Wall Street Pleads With GOP To Put The Debt Ceiling Gun Down

[True_Blue]

Source: HuffingtonPost

A former GOP governor and major voice for Wall Street minced no words on Friday about the repercussions the United States would face for defying the debt ceiling.

In a Washington Post op-ed, President & CEO of the American Bankers Association Frank Keating expressed how grave a decision it would be for Congress to default on its nearly $17 trillion in debt.

"Using the debt ceiling as leverage in the deficit debate is unwise and dangerous," Keating wrote. "Citizens nationwide are frustrated with the political stalemate in Washington. But our nation’s financial integrity should not be used as a bargaining chip."

In his role at the ABA, Keating leads the 135-year-old association, speaking for banks of all sizes and charters in the $13 trillion industry. Additionally, Keating has served on the Bipartisan Policy Center's Debt Reduction Task Force -- a group of former cabinet members, officials and other sources from both parties that made recommendations for reducing the U.S.' fiscal troubles.

Read more: http://www.huffingtonpost.com/2013/09/28/frank-keating-debt-ceiling_n_4008900.html

[YoungDemCA]

1. The plutocrats are trying to put the far-right genie back in the bottle

But it's too late for that, I think.

[leftynyc]

7. They've lost control

of their Frankenstein. They didn't expect it to go out and terrorize the village.

[busterbrown]

2. Rethug Response

Your either with us or against us..
In other words they could give a shit what anyone says..

As a matter of fact they would love the end game to be... a scenario which would include all of them ending up in their homemade bunkers along with their families.. Well stocked with Gold and Guns and God...

[cosmicone]

3. Is this Keating the same

as from the infamous "Keating 5" senators who were at the heart of the S&L scandal in 1990?

[HuskiesHowls]

11. No, that was Charles Keating, Jr.

The "Keating 5", led by none other than John McCain, were senators who wanted to stop the investigations into his actions, that cost 3.4 Billion dollars in 1989, when a billion dollars was a BIG bunch of money!!

[freshwest]

23. Thank you. Just the last name gives me nausea. And McCain, projectile vomiting.

[alp227]

12. No, Charles Keating wasn't a senator he just was the banker.

Frank Keating is a Republican and former governor of Oklahoma.

[AlbertCat]

4. Can't someone DO something?

Can't DoJ sue the people who come up with this idea. The Congress' job is to create legislation. They have tried repeatedly to repeal the ACA in the proper legislative manor spelled out by the Constitution and the rules of Congress, and failed every time. So they are now trying to circumnavigate the legislative process they are not only sworn to do, but that is their ONLY job..... and has clearly proved the ACA IS law and will remain so. It would go to the Judicial branch and tho' no one would be fined or go to jail or anything, they could make a ruling on this kind of tactic. I don't think even the Corporate owned Supremes' masters would let them make this hostage crap precedent.

[golfguru]

5. Rich Rethugs with huge stock holdings

are nervous! screw them!

[sendero]

19. Exactly..

... they are the ones who CREATED this libertarian-crazy pack of shits. I'm looking forward to seeing it all blow up in their faces.

[Duppers]

25. The problem is that defaulting on the debt will hurt ALL of us!

Just the Republicans’ Shutdown, according to Bloomberg News, is costing the American economy:
$12.5 million per hour
$300 million per day

What the Government Default Might Mean For YOU:
http://abcnews.go.com/m/story?id=14047647

We can’t afford to default on the debt -
Beyond the enormous cost to taxpayers, even the slightest uptick in Treasury interest rates would cascade through the economy. Default would be a blow to retirement funds, leaving fewer resources available for retirees; it would mean job losses, price increases, fewer resources available for mortgages, business, auto loans, credit card, and student loans.


And did you see this thread Kpete posted about the Shutdown:
'Every Single 1 Of You Opposed To Obamacare & Supporting Shutdown---You Are Attacking MY Family'
http://www.democraticunderground.com/10023770664

[golfguru]

26. That is pure humbug!

The dollars that are NOT being spent by the government are staying in the pockets of Americans who will spend them just as quickly. I am sure you are well aware Americans do not save much.

