There are about 400 Club For Growth billionaires who would make a lot of money from a U.S. government default.
The billionaires' club sees this as their best chance to drown the government in the bathtub. They are giddy at the thought of being able to buy up government assets (like Texas highways) for pennies on the dollar.
But you don't have to take my word for it. The billionaires' club is realizing that Boehner might actually get a debt ceiling bill through the house, and they want to make sure this doesn't happen. They have gone so far as to officially come out against his crazy right wing extremist bill because it would prevent default. From the WSJ debt liveblog:
“The Club for Growth strongly opposes the Boehner debt limit plan,” said Club for Growth President Chris Chocola. “The Boehner plan does not achieve the goals of Cut, Cap, and Balance and doesn’t fix our fiscal mess. We are urging Club members to call their members of Congress and ask them to oppose it.”
The conservative Club for Growth said it’s opposing House Speaker John Boehner’s debt-ceiling plan and will make the debt bill a key vote in the organization’s 2011 congressional scorecard.
They are holding our heads underwater and hoping we drown, and the only way they will let us out of their choke-hold is if we make a constitutional amendment that keeps us under water for the foreseeable future.
If we default then unemployment skyrockets, interest rates shoot up (which is fine with them because they are sitting on record piles of cash), people get angry, and they get a republican puppet elected in 2012 who can finish the job of destroying the government.
Please somebody prove me wrong, I'm begging you.
1:32 PM PT: Thanks to Catte Nappe for this from the club's website:
What investors should be worried about is if this debate fails to limit the size of government, not that it leads to a pointless and unjustifiable downgrade by ratings agencies. Investors need to remain calm. Let the politicians be hysterical.
http://www.clubforgrowth.org/...