StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between



John Boehner, Saboteur

31 May 2012
Posted by Stan Collender

There are two money quotes in a column by Betsey Stevenson and Justin Wolfers on Bloomberg about the extreme debt ceiling threat House Speaker John Boehner (R-OH) unilaterally decided to issue a few weeks (ht Mark Thoma):

High-frequency data on consumer confidence from the research company Gallup, based on surveys of 500 Americans daily, provide a good picture of the (previous) debt-ceiling debate’s impact (see chart). Confidence began falling right around May 11, when Boehner first announced he would not support increasing the debt limit. It went into freefall as the political stalemate worsened through July. Over the entire episode, confidence declined more than it did following the collapse of Lehman Brothers Holdings Inc. in 2008. After July 31, when the deal to break the impasse was announced, consumer confidence stabilized and began a long, slow climb that brought it back to its starting point almost a year later.

****

All told, the data tell us that a debt-ceiling standoff is an act of economic sabotage.

So just threatening another fight over the debt ceiling as Boehner does definite and almost immediate harm to the U.S. economy. As I said when Boehner announced that he again was going to hold the debt ceiling hostage, the threat would be reckless if it came from someone in the rank and file. But, at a minimum, it's totally irresponsible when it comes from the speaker of the House or Representatives, the person who according to the U.S. Constitution is second in line behind the vice president to become the president.

Given the damage to the economy Stevenson and Wolfers cite in their column, does anyone wonder how long it would take for someone on Capital Hill to be calling for a president's impeachment if he or she threatened to use the debt ceiling as Boehner is now doing?

The republicans are

The republicans are america-hating filth who gleefully destroy this country so long as it suits their plutocrat backers. As I see it, the difference between the Democratic and Republican parties right now is the following: Both are--of course--beholden to plutocrats. The electoral base of the Democratic Party is decent people who just want to see the country succeed and for everyone to have an opportunity at happiness and prosperity. The electoral base of the Republican Party is neo-confederate racist christian-theocrat scum who will vote over and over and over against their own economic interests, so long as they can be convinced that non-whites and non-christians are gonna get screwed even worse.


I know this sounds like a

I know this sounds like a broken record, because it is, but IOKIYAR. Damn liberal media.


Need to call it what it is

We need to call this what it is, which is treason. Here is part of Webster's definition of treason:

the betrayal of a trust or confidence; breach of faith; treachery.

All of our congressmen work for us, we have trust and confidence that they will try to make America better. This is a breach of that trust and should be called by its proper name.




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