[Duppers]

27. are you not reading DU & news?

Perhaps you're on the wrong site??

Tea-Party Repubs say these things.

You should tell that to the 800,000 federal employees not able to work and be paid now, including the one in this household!!!

[golfguru]

28. Federal employees ALWAYS get full back pay

Don't even worry. I am assuming you had the foresight to save a couple of months expenses.

Please explain why spending by one group is better than another group. Whatever money does not enter one group's pockets remains in another group's pockets. Laws of mathematics have not been repudiated afaik.

[pscot]

6. reducing the U.S.' fiscal troubles would be much easier

if we could just put the teapublicans in straight jackets and lock them in a rubber room.

[Kablooie]

8. The Golem will do what the Golem will do. No use crying about it.

[durablend]

9. They're going to insist WE concede

Watch for it!

[kiranon]

20. Rep. Issa did just that when he told a reporter 3x "How dare you" when the

reporter "dared" to question Issa about the Repugs bill not passing the Senate if they sent it back with conditions. Issa took the "moral high ground" about the President and the others in Congress not willing to compromise, ya da ya da. Nice try but it won't work. The Tea Party Repugs are bullies. It has worked in the past and I hope to high ground it does not work now.

[Snake Plissken]

10. You'd figure Wall St would have learned their lesson the first time around

Using the taliban to fight your battles never ends too well

[PSPS]

13. "the political stalemate in Washington"

"Citizens nationwide are frustrated with the political stalemate in Washington. But our nation’s financial integrity should not be used as a bargaining chip."

It's hard for me to take anyone seriously who says this because it implies "both sides are to blame." All of this nonsense is is due to The Romper Room calling the shots in the house.

[Dyedinthewoolliberal]

14. Maybe the R's in the House

Need to be threatened with impeachment!

[Javaman]

15. GOP strategy: One more step and I take out the whole room, starting with myself! nt

[Snake Plissken]

18. And their strategy works flawlessly

because everyone in the room is fully aware that they're the craziest one in the room.

Before 9/11 nobody thought someone would hijack a plane to slam it into a building.

Now everyone knows what lengths radical extremists will go to when driven by mythology.

[AlbertCat]

24. Before 9/11 nobody thought someone would hijack a plane to slam it into a building.

This is not true.

Only Bushco thought that.


Or did they?

[summerschild]

16. I've read that Wall Street and the usual players like the Chamber of Commerce don't have control

of the monster now. Instead, it's Heritage, Jim DeMint the front runner, Koch Brothers, etc, and those types of money bags. That makes it much scarier to me, because they have all the money in the world and they don't even have to be rational about what they do to the country. Look what Adelson was prepared to spend to own his players in the last election. This is a crowd of evil f....rs.

It's mind boggling to think a whole nation full of working schmucks can sit here with everything they have at risk again because of this selfish hate mongering crowd is willing to push us all off the cliff because they hate the black guy. It makes you wonder if they are all wealthy. My story's no worse than any others and better off than many, I'm sure - but I retired after working 43 years - not a big amount of anything, widowed, and straining to try to get my granddaughter through college (daughter is disabled). I'm seventy now and don't have the time, money or strength to start over.

I heard somebody say how many times do the Republicans have to threaten to burn the house down before we know they really ARE arsonists?? I really get upset, then just incredibly blue.

[gordianot]

17. Just another bad investment made by Wall Street remember these idots caused the crash in 2008.

All that money and support of Romney the tool and Tea Party radicals in 2012 will bite them and the rest of us hard in spite of a major loss. The remnants in the House are bitter and are willing to exact revenge even if it destroys those who financed them.

[blkmusclmachine]

21. Suuuure they do.

[DeSwiss]

22. You broke it, you bought it.

Don't come complaining now.

- They're all yours.

K&R

[center]
[/center]