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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Peter Morici on the Cycle... » Reply #7

Response to LiberalLoner (Original post)

Fri Oct 4, 2013, 03:50 PM

7. Rand Paul was spewing this….

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

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