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  • Debt Ceiling: Be F#4ckin@ Embarrassed Already

    I don’t think people can find shame, when they truly believe they haven’t done anything wrong.

    I can’t let this thing go: I can’t believe how much this is not about the debt ceiling, and about future elections, “street cred” with constituencies and ego.

    Yesterday, we watched as Republican House Leader, John Boehner, held a vote on the congressional floor, which he knew, even if it passed, would not pass in the Senate.

    So why have the vote?

    Boehner brought the vote to the floor to save his job. Boehner knew that if he didn’t get a majority to support his bill, he would have failed as Republican leader, and Eric Cantor was waiting in the wings, salivating at his demise. Boehner had to throw the ball long to keep the leadership, so he forced a vote that the Senate, controlled by Democrats, told Boehner two days ago would never pass.

    Why do it: survival – Boehner needed a galvanizing symbol that would capture his caucus to pass a bill that would be a litmus for ultra-conservatism, which in the end, would give Boehner the credibility he needed to keep his leadership post: Boehner was not seeking the credibility of getting the debt ceiling issue resolved, but the half-ass credibility of looking like he was unmovable on the “higher taxes” issue. This was all grandstanding and nothing else.

    The real problem: it was a purposeful ruse. It was a symbol – a sham and no one – especially Boehner, is not embarrassed that he has made the American people secondary to his primary goal: yes, save America, but save Boehner first. It was so transparent.

    The other problem: while Republicans were going through the motions of their quixotic vote, they could have been putting together a strong framework for a deal that could work — one that made sense and would be amenable to both Republicans and Democrats, but that would be too reasonable.

    As a result of the Obama administration, Republicans and Democrats butchering the debt ceiling issue, they are creating an even more precarious environment for the economy, which was unhealthy to begin with. To this moment, Americans have lost almost $1.5 billion  from their retirement accounts due to the debt ceiling imbroglio, as Wall Street quivers and stocks trade down, as a result of a crisis that is not a crisis, but a spectacle. And in the midst of this vaudeville show — not one job has been created by either Democrats or Republicans — it’s shameful.

    Very few people are considering that a downgrade of U.S. credit or creditworthiness, will definitely have a long-term impact on interests rates, which will adversely affect jobs, housing, small business, borrowing, stocks and the dollar as the world currency could be imperiled, which should be unthinkable. It’s time to stop messing around: time to cut a deal and focus on putting people back to work.

    It might be questionable to suggest to Upstart: Business and Management for 20-40 Year Old Professionals members, but there should be blood in the streets: we should be ruthless — cold-blooded in firing these politicians, yet we do nothing – say nothing – so nothing ever happens. There comes a point where the citizenry has to “participate in their own rescue.”

    I don’t know who should be embarrassed more: the politicians for perpetrating acts absent of leadership, wisdom and collaboration, or the American people for tolerating it.

    I guess we should all be somewhat ashamed, but I don’t think people can find shame, especially when they truly believe they haven’t done anything wrong.

    GOP Cries Wolf on Debt Ceiling In Order To Impose Radical Pro-Rich Agenda

    Good Luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals

    Filed Under: Gamechangers


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    3. Upstart says:

      The “Normalcy Bias.” Sounds esoteric, but makes perfect sense. I think it’s both cowardice, and the fact there have been very
      few consequences for their non-performance performance. The “people” have to make a statement: fire these folks, and get some
      politicians from the normal citizenry, and somehow get term limits for all politicians. Great comment Donnie.


    4. Upstart says:

      Great commentary Steve: yet, when you speak of subsidies and the loopholes, we rarely pinpoint that things are there, not because of a great value, but
      because they have been lobbied for, and this is how politicians develop their war chest’s to run for reelection or higher office. The problem with your posit: it’s too reasonable — it makes too much sense, which is antithetical to the crazy and crisis show we’ve been watching on D.C. TV. Maybe when the wise men enter the fray, we’ll ask you to re-post your comment.
      Thank you.


    5. Steve Berens says:

      Just think how much revenue there would be if all income (dividends, interest, foreign (minus foreign taxes), capital gains (long and short), hedge fund participations and participation commissions (don’t how these commissions made from other peoples money get preferencial treatment – the head 2 Black Rock partners together made nearly a billion one year and were taxed between 6 and 8%!)), with the same oridinary deductions, were taxed at the the standard 1040 tax rates. We would NOT NEED to raise the debt limit. We would be paying down the debt. Get rid of useless subsidies (agricultural etc) and we could pay bail out Greece, Portugal, Ireland, Iceland and Spain. Though how we will pay for the care of seriously wounded is a mystery.

    6. Most Americans suffer from a severe case of what psychologists call normalcy bias. We can’t imagine things as becoming worse than they are. That’s why you hear people say “that could never happen here,” or other variations.

      Self-serving political cowardice is at an all-time high. Unfortunately, we’re at a point where the price of inaction is high.

      The video of Michael Hudson was apropos. In another Hudson video,Dr. Hudson said that America’s standard of living WILL decrease by 25% as a result of Washingon’s decisions to create ex nihilo trillions of dollars squandered bailout money. He (along with many other economic experts) also said that the dollar will not be the world’s reserve currency for long. America will fall as the premiere superpower.

      This is a call to action. Time to fire en masse these elected officials whose only concern is their next election.

      Good stuff, Calvin.

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