The real owners of America are now involved. They have the most to lose in a default. Working people will suffer, no doubt, but the 1%ers are beginning to panic as their Frankenstein monster threatens to eat them.
The Banksters are speaking out and warning Congress. They will lose big time if there is a default.
JPMorgan's Jamie Dimon, Goldman Sachs' Lloyd Blankfein and Bank of America's Brian Moynihan, among others, said in a letter that an agreement needs to be reached this week.
"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -- and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter said.
Will the Republicans stand up to that?
The 1%ers now are involved.
If it were not so dangerous, it might be fun to watch the Rs caught between their masters and the Teahadists.
Update I: Of course, Boehner will pressure Senate with this after they pass his bill in the House. In the end, though, this pressure is on Rs.
Interesting times. Democrats must stand up to extortion. The odious Reid bill is as far as they should go. No more.
Update II: The more I think about this, the timing of the message suggests this is about the Boehner bill. Cantor has been meeting with these banksters and taking lots of $$$.
The banksters could have prevented this crisis.
Nonetheless, Boehner's bill is dead, so this ultimately ratchets up pressure on Rs.
Certainly the banksters don't care about America. We've already seen that.
The 1%ers overplayed their hand.
No bailout this time.
Update III: Now I'm arguing with myself.
Key point from letter:
A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence
Boehner bill risks downgrade becasue of extortion in six months again. Rating agencies have expressed concern.
This means, they will oppose Boehner bill (or actually have opposed in letter to some degree).
The final compromise, if there is one, will take us through 2013. The Banksters have spoken!