Okay, banksters, let's call a temporary truce: We'll stop calling you sociopathic bloodsucking hell monsters for a few weeks, if you can just get Speaker John Boehner to stop using the impending debt ceiling vote as leverage to cut basically every entitlement program. We're all in this together against the dingbats who don't understand that failing to raise the debt ceiling means Global Apocalypse, not "tightening our belts" or whatever other homey metaphor that doesn't apply to macroeconomic reality.
House Speaker John Boehner (R-Ohio) has had conversations with top Wall Street executives, asking how close Congress could push to the debt limit deadline without sending interests rates soaring and causing stock prices to go lower, people familiar with the matter said. [...]
The Wall Street executives say even pushing close to the deadline - or talking about it - could have grave consequences in the marketplace.
"They don't seem to understand that you can't put everything back in the box. Once that fear of default is in the markets, it doesn't just go away. We'll be paying the price for years in higher rates," said one executive.
The Center for American Progress' Matt Yglesias sees this as proof that Boehner has no intention of playing games with the debt ceiling, and so the White House's position right now should be: "Complete and utter unwillingness to exchange anything for a debt ceiling increase. Rabid hostility, even." Indeed! But it's still a much easier gamble to make while typing on your blog and bearing no actual responsibility. And Barack Obama, from what we know of him, is not one to play absolute brinksman over something this consequential.
Also, if someone in Congress wants to be courageous? Enter a bill that would eliminate the debt ceiling altogether. It serves no purpose except as leverage for terrible people.
[Image via AP]