Fedgames, or Speaking Craven Flattery to Power

[The Minsky Moment]

So...tell me about this interest default crisis. What does that mean?

Remember in 2014 when Obama said if the US defaulted on its interest payments as a result of failing to raise the debt ceiling, it would affect not only the credit rating of the government but the national economy as a whole, and he was called a liar by a senator because "nobody knows what would happen"?

The guy that said that is now the director of the OMB.


What does it all mean?  It means hold on to your potatoes, doll.

Treasury has been implementing extraordinary measures for a few months now.  The belief a few months back was that since one party controls the government it shouldn't be that difficult to get a deal to raise the debt ceiling.  Given the current state of intra-party and cross-branch relations however, that no longer seems a very safe bet.  As CDM points out, some of the bomb throwers from the last couple run throughs are now in key positions of leverage.

[The Minsky Moment]

I thought it was 4% growth per year.

Yes it was - -it seems that is now acknowledged as a species of Trumpian "exaggeration"

The 3% rate is not outside the range of the conceivable but getting there is a matter of how and whether technological change will impact productivity going forward and how successfully the US is at developing and deploying human capital.   Tinkering around with marginal tax rates, cutting funding to NASA or the Park service, or gutting FDA inspections isn't going to move the needle, even if the GOP gang that can't shoot straight could get any this through.

[Monoriu]

Mono has never have any qualms about wishing misery for millions, curtailing civil liberties, mooching off of whatever and whomever, as long as it can benefit his fucking retirement fund so that he can watch anime he stole.   

I am hardly the only one who wants an interest rate hike 

[sbr]

Mono has never have any qualms about wishing misery for millions, curtailing civil liberties, mooching off of whatever and whomever, as long as it can benefit his fucking retirement fund so that he can watch anime he stole.   

I am hardly the only one who wants an interest rate hike 

And Oexmelin is hardly the only one who thinks you are a disgusting piece of shit.

[garbon]

Mono has never have any qualms about wishing misery for millions, curtailing civil liberties, mooching off of whatever and whomever, as long as it can benefit his fucking retirement fund so that he can watch anime he stole.   

I am hardly the only one who wants an interest rate hike 

And Oexmelin is hardly the only one who thinks you are a disgusting piece of shit.

[Jacob]

Mono has never have any qualms about wishing misery for millions, curtailing civil liberties, mooching off of whatever and whomever, as long as it can benefit his fucking retirement fund so that he can watch anime he stole.   

But it would wreck his retirement fund.

... and that would be a silver lining, albeit a small one, to the situation.