27 April 2011

Ringing Endorsement

This should cause one to have more confidence in the proposal to raise the debt ceiling:

The Treasury Borrowing Advisory Committee, a key group of senior representatives from investment funds and banks, this week warned that any delay in interest or principal payment by the U.S. government could trigger a catastrophic financial crisis.
“I am writing to express my concerns regarding the urgent need to increase the statutory debt limit,” J.P. Morgan Managing Director Matthew Zames said in a letter, dated April 25, to Treasury Secretary Timothy Geithner.

So, “senior representatives” from banks and investment firms think it’s a good idea to raise the debt ceiling.  And I’m just supposed to believe that they’re being altruistic here?  Especially in light of all the bailout money they’ve received?  They have to be kidding.

What I don’t understand is why everyone keeps talking about raising the debt ceiling when the real problem is that the government is spending more than it can take in.  None of the clowns that signed this letter would seriously propose the same action for a business that faced a similar financial situation.  How, then, can they be so dense?  The mind boggles.

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