Skip to main content

View Diary: Pray for Doomsday (124 comments)

Comment Preferences

  •  I have a very, very hard time... (3+ / 0-)
    Recommended by:
    blue aardvark, offgrid, elwior

    believing the debt ceiling is a real card the Republicans will be able to play next year.  NO ONE wants to see another 20% sell-off in the market like we had last summer, least of whom Republicans and their rich benefactors.  It will become even less of a play after "doomsday," if that comes to pass (i.e., extension of income tax rate cuts on all but top two brackets; probably avoiding a lot of the sequester as well because, while I know what people are saying, let's be honest: the automatic cuts aren't happening either).  In that case, Republicans would basically be threatening to let the debt ceiling lapse unless income tax rates are cut at the top.  This is high stupidity---the rich lose something either way, and the vast majority of people are not immediately affected.

    •  the money from a stock market sell of doesn't just (0+ / 0-)

      disappear. It goes somewhere. Those that sell early get most the of the value... aka the rich.

      •  There is money to be made in every sell off... (0+ / 0-)

        true, and there are some astute, nimble investors who welcome recessions and crashes.  But this is really about distribution among skittish rich people, on the one hand, and opportunistic rich people, on the other hand.  Most rich people are buy-and-hold; they don't want to see a sell-off.

        The security holdings of the bottom 95%--99% are a pretty small part of the pie regardless how large the pie is.  Put another way: if you are not wealthy, by definition, you don't own a significant amount of stocks.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site