job better on TV over the weekend saying yet that whole thing about the debt
limit and how I could bring on a financial Cup
apocalypse not now buying it not going to budge watch but he added I take it
from your city you're not prepared to schedule a clean vote on government
funding right there
there are not the votes in the house to pass a clean CR
there's no way we're gonna pass when the votes are not in the house to pass a
clean debt limit
we are not going to pass a clean debt limit increase
so under no circumstances will you pass a clean debt we are not going down that
path
so there's no changing your position absolutely not
but I'm a reasonable guy i'm a reasonable guy
you're not a reasonable guy nor do business leaders believe that
and that's why the republican party maybe in some trouble here those
absolutist position on the debt limit is share incentive
now don't take my word for take Bloomberg's word for that an interesting
story with a talk to a lot of
people working on wall street for republicans current republicans et
cetera
Tim Pittsburghers a former Treasury official for George W Bush no one's
level obviously
he says if we missed an interest payment that would blow
lee Min out on the water referring to the financial collapse in 2008
started off by Lee Min going under said if you
like 2008 wait to you get a little financial
armageddon we would have if we missed a debt payment
okay now you have to understand something this
US Treasuries saying we're not going to pay them
again it's not new debt it's not a new budget is not or you over whether we
should spend more money
its will we pay the money we already
0 you over a trillion dollars to china cheap trillion dollars to Japan along
what we owe the American people
also are very invested in Treasury bonds as well
it we say we're not making our payments that sets of
a series of dominoes now but Wall Street logs to
do a lot of fear-mongering so that you then give them bailout money et cetera
this is not one of those situations there right it does set of dominoes
and there's no need for and they're not there's no bailout money going on wall
street. all it is Israel course a business
we all know this much money are you gonna pay well of course we should pay
unless your budget deadbeats and if you don't pay it well again
these ramifications in soon here's jim grant explaining he's a founder grants
interest rate observer people have typically turn to treasuries is safe
haven
but what will happen when they realize it's not safe anymore financial markets
are all conference paste
if that confidence is shaken you have a disaster
here Simon Johnson former chief economist for the International Monetary
Fund the government
wouldn't have the cash to rescue the banks this time either
so hoops here's Mohammed
L area and he is the CEO PIMCO there'd absolutely critical player in the market
he would undermine the role the US in the world economy
great more good news what else here is bill Isaac chairman of the
cincinnati-based
53rd Bank Corp which of course is the funniest name for a bank in america
it would create chaos in the financial markets
Warren Buffett you should be
like nuclear bombs basically too horrible to use
nonetheless as you just heard
from the republican leader in the house it appears they are fully ready to use
those
financial nuclear bombs saying
math we ran up this that we on a pain anymore
12 a government shutdown to we get our way
on issues we've already legislatively lost our
over and over again who cares
we're gonna hold our breath and stopper feed and if it means a worldwide
financial collapse
well we are really believe in the government anyway so
than the anarchist party now called the republican party in america
would whip now lot other donors are not happy about that
so I don't suspect the job a nurse on the truth I think they will give in
think what they're doing is so what they've always done hold hostages
although the democrats
panic because the democrats poor also funded by the bankers and large
corporations
who don't want an EP service and the democrats give them some sorta
concession
ABC grand bargain maybe so got social security or Medicare
they've played this game before if john bainer gets his way
by threatening to do this there is no and to the hostage-taking
every debt-limit every continuing resolution to fund the government
will be challenges they take more more hostages trying to get more more
concessions
for fights that they lost in previous budget battles
a normal course of business republicans don't believe in the normal course a
business
accordingly might destroy the regular course a business
in the real world