The republican/teabag/Stupid Party in Congress is known for delusional "thinking", but NOWHERE is this as evident as in their views of the impending debt crisis.
They seem to believe at least publicly that they can just not pay for the Federal Government to do it's regular business, and this will somehow not be a bad thing or even be a BETTER thing than passing the debt limit increase. They are incredibly wrong on this, and more dangerously, they are persuading others that they know what they are talking about...They do not.
Let me state now that I have little doubt the GOP will refuse to fund the debt ceiling increase on October 17th, and will refuse to budge on the shutdown of the Federal Government either. They hate the government and wanted to kill it and may partly succeed.
I am hearing only a few dire consequences of not funding the debt: US international credit will without doubt be downgraded, and this time more severely than in the Newt government shutdown. We will be refused credit to do business in the world, we will default on bills owed to US businesses, we will NOT be able to fund government programs...Social Security payments will cease after November 1st if the debt limit increase is not approved.
We will also crash our recovering economy...EVERYONE who has investments, retirement funds, etc will suffer for this, even thought there is as yet little panic in the market...
I am an old retired guy with some money in a mutual fund to help pay my bills...I am in the process of converting it all to cash, and have been for a week..I will be out of stocks by next week, and have the money in a local credit union's money market fund...no income, but safety.
The media seems to think "fairness" means they have to give all ideas equal merit, even the most insane teabagger fantasy...too many people seem to think the GOPers are just ordinary people with different opinions rather than raving looneys.
If you have investments, at least consider cashing out or seeking a safer alternative...it you are getting any government payment, you may not be getting any more after November 1st...including disability, social security and even medicare and medicaid. I don't know how to prepare for this. I don't know any way to avoid this.
I really HOPE I am wrong, but I am afraid I am right.