I think that the first step is that Congress should pass a law stating that
* Any time there is a potential to stop the government via budget problems (or debt ceiling talks); The first agencies that will NOT be paid will be the Legislative branch of government.
ie: If there is a reduction in the debt ceiling -- congress would not get paid...
Now for serious stuff:
- If the Republicians do not give up the concept of 'no new taxes', I predict the following reactions:
- The cost of borrowing will go up.
- For the Federal Government
- For State Government
- For local cities, and government agencies (MTA/Thruway authority, etc)
- For Every single Citizen in the country
- It will be a gradual drop, because the exchanges have put 'built-in' market limits into effect, so it might not drop 1,500 points in one day, but maybe a series of days.
- All corporate spending will stop. Totally.
- NO new employment
- There will be a huge drop in R&D (Research and Development), as companies will absolutely be in ca$h saving mode.
- Government as well as corporate bonds will be worthless and trading in them may easily be stopped.
- Currently unemployed people will continue to collect unemployment
- Companies will Not hire or put out new jobs to fill
- States and Cities will have bigger and bigger budget deficits and will start to lay off local workers.
- THIS IS the FIRST part of that 75% we haven't seen before.
I really think this is disgusting, and that EVERY citizen needs to call their congressman, and tell them
that if they WONT vote for a COMPROMISE with the senate, that they will NOT vote for them in 2012.
We need to stop this massive show of partisanship. It turns out that the lack of fraternization between congressmen of different parties has caused this.
We need to stop this. We need to take every single Tea-Bagger, and send them into early retirement in 2012.
The stock Market crashed over 600 points today (monday).
I say this is ONLY the start, and unless we take
Grover Norquist out and shoot him (just kidding!) nothing will change, and my previous prediction (dow around 5k-6K) will come to pass.