distro was:
alt.politics.obama,can.talk.guns,talk.politics.gun s,rec.crafts.metalworking,nyc.politics
pruned to RCM

On 11 Sep 2011 00:36:04 -0000, "Hand-wringing Democrat
Pussies" wrote:

In particular, the insane decision to turn the once-routine
procedure of raising the debt ceiling (Lofgren notes it was done
87 times since WWII) into a political crisis revealed that the
GOP party mainstream had sunk to the level of terrorism –
holding our economic system hostage in exchange for political
concessions.

=============

This fails to consider the context.

The prior debt limit increases were not to 100%+ GDP in
peace time, and as soon as WW2 was over the debt was paid
down. The government has placed itself and the
nation/citizens in extreme vulnerability as a return to
normal interest rates [c. 5.5% historical average on U.S.
bonds] will be a disaster. Unfortunately, a continuation
of zero interest rates would also be a disaster for savers
and people living on a fixed income. It also makes it
difficult to raise capital for expansion and new product
development. It's called putting yourself between a rock
and a hard place.

Both parties are accountable. Both parties spent like
drunken sailors on shore leave, albeit on different things.
The democrats refuse to cut spending while the republicans
refuse to raise taxes or close loopholes, with the result
that the US national fiscal/financial position just keeps
getting worse, even as the EU is about to tank. The credit
implosion that just occurred was the direct result of the
bipartisan repeal of Glass-Stegall, emasculation of the
CFTC, and neglect by the SEC. A plague on both parties.


--
Unka' George

"Gold is the money of kings,
silver is the money of gentlemen,
barter is the money of peasants,
but debt is the money of slaves"

-Norm Franz, "Money and Wealth in the New Millenium"