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View Diary: The biggest of all Paul Ryan's big lies (116 comments)

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  •  in some sense, what the rating agencies ... (0+ / 0-)

    and the bond market actually did is beside the point.

    The real villainy was the threat of default itself, caused by the Republicans in the House.

    No one in the financial realm had ever seen a default on U.S. Treasury debt, and no one could do other than to assign probabilities to hypothetical consequences of a default.  

    Were the rest of the world's sovereigns not burdened by their own problems, ensuing events could have been horrifyingly worse.

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