Kevin McCarthy Calmly Warns Wall Street Of ‘Debt Detonation’
Kevin McCarthy doesn't want Joe Biden to "bumble" into a technical US default.
That's according to a largely asinine speech McCarthy delivered at the NYSE Monday, in a regrettably transparent attempt to drag the ghost of Ronald Reagan into the latest episode of America's ongoing debt limit soap opera.
I won't spend an inordinate amount of time on McCarthy's speech. I covered it preemptively while sketching the contours of the House GOP's forthcoming proposal to kick the default can to May 2024
All I can think of when reading the comments from McCarthy are the overwrought and nonsensical dialogue of a soap opera. I’d say shame on the writers for such terrible dialogue, but I suppose it still boils down to the tastes of the audience since the BS still sells.
I don’t think we are giving the speaker enough credit for being stupid…this makes him dangerous.
The Federal debt is around $31tln. Federal assets may be $5tln… I’m not that confident with that number, but to make my point credibly, I need to at least acknowledge that there ARE federal assets…
The net worth of households and nonprofit organizations was $143.8 trillion in the second quarter. I don’t have the breakdown between gross assets and liabilities, but that’s a lot of do-re-me that denies the extent to which the Federal balance sheet and private balance sheets have any relationship to each other. The point is that what the US doesn’t HAVE is a debt problem. We have a feudalism problem.
The Republican party’s largest priority is to keep its constituents from participating in the funding of the government, and to keep their wealth growing despite the fact that that imbalances and disequilibrium are created throughout broad swaths of the economy. And I don’t just mean expensive trophy assets. I mean an undereducated polity, nutrition deficits, climate havoc, lack of medical care.
I’ve been using the f word ( feudalism) a lot myself lately too…
Kevin McCarthy- head bumbler of the House….
Thank you. A little sanity goes a long way. This fellow is dangerous and destructive. People like him have no place in upper management….