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View Diary: Make 2014 a referendum on Republican radicalism (230 comments)

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  •  I'm not sanguine about a default (7+ / 0-)

    but it is the price we need to pay to excise the insane caucus from our polity.

    Unless, of course, we can bring them to reason before the default occurs.

    Default will be devastating.  It will make '08 look like a picnic and it may even exceed 1929.  Don't fool yourself.  It will be bad.

    That's no reason to give in to their ransom demands, however.  They must be crushed for bringing us to this point.

    The efforts to repeal Obamacare are the GOP Abort Obamacare Act. lynneinfla

    by litho on Sun Oct 13, 2013 at 08:14:51 AM PDT

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    •  Yes it will be bad. (8+ / 0-)

      I have no doubts about that.

      The one small difference from 2008 is a lot of the brokerage companies seem to be more prepared.  Fidelity and JP Morgan Chase have already sold off all of their Treasury notes that come due between now and early December.  They have also converted a lot of mutual fund holdings to cash.

      I think I saw a sign of that just the other day.  I have shares of the Fidelity Puritan fund in an IRA.  It usually declares a capital gain in October.  Most years, that gain is a few cents, rarely more than 25 cents per share.  The other day, the captial gain distribution was a whopping $1.298 plus another 9.3 cent dividend.

      They had to have sold off a TON of stuff to have such an distribution.  I'm all but certain they are preparing for the worst later this week.

      ======================================================== Those who can, teach. Those who can't teach, make rules about teaching.

      by oxfdblue on Sun Oct 13, 2013 at 08:24:12 AM PDT

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    •  Could be good for lots of people. (4+ / 0-)

      Millions of people lost hope of ever working a decent, any in some cases, homes and families while the rest of the country patted itself for avoiding a depression in 2009.

      Since then, we hear about a 4 year recovery that you can see in the numbers but many of us cannot see on the street.

      Shared pain might generate a recovery that is actually a recovery and bring forward those who were left hanging in the wind when we "avoided" that depression.

      LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

      by dinotrac on Sun Oct 13, 2013 at 08:38:58 AM PDT

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