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LiberalLoner

(9,760 posts)
Fri Oct 4, 2013, 03:25 PM Oct 2013

Peter Morici on the Cycle saying it is fine to not raise the debt ceiling

That it would not be default on debt, that we could easily prioritize payments, no biggie.

Another right winger on Morning Schmoe was pushing the same meme.

I wonder if they are planning on not raising the debt ceiling?

9 replies = new reply since forum marked as read
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Peter Morici on the Cycle saying it is fine to not raise the debt ceiling (Original Post) LiberalLoner Oct 2013 OP
"prioritizing payments" means "selective default" unblock Oct 2013 #1
Particularly when it comes to how we look in front of the rest of the world el_bryanto Oct 2013 #3
Boy, these people are dangerously irresponsible! ananda Oct 2013 #2
I don't think they have a clue on what their end game is at this time. maddezmom Oct 2013 #4
According To This... They Are... WillyT Oct 2013 #5
So they want SSI checks to be canceled? Politicalboi Oct 2013 #6
Rand Paul was spewing this…. chowder66 Oct 2013 #7
Thank you for this. I think this is what they want, complete chaos. LiberalLoner Oct 2013 #8
You're welcome. I think chowder66 Oct 2013 #9

unblock

(51,920 posts)
1. "prioritizing payments" means "selective default"
Fri Oct 4, 2013, 03:31 PM
Oct 2013

if he thinks this is a good idea, can we put teabagger congresscritter paychecks at the bottom of the priority list?

having the federal government default on its obligations is not a good idea, period.

yes, if we have to default, we can do ourselves less damage if we are smart as do how we actually do default, but it's far better to not default, period.

el_bryanto

(11,804 posts)
3. Particularly when it comes to how we look in front of the rest of the world
Fri Oct 4, 2013, 03:35 PM
Oct 2013

We've already borrowed and spent the money; this makes us voluntary deadbeats.

Bryant

maddezmom

(135,060 posts)
4. I don't think they have a clue on what their end game is at this time.
Fri Oct 4, 2013, 03:35 PM
Oct 2013

But getting sick of all the RW'ers pushing it as a fine idea.

 

Politicalboi

(15,189 posts)
6. So they want SSI checks to be canceled?
Fri Oct 4, 2013, 03:43 PM
Oct 2013

Really???? I know they hate SSI, but to have people go cold turkey without ANY notice IS crazy.

chowder66

(8,999 posts)
7. Rand Paul was spewing this….
Fri Oct 4, 2013, 03:50 PM
Oct 2013

There is a clip of him in relation to the transcript below.

Partial transcript from a segment on Rachel Maddow

Ezra Klein speaking….

"if you default on the debt, the government has a payment system , right? that's how we put out our checks as a country and it sends out hundreds of millions of dollars of checks a year. and it's not like somebody in treasury is cutting each one. there's a computer and the only thing the computer is built to do is pay the checks on time. there isn't an option in the payment software, to begin to pay some of them and not others. so i spoke to mark paterson , a chief of staff at treasury in 2009 , '10, and '11 and one of the things he said is, we have no way to do that. we looked at this back in 2011 , and we can do our best, but the likelihood we can make distinctions between payments so we never miss a payment to our interest holders is nuts. and imagine that you are doing that, so you're now saying to the american people , we are paying chinese bond holders but not paying social security recipients. we are paying wall street , but we are not paying out medicare claims. it would be complete chaos domestically too. and the idea that wall street and investors are going to look at us and say, oh, yeah, these are great, we can totally trust them, they're not doing anything at all is ridiculous."

http://video.msnbc.msn.com/rachel-maddow/53181604#53181604

chowder66

(8,999 posts)
9. You're welcome. I think
Fri Oct 4, 2013, 04:03 PM
Oct 2013

that either they know this or they don't (those who are putting this b.s. out there).
And I'm guessing they really don't know, which is dangerous either way.

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