Who says it’s only going to last for a week? No one knows wtf is going to happen. Except maybe Cocaine Mitch.
No, its legitimately very very bad. There are all kinds of downstream effects. It is a very good analogy to 2008 to just say “people borrowed too much against their houses, who cares, let the idiots that bought the bonds go broke.”
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Am I misremembering or wasn’t the US already previously downgraded?
As a reply to the rest of you even if you are right I just can’t be bothered to give a shit anymore tbh. Things are going downhill one way or another and I’m having a hard time not just giving in to the side of me that has started to think accelerationists have a point. Obviously that means a lot of suffering for a lot of people. I just think that suffering is coming no matter what at this point. Whether it is now or 2025. To me just getting it over with and seeing what happens is looking better by the day.
I think some combination of Covid and the last 8 months of Dems being Dems has just truly broken me to the point where I don’t see any hope at all with regard to our political future here.
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I think it’s very likely we end up collapsing completely, but it’s worth the fight.
This is a very low probability parlay but if Democrats hold the House and get to 52 or 53 Senators there is some small chance of changing course. It’s worth pulling for that. I think the progressives should absolutely tank the BIF, but rooting for default is not productive (Republicans will not be punished at all).
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Downgraded to AA, not default, and (IIRC) only by one agency (this all matters for who can hold what). The result was near recession and a 10% pullback in equities and a pretty big credit sell-off. Actually defaulting is a whole different animal. If we are looking for an end of the “status quo” it would certainly have a very good chance to provide the catalyst.
Think of economic collapse as a less bloody alternative to civil war as a catalyst for constitutional change.
There’s nothing inevitable about this. No one thinks the US can’t pay off its debts. It’s a completely dumb self-inflicted crisis that doesn’t heal anything.
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They might be, Dems are in charge but this is the opposite of the infrastructure bill. If that dies, progressives are gonna get skewered in the media for “how can you vote no on this bipartisan bill that everyone likes”. With the debt ceiling, even the lol Dems can show up every day and vote yes to increase the debt ceiling. Gonna be Republicans arguing 'well, actually, cloture" and other arcane shit that no one cares about. Plus their donors are gonna be mega fucking furious.
IMO optimal outcome for Republicans is to come as close to the brink as possible but the debt ceiling gets raised. Just enough to soften the economy (which they can then blame on socialist Joe Biden and the Dems) without having their fingerprints all over voting to default.
Yes but ours is indexed to the market price of maple syrup.
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These sentiments are understandable, part of me is just like fuck it tell them all to fuck off and let it burn. Probably will result in a faster march to facism, but not definite and maybe it just needs to blow up
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Stonks are already down 2% today, and its almost certainly going to keep drilling for the next several weeks. In any kind of a sane world Republicans would get absolutely decimated by this nonsense but I have no faith left.
Why would Republicans get demolished for Biden’s Stock Crisis?
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If this does keep up, I guess we’ll find out exactly how much power giant corporations have over our congresspeople.
Following this mess closely feels dumb. I need to stop rubbernecking and care a lot less about politics I think. I live in the last few days/months/years of the Anglo empire that has dominated human society since the late 1600’s… and that is what it is.
We’re going to do it in true American fashion too… everyone is going to have to find their own soft landing. I strongly suggest everyone here spend the time they spend posting about politics making sure they have a seat on a lifeboat when this creaking maggot ridden heap finally sinks.
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You really don’t have to be that smart to see this shit coming. Dems are either stupid or in on it (note the date).
https://twitter.com/ajentleson/status/1153334905608294402?s=21
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Absolutely nothing to worry about here. They’ve always found a way to raise the debt ceiling and avoid default and they will again.
For one thing, Republicans think Joe Biden is in the middle of 17 different major crises and there’s no way they’re going to get in the way of that by getting blamed for a catastrophic debt default.
For another, the media is doing a great job explaining that this whole thing has got nothing to do with future spending or the infrastructure bills, it’s about paying the debts that are already racked up.
Finally, if necessary, Dems can quickly pass a bill that prevents a filibuster specifically for debt ceiling legislation. Even Sinema and Manchin will quickly get on board with this since it would rescue the country’s finances while also putting the Republicans back on the defensive by making them look nihilistic, obstructionist, and just plain weak.
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When you have a two-party system where one party is a coin-op Century BOB machine and the other is an ethnic schizonationalist cult, the fair and expected outcome is complete and total collapse. My advice is to make peace with it. You can root or hope for a better outcome, but understand that you’re making a big ask for something undeserved.
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Sen. Kyrsten Sinema (D-AZ) was spotted arriving at the White House about an hour ago. Wheels are in motion!