How Wall Street, Not the White House, Will Stop the GOP on the Debt Ceiling
Wink, wink. John Boehner, Paul Ryan and their gang that can’t shoot straight are holding the debt-ceiling hostage to tax cuts but telling financial markets the guns aren’t loaded.
“Just ignore Tuesday’s vote against raising the debt ceiling, House Republican leaders whispered to Wall Street,” says a New York Times editorial. “We didn’t really vote against it, members suggested; we just sent another of our endless symbolic messages, pretending to take the nation’s credit to the brink of collapse in order to extract the maximum concessions from President Obama.”
What we have here is the classic Mad Magazine cover of a cute canine with a gun to his head and the caption, “Buy this magazine or we’ll shoot this dog.”
Republicans go to the White House, dance around with the President and then stand outside smirking their talking points for the TV cameras, but everyone, with the possible exception of a few Tea Party diehards, knows they are playing Russian roulette without legislative bullets.
One of the House freshmen issues a statement refusing to attend. “Until the president produces a responsible deficit reduction plan,” he huffs, ”I’m not going to the White House to negotiate with myself.” Such delusions of grandeur reflect the pressure on Boehner to keep up the pointless charade.
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It sounds more like the NY Times is repeating DNC talking points about how to blame the Republicans for the failures of the Obama Administration.
I wish the Democrats would remember what they were saying in 2004 and 2005 when the Democrats thought the budget deficit was a bad thing instead of a good thing.
Current borrowing is nothing more than future tax increases and the Republicans would be insane to worry about keeping the liberal Democrats on Wall Street happy when the Republicans own base will vote them out of office.
Democrats don’t think that a budget deficit is a good thing. When Clinton (a Democrat)left office, he left a budget surplus. Democrats thought it was a “bad thing” to cut taxes on the wealthy and corporations and fund a war on borrowed money — causing budget deficits. They still believe that. Current borrowing is necessary to pay off debts run up by the Bush administration and to help this country recover from the Republican caused recession. Republicans are insane — if they continue to claim that cutting our revenue will help us pay our debts off faster. At our house, if someone cut our salary it certainly wouldn’t help us pay our bills.
Gotta love the reference in the first comment to the “liberal Democrats on Wall Street.”
That one made me snort a bit too, tidbits.
Rather than typical lib-Dem BS the Times features, how about a true Wall Street Left member writing an article (or a long letter) to the Times, explaining what default would mean? Yes, how about what Robert Rubin has to say?
Wall Street Left
Is this some new republican meme I’ve not heard of yet? I mean, I knew that Republicans have this “leftist elite” talking point going on, but I thought that was pretty well confined to college professors, wealthy ex-hippies, people who enjoy brown mustard, and anyone of color with a little money or education. Now there’s a “Wall Street Left”? Did I miss the opposite-day memo? Will there soon be a “CEO Leftist class”? How about a “Military Industrial Left”, or an “Oil Barron Left”? I mean, I know we’re to blame for all the poor people, the gay agenda, the baby killing, the scary things coming for your children, and rap music, but we’re to blame for the uber-rich white people too?
gaylon,
When Clinton left office, revenues as a percent of GDP were 20.6% of GDP and expenses were 18.2% of GDP.
According to the President’s latest budget submission as assessed by the CBO, taxes in 2016 (assuming he is a two termer) would be 19.2% of GDP and spending would be 23.9% of GDP. So let’s see, revenues 1.4% lower (although the 20.6 was admittedly inflated by the dot com bubble). Spending 5.7% higher.
Those GOP Congressman are all wrong about wanting to cut spending though.
The funny thing is, Wall Street will eventually shut down the whole scam when they start charging more for US debt.
Will QE3 (you know it’s coming) stave off the next debt crisis, or will its announcement cause one?
Steve,
On the day that Clinton left office, the current accounts of the U.S were running negative. The U.S. had already started to deficit spend before Clinton left office. If Gore would have been elected, the economy would have been better off since the Republicans in Congress would not have agreed to any new entitlements at the same time as Gore would not have approved any tax cuts. What caused Clinton to run surpluses was the Republicans in Congress refusing to approve any new spending.
Manhattan votes around 80% for Democrats and the rich in Manhattan are the biggest contributors to the Democratic Party. Republicans are made up of middle class and upper middle class whites. Democrats are the elites of the U.S., the poor, and minorities along with public sector employees, academics, and a few occupations such as lawyers, social workers, and teachers.
The idea that there are a large number of Republicans working on Wall Street is a myth. The idea that any Wall Street, prep school, Ivy League types are Republicans are a myth. My guess is that 90% of the Ivy league students are Democrats and those are where the workers on Wall Street come from.
Besides, many on Wall Street are Jewish and Jews are overwhelmingly Democrats.
Superdestroyer,
First, you are anti-semite. Second, if the idea that there are a large number of Republicans working on Wall Street is a myth then it is also true that it is a myth that Republicans are made up of middle class and upper middle class whites.
That was true once but now the GOP is a party of geezers, bigots, bible thumpers, Ayn Rand enthusiasts and warmongers.
Mike wrote:
I can’t help but think of the “big five” African animals when I see your set of five modern attributes. In the old (geezer youth) days it was lion, leopard, elephant, rhino, and cape buffalo.
MIke,
If 2008, President Obama received 555K votes in New York County (Manhattan). McCain received 82K votes. See http://www.elections.state.ny.us/NYSBOE/elections/2008/General/PresidentVicePresident08.pdf
Rich whites who live on the coastal states in the U.S. are Democrats. Private school educated whites who work in the legal or financial industries are overwhelmingly DEmocrats.
Jews vote at near an 80% rate for Democrats See http://www.njdc.org/site/page/jewish_vote_for_obama_exceeds_all_expectations
New York City is 12% Jewish See http://en.wikipedia.org/wiki/Demographics_of_New_York_City#Population
If you look at a county map of the results of the 2008 and 2004 elections, it is obvious that Republicans can win in counties that are majority white and middle class. Democrats win the costs, the slave belt in the south, and virtually every county where the public schools are less than 50% white.
“That was true once but now the GOP is a party of geezers, bigots, bible thumpers, Ayn Rand enthusiasts and warmongers.”
Bigots are people that like making general insults to large groups. Sound familiar?
“Can the House GOP read a “Stop” sign when they see one?” ~ RS
The short answer to that is probably no, but of course we’re talking about a party that dispensed with the concept of responsibility long ago. Even so, referring to this latest GOP nonsense as a “charade” is being especially kind. They are as delusional and disingenuous as ever.
“That was true once but now the GOP is a party of geezers, bigots, bible thumpers, Ayn Rand enthusiasts and warmongers.” ~ Mike
Now Mike, that is quite the sweeping statement. I’m sure your description couldn’t fit more than two thirds of the GOP base.