Reply #218: I don't either. When Jamie Dimon predicts "catastrophe" if the debt [View All]

[The Big Vetolski]

ceiling isn't raised, I can't help but wonder, catastrophe for whom? I know this guy, who as Matt Taibbi pointed out, said that foreclosures actually HELPED people to meet their responsibilities after HE accepted hundreds of billions in bailout money for JP Morgan, this guy who Obama described as one of the "savvy businessmen," doesn't give a damn about the Dude here. I suppose that means a debt default would be bad for HIM, and therefore catastrophic.

Does anyone really KNOW? After all, America has never defaulted on its debt. Other countries have, but never the biggest economy in the world, at least not in modern times. Soooo...I think we ought to find out. Maybe we will, if the Tea Party ignoramuses in the House stick to their guns.

OTOH, I doubt that will happen. If no deal is reached, I imagine Senator Turtleface's "last resort" of allowing the President to raise the debt ceiling will miraculously pass and Obama will, of course, raise the debt ceiling. Pity. The Dude's curiosity will then remain unsatisfied.