The government shutdown and impending doomsday scenario as it relates to the debt ceiling should not and cannot happen. Up until the latest Republican induced government shutdown over a bill that is law and the impending refusal to raise the debt ceiling creating a potential catastrophe, I have been calmed and satisfied with the normal up and down swings of the market. Unfortunately the rise in the market is now short lived because of one thing the markets hate uncertainty. Republicans, specifically Tea Baggers, have created great uncertainty. The markets, of course, react to that and so do I.
The Affordable Healthcare Act was legally passed by the House, passed by the Senate and deemed constitutionally valid by the Court. It is now settled law. If one wants to repeal it one must go through that process all over again. But why would anyone want to? They would not and that is another reason for the Republican strong-arm extortionist tactics over the budget and the raising of the debt ceiling.
The fight over the budget, consequential as it may be, pales in comparison to not raising the debt ceiling. That means not paying the country’s bills it already owes. It was raised 18 times under the presidency of Ronald Reagan because even corporate lover Reagan knew the importance of raising the debt ceiling to pay the country’s bills. This is what a country does. It does things the average person cannot do and that which even the corporations do not or will not do. As the president iterated today this affects businesses small and large and it affects Wall Street beyond the limits of imagination.It would be catastrophic for the country and the world at large not to raise the debt ceiling because America is the world’s biggest economy upon which the value of nations’ currency is weighed. The US cannot be considered a deadbeat nation and have its credit rating reduced. It is conceivable nations could go off the dollar standard and onto the Yen which is significantly, of course, much more stable. Why you ask? Because we have a MORONIC Republican minority of 60 in the House named Tea Baggers who are sitting on John Boehner’s head, crushing his brain and calling the shots.
Boehner, afraid of losing his speakership has so far refused to bring a clean budget bill to a vote because he knows it would pass with Republicans abandoning these hurtful-to-the-nation positions. He is the weakest most ineffectual, immoral and historically bankrupt Speaker ever to grace the halls of Congress. He cares more about his speakership than he does about his country though the hypocrite weeps and calls himself a patriot; a lover of his country all the time. I think he is not. I think him near treasonous holding in his hands the ability to bring the budget vote to the floor but refusing. He will hold the debt ceiling hostage too and in essence tear down the nation, creating a world recession and truthfully, ruin a lot of people who depend on the full faith and credit of the US government to prevail.
Who will FINALLY teach this block of cement a reality induced lesson? Who will put some intellect in his empty tea bag polluted brain? My goodness could it be Wall Street itself? Am I saying Wall Street is my hope? I think I am.
NB: I am not an economist or financial analyst so I offer this non-professional suggestion until the budget is passed and the debt ceiling raised which it ultimately must be. IF you have investments call, write or smoke signal your investment house and/or broker, IF you have one, and if you invest with firms such as Fidelity, Goldman Sachs, Vanguard, Bloomberg, Capital One, Wells Fargo, Morgan Stanley and the like tell them that you will NOT lose your principle investments. Tell them that you will be vigilant and wait to see how explosive Speaker Boehner’s action or inaction will be, how low and how unethically he will stoop before you seriously will consider taking your funds out of a market that will crash through the ceiling if the debt ceiling is not raised. There will be constant uncertainty and world-wide upheaval if it is not. We will conceivably be even vulnerable to terrorist attack with possibly chemical, biological and even radiological weaponry. I kid you not. A debt-ceiling default is that serious.
Tell them that you are DONE with the anxiety with which the Republican blackmailers imbue you and that IF you see your investments being threatened with a big Wall Street collapse you will take ALL of it out and transfer it to a bank or money market to wait out this latest insanity. It is surely better than losing it all if you are among the 98%.
Boehner is pulling one of the most unethical moves of his career showing the ugliness of right wingnut fanatics who want to take our government down because they cannot stand people who need it getting health care. Or, perhaps, they cannot stand a black man in a WHITE House giving us health care.
Wall Street may be the only thing that is able to have influence now. Who knows? What I do know is that Wall Street has TRILLIONS to lose as our nation will collapse under this Republican extortion fiasco over health care that is already settled law and cannot be changed. It is about, too, a primarily white Tea Bag Republican party loathing the thought of a black man occupying the presidency.
Republicans lost two elections to Barack Obama and in 2012 lost two senate seats. If gerrymandering were not possible the Democrats would now be in control of the House as well and I would not be writing a desperate piece looking to Wall Street for help! Moreover, healthcare passed the Supreme Court litmus test as well with the arch conservative Chief Justice Roberts deciding its constitutionality.
If the nation is catapulted into default and a second even more impactful recession takes place it will take decades perhaps even generations to recover if the nation can ever recover at all.