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View Diary: It's now Democrats' turn to be pissed (243 comments)

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  •  "Nothing we can do about it." (0+ / 0-)

    The effects on our country will be difficult, and given the debt limit fight up ahead, could be disastrous. Republicans have chosen this path. There's nothing we can do about that. What we can do is do everything in our power to make sure Republicans pay the price.
    -kos

    Huh? Actually there are several paths to avoid the default. It has been suggested that the President has not used any of them because it would prematurely remove the consequences to the Republican party of their insisting on burning down the country. Maybe that is part of making sure "Republicans pay the price." by not getting in their way when they are working so hard at destroying their party.

    There are at least five suggested ways to avoid the catastrophe of a Federal default:

    1) The Constitutional solution contained in the 14th Amendment is still available.
    2) The One Trillion Dollar platinum coin is available as allowed under the 1996 law.
    3) A selective default might be available, if problematic.
    4) Optioning US assets to the Fed for a short period might be possible. At the end of the option period the Treasury buys the options back for $1.
    5) Using a technicality in the debt ceiling law might allow the use of consols which pay perpetual interest but for which the principal is never repaid.

    If progressives were voting for policies they believe in, they would be voting for Dr. Jill Stein.

    by Wahrheit on Tue Oct 01, 2013 at 02:00:51 PM PDT

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