Wall Street Pleads With GOP To Put The Debt Ceiling Gun Down
Well, who didn’t see this coming? Wall Street is now genuinely worried that the Tea Partiers/Randians/Libertarians/Economic cranks are about to bring down the whole system.
A former GOP governor and major voice for Wall Street minced no words on Friday about the repercussions the United States would face for defying the debt ceiling.
In a Washington Post op-ed, President & CEO of the American Bankers Association Frank Keating expressed how grave a decision it would be for Congress to default on its nearly $17 trillion in debt.
“Using the debt ceiling as leverage in the deficit debate is unwise and dangerous,” Keating wrote. “Citizens nationwide are frustrated with the political stalemate in Washington. But our nation’s financial integrity should not be used as a bargaining chip.”
By the way, the ‘Keating’ in this article is not Charles Keating Jr. of “Keating 5” infamy; this is Frank Keating, former Republican governor of Oklahoma.
I can’t help but wonder what the GOP is going to do? There are certainly many in the Tea Party movement that are more than inclined to let the US default; they believe that such a default will collapse the US economy and act as a “reset button” of sorts, with them emerging from the ruins as the victors. Of course, they’ve also likely forgotten the phrase “Phyrric victory”.
The next few weeks promises to be interesting, to put it mildly.