They’re Doing It Again

Nobody likes Wall Street. So it’s not really helpful when JP Morgan Chase CEO Jamie Dimon or former Treasury Secretary Paul O’Neill, or even current Treasury Secretary Timothy Geithner issue dire warnings about what will happen if Congress fails to lift the U.S. debt ceiling before August 2nd. We hear them say: “the banking system will collapse” and it sounds like 2007 all over again. Whether you’re a factory worker in Omaha, a letter carrier in Detroit, an office worker in Jersey City or a T-Party adherent in Cleveland, you would probably have the same reaction: “Why do I care if the financial marauders get thrown under the bus?” As much as we dislike the messengers, however, the message they are sending just happens to be true. And bet your last dollar that the biggest losers will, again, be America’s working people. Republican congressional leaders are publicly stating that it might be a good thing to let the deadline pass, but privately many of them—tea partiers and the so-called “moderate” Republicans alike—are hearing plenty from corporate America. Once again, working Americans and corporate America are on the same side, albeit for different reasons. If it all goes under, we all go under. The Republican party line is that they want to “force government to live within its means.” House Speaker John Boehner says his side won’t relent until Democrats agree to $3 trillion in spending cuts without any increase in taxes. Chamber of Commerce EVP R. Bruce Josen called the congressional kerfuffle over the U.S. debt limit a “joke” while leading economist Lou Campbell called it “theater.” But, no...

Pin It on Pinterest