With default looming, it is generally assumed that the banks and Wall St. will ultimately bring their GOP lackeys into line before any real damage to their bottom line can occur.
However, it looks increasingly that a default is, at the very least, far from unthinkable for many GOP Congressman and Senators.
So how can Obama and the Democratic leadership up the pressure?
It is very simple. Default, while an unknowable event in terms of its full impact, is certain to be serious. It is conceivable that much of the financial establishment is making its contingency plans based on the TARP model. So, much like calling out private jet owners and oil companies, Obama should state the following: There is absolutely no possibility of repeating the Bush-era TARP program in the event of any financial crisis brought on by default of the U.S. debt.
And, full credit should be given to those who made such a bailout impossible: The GOP and their Tea Party extremists.
Markets don't like uncertainty--maybe this might be just enough uncertainty to get an--attitude adjustment?