresh faces in congress that are challenging the good old boyz,

its amazing that HBM continues to defend the status quo,... for what?

Anonymous said...

default the dollar
flush the toilet

start over

end the foreign wars ...

means test welfare

get nazis off the back of small biz

force the 4th estate to get a real job, ... re-education camps come to mind, per mao

Anonymous said...

'think they'll come up with something'

Same something the last 75 times the ceiling was raised. They call it 'back-loaded' which means that the cut's never come, but the borrowing starts today. The debt rises, because of 'reserve-currency' status ONLY the USA can simply print more money to cover the debt, ... then toss in QEn and make the printed money worthless, ...

I have always said, it only works when you have army's all over the world, gun's to the head of the world, ... nukes to the head in this case.

The problem is the world is sick of USA NAZI occupation.

US citizens such as dunc and hbm, want the status quo to continue, cuz it supports their lives, ... but at what expense? The deaths of millions of children every year so hbm can get his BULL retirement check, and dunc can sell comics that people on welfare.

It's all going down, because the rest of the world hates US hypocrisy.

H. Bruce Miller said...

"means test welfare"

Ummm, it already is means-tested. Do you think anybody can just walk into the welfare office and get a check?

But yesterday I put a sign on my desk daying I WILL NOT ARGUE WITH STUPID PEOPLE, so I think I'd better take my own advice and stop here.