iBankCoin
Joined Nov 11, 2007
31,930 Blog Posts

Geithner Predicts Double-Dip if Congress Fails to Lift Debt Ceiling

“A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” said Geithner in the letter to Bennet which was dated May 13. “Even a short-term default could cause irrevocable damage to the economy.”

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4 comments

  1. lindsay

    did he just do a cut and paste of paulson’s script from 2008== PANIC everyone!!! GET YOUR PINTO BEANS ON!!

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  2. He is right

    he’s right about a double dip coming if we don’t lift the debt ceiling. No different than simply ordering a reduction of money supply.

    we can’t “default”, however

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    • Woodshedder

      Although I don’t necessarily disagree with you, I do somewhat disagree because we, and economists, can’t know what we don’t know. And we honestly do not know what will happen to our nation’s psychology and future policies if we do not raise the ceiling. I believe it is equally possible that it has a net-positive affect in the intermediate term, while the short term yields some chaotic shit.

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