Treasury Sec'y Tim Geithner on the debt ceiling
"A default on Treasury debt could lead to concerns about the solvency of the investment funds and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system -- similar to what happened in the wake of the collapse of Lehman Brothers. As the recent financial crisis demonstrated, a severe and sudden blow to confidence in the financial markets can spark a panic that threatens the health of our entire global economy and the jobs of millions of Americans."
but wait! The GOP is riding to our rescue, because they KNOW NOTHING!
"But lawmakers have downplayed the urgency of this issue. "When you say the drop-dead day is going to be August, I question that," Rep. Tom Rooney (R-Fla.) said, according to the Wall Street Journal last week."
On what basis of knowledge does Rep. Rooney question this? He's got a debt-ceiling app on his smartphone?
SCREW the Stupid Quote.
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