"Debt Ceiling Apocalypse" (A Deficit Monomania Soap Opera)

The hype surrounding the debt ceiling vote is amusing and alarming. The last time we had an apocalyptic economic crisis Rep. John Boehner wept on the House floor. Those tears were shed to support TARP. It was a handout of almost $800 billion in taxpayer dollars to recapitalize Banks that precipitated the crisis. Debt Ceilings have been raised over 70 times since the 70's. This time is somehow different. Why? There's a bipartisan consensus that something "serious" must be done(except for raising taxes on the wealthiest, increasing inheritance and investment income tax rates or cutting defense spending). When the word "serious" is used by Politicians in Washington, D.C. or corpress pundits, one must know something unpopular to the majority of people in the United States will be done. The majority will have to tighten their belts to insure wealthy treasury bondholders can collect interest.

This crisis is a case of deficit monomania. They must terrify people with economic armageddon to defend cutting Social Security and Medicare. It's the "serious" thing to do. Even President Obama is on board. He'd never dare raise taxes. Cutting defense is not on the table. Taxing investment and inheritance at the same rate as labor? NEVER!

The negotiations will be extended as close to the deadline as possible to necessitate a "serious deal". President Obama wants to do "big things". Speaker of the House Boehner wants to defend the banks and hedge funds, again. They agree more than they differ. The media coverage of the acrimony and focus on process is empty theater to persuade folks there's a real difference and, therefore, a crisis. Nonsense. The debt ceiling, like 70 times before, will be raised. I wouldn't put it past these political marionettes to go over the deadline to let the market crash and allow Wall Street pundits to "seriously" decry "the lack of confidence" and "uncertainty" that has extended the recession and high unemployment rates.

The same Soap Opera as the first TARP vote, when Boehner wept.