Paul Krugman Says to the House of Representatives – Vote NO

Best line –

Third, the idea that a temporary disruption would permanently damage faith in US institutions now seems moot; if you haven’t already lost faith in US institutions, you’re not paying attention. 

Paul Krugman

This is from Krugman’s post – If I Were In The House

Here’s his essay –

I guess I have to be explicit at this point: yes, I would vote no.

What about the catastrophe that would result? Several thoughts.

First, what I keep hearing from people who should know is that Treasury won’t actually run out of cash tomorrow, that it still has a few more days.

Second, the people who claim that terrible things would immediately happen in the markets also claimed that there would be a big relief rally once a deal was struck. Not so much: the Dow is down 121 right now.

Third, the idea that a temporary disruption would permanently damage faith in US institutions now seems moot; if you haven’t already lost faith in US institutions, you’re not paying attention.

Fourth, those legal options are still there. Obama can move now; and even if he eventually loses in the courts, that gives him time.

Sure, it’s risky. But the whole situation is immensely risky, thanks to the extremism and bloody-mindedness of the right. There are no safe options, and trying to play it safe when there is no safety lands you, well, where Obama is right now.

I fully agree. No deal and default is better than submitting to blackmail and creating a new forth branch of the government.

James Pilant

One thought on “Paul Krugman Says to the House of Representatives – Vote NO

  1. Pingback: Tuesday Reads 8/2/11 – Assasinations to a Progressive Retreat? « Me, Myself, Music and Mysteries

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