Yesterday, Obama warned that Wall Street should be very "concerned" about government default on it's debts. What is that supposed to mean? The day before that, a call from the White House closed WWII monuments in Washington in response to a partial shutdown of the government. WWII veterans happened to be in town to visit these monuments but were shut out for a time. Someone with sense overrode such orders.
Obama is back to maximizing damage to US citizens when he doesn't get
his way. Obama has previously tried to create the maximal disruption to Americans flying commercial flights after he lost the sequestration fight. Remember that at the start of sequestration cuts, the administration irresponsibly furloughed essential air traffic controllers? Irate travelers put an end to that nonsense.
Today, Jack Lew warned of catastrophe that will last a generation if the US defaults on it's debts in an attempt at more fear-mongering. Obama and Lew are trying to crash the market to put pressure on the political opposition. It's working as the Dow is down 180 points.
Lew's and the President's statements are not even true. The annual net interest payments on the Federal debt is $255 billion. Since the
Government receipts are over $3,000 billion per year, there is no chance of any
default on US debt obligations.
This fear-mongering is unbelievably irresponsible. It's unbelievably irresponsible for the President to try to crash the stock market to put pressure on the Republicans when it's Obama himself that refuses to discuss a few simple amendments. It's Obama that's in denial that the Republicans hold the House of Representatives and therefore have a (small) say. This guy appears traumatized by ordinary politics. It's because he is, at best, an amateur. At worst, he's mentally ill. I happen to think that he has a Narcisstic Personality disorder.
The President has lied that this situation has never happened before. It is routine that budget (and other) issues are discussed during debt ceiling negotiations. Therefore, the President is the insincere one in his "I will not negotiate" rhetoric. It is highly irresponsible, and beneath the office, to try to crash the stock market!
The Media has been their usual irresponsible selves in this too. They keep saying that we have a government "shutdown" but only about 40% of federal employees are furloughed. Oh, and these people will be paid in full later for their "vacation." What we have is a "slowdown."