Wednesday, September 25, 2013

CEO's say they are having trouble talking sense to GOP "tea partiers" who want to hock nation's financial system over Obamacare for ideological reasons

The rhetoric concerning the silliness of the hardline position of some Republicans over Obamacare, and wanting to hold the debt ceiling hostage to it, is heating up. “TheHill” has an op-ed by Judd Gregg on the matter. here. Gregg maintains that supporters of this position have “never governed” and are more interested in their own fund-raising and in getting attention.  That this makes the entire GOP look bad right now is a no-brainers. The term "Russian Roulette" like the famous scene in the 1979 film "The Deer Hunter" (but with all guns loaded) comes to mind.  
Tory Newmyer, of CNNMoney, writes that major CEO’s seem powerful to bring sanity to GOP politicians whom they normally support, here It would seem that these CEO’s ought to be able to weigh some influence on the fund-raising in more “anarchistic” districts that seem so vulnerable.  But there is a perception that big business, which can bring its own kind of stability, is against small business, and this seems to be causing the GOP support base to crack now.   (And a good part of the Wall Street establishment is democratic, even socially liberal – a fact many observers don’t recognize.)
The popular opinion is that retirees are especially vulnerable to being stiffed by a default.  But we’ve covered here that the Social Security Trust Fund is a primary bond holder and would have good chances in court to keep everything coming in from the Treasury. CNN yesterday raised the remote possibility that during a shutdown, social security employees, some of whom might not be essential enough, could be unable to process payments – but almost all the payments are automated and direct deposit.  “Unbanked” beneficiaries might be the most likely to have immediate problems.  There’s a more subtle danger, as I have noted on retirement pages.   If social security benefit payments ever did get delayed, Congress could put in means testing, politically driven, to keep some recipients from ever recovering them.  Forced sacrifice, however, used to be the rhetoric of the far Left when I came of age in the 1970’s.  Now I can see it on the far Right.  

Brad Plumer has a study in the Washington Post on what happens on Oct. 18 (Treasury Secretary's drop dead date), link here.  What about Porter Stansberry's dire predictions about the dollar as a reserve currency? 

And here's something about intergenrational responsibility, social capital, and Ovamacare, link. How about filial responsibility laws? 

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