Maybe, maybe not. I’m wondering, does the commentor believe a “reckoning” will benefit the GOP?

It’s not about politics. It’s about math.

Parker says that the Senate should force Obama to sell gold or other resources to cover the income shortfall. It won’t happen because the dems control the Senate. Nice idea, but it won’t happen. At some point sales of property and gold might become a sound strategy for getting the country back on its feet. But that is an discussion for another day.

I own gold and silver and the Swiss Frank as hedges against a possible default. I think that is a sound position at this time. If the ceiling is raised with no substantial cutbacks in spending, it is, IMO, still a good place to be.

I still think McConnell is smart to let Obama do as he will at this point. Putting Obama in the spotlight buy forcing him to reveal his plans (More spending with no real cuts, which I believe will not be acceptable to a majority of Americans.) and let the Republicans make it clear that they disapprove of his plans. This puts all the responsibility on Obama and the dems. I think it will sink Obama even more. His approval ratings are pretty darn low right now.

Aren’t they the very idiots who were disastrously wrong on the last financial crisis?

Did someone elect Moody’s to decide the economic fate of America?

They have no power to raise anything unless we tell them. They are not the US treasury. They are not the Fed. They are not the full faith and credit of America.

Economics seems to me to be a pseudo-science like all the rest of the “social sciences,” and prone to bias inherent in the various economists’ personal viewpoints. Depression, recession, whatever, if the GOP-controlled House does not raise the debt ceiling the state of the economy afterwards will be blamed on the GOP.

It needs to happen. The longer we put off the reckoning, the worse it will be.

Maybe, maybe not. I’m wondering, does the commentor believe a “reckoning” will benefit the GOP?

The commentor is under the illusion that the GOP can accept the situation or reject it as it wishes. The reality is that if the debt ceiling is not raised the GOP will be blamed for anything bad about the economy thereafter and will then own the economy in the minds of a considerable portion of the electorate.

Let them sell this little marxist [Obama] as the victim of the mean people who demand the out of control spending cease [refused to compromise].

There, fixed that up for the commentor.

It won’t work. He’ll lose by the biggest landslide in modern history.

Oh, it’ll work alright. It worked before in the 1995/1996 government shutdown. As for “landslide,” it was Bill Clinton who won in 1996 by … wait for it … a landslide.

the debt limit will not be raised, default will happen, all the financial perturbations by a previous commentor will occur and the GOP will then own the economy lock, stock and barrel going into next year’s election.””
Grackle

I can’t say i subscribe to the theory of avoiding to do the right thing because of how it will get spun by the media. You can’t ever win by accepting the premise of a heads i win tails you lose game. Let them sell this little marxist as the victim of the mean people who demand the out of control spending cease. It won’t work. He’ll lose by the biggest landslide in modern history.

In other words, it would force the government to live within its means, and acknowledge that we are in a depression right now, not a mere recession.

It needs to happen. The longer we put off the reckoning, the worse it will be.”

The political class, with the support of a slim majority of voters, will continue to kick the can and the inevitable contraction will be somewhere in the 30-50% range.

Nope. I’m going to tell you why you are right. Not all the market stuff, of which I know little about except for the gold. It’s about the political aspects.

On one side is the GOP-controlled House. On the other side is the Democrat-controlled Senate, the Whitehouse and the MSM. It’s 3 against 1 and the larger force is going to win. So I think the GOP is going to lose this round. There are no good options for the GOP.

The GOP will either accept a deal of Obama’s choosing, which will give him cover on the economy during next year’s election and also stands a good chance to alienate much of the GOP base

or

the debt limit will not be raised, default will happen, all the financial perturbations by a previous commentor will occur and the GOP will then own the economy lock, stock and barrel going into next year’s election.

And the economy WILL be bad, thanks largely to Obama’s policies. I believe Obama will go for the throat: no deal, no debt ceiling raised and the default. I notice that he walked out of the negotiations today. He’ll do anything he can to assure that no deal is reached. Why? Because it almost assures his re-election. It’s the very best option for him.

And a sizeable portion of conservative voters will be so bitterly disappointed that they will not support the GOP and will stay away from the polls. Just as they did in the last Presidential election when McCain won the nomination. Many of them have spent some of the intervening time justifying their behavior by the tortuous logic of claiming McCain would have been as “bad as Obama.” I know — because I have spent a considerable amount of time debating them on this blog and elsewhere about their lack of fortitude back when the going got tough.

The going is going to get tough again. There is a slightly different cast of characters this time. The Tea Party did not exist until after Obama was elected. I fervently hope these new kids on the block have more backbone.

When Pelosi lost the House there was no real lowering of her status among the Democrats. She remains their honored leader. They seem to recognize that she did the best she could for them and that their loss of the House was due to factors mostly beyond her control. I wonder what will happen to Boehner? Will he be sacked after his drubbing by Obama? I see nothing that Boehner could have done to prevent the looming fiasco. This was all foreordained by the 3 to 1 odds I mentioned previously. We’ll see.