Monday, June 13, 2011

Are the Republican's sabotaging the economy ?

Lately you have to wonder if the Republicans are operating against the country's best interests. They have refused to compromise on deficit reduction. They have refused to raise the debt ceiling. And they have opposed almost every important economic and governmental appointment from the Obama administration. They seem to be bent on choking off the national government by denying the best talent the ability to serve.

Recently they successfully blocked Peter Diamond, a nobel prizing winning economist specializing in unemployment, from the Federal Reserve Bank Board of Governors. They blocked John Bryson from the US Department of Commerce. They have also preempted the best candidate to head the Consumer Financial Protection Bureau, Elizabeth Warren.
She actually helped write the legislation setting up the CFPB.

They have also been quite open discussing how a poor economy benefits Republican candidates.

Now they are negotiating to stop a rise in the debt limit. The deadline is August 2nd, 2011 but the markets are "herd" oriented, so the stampede would start in mid July. The stampede might catch everyone off guard by crushing public sentiment and raising interest rates and triggering a double dip.

Sadly, I see the Republican antics triggering a second dip of the recession either by cutting spending too fast or by threatening to cap the debt limit. It is very painful to watch this play out as they attempt to make a point. The costs are way to high for such selfishness.


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