AUSTAN GOOLSBEE: "PLAYING CHICKEN WITH THE DEBT CEILING" 1-2-2011

We've done three years of this now, two of them under Obama. 2009 and 2010. There's been no constructive avenue put forward to reduce the deficit spending. Indeed, President Obama just goaded Congress into nearly $900 billion more of it over the next two years, or about $450 billion a year.

So when you speak of "playing chicken", to which chicken are you referring? The one where Congress refuses to play this game and demands that The Administration and Congress actually find the revenue to pay for the money it wishes to spend, thereby forcing an examination of those entitlement and handout programs that are falsely inflating economic output, or the game where we pretend that nobody will ever question whether we can pay what we borrow?

I'm sure you are aware, Goofhead, and if you lose your job you can run up the credit cards for a while, and in doing so your neighbors and associates will likely not be aware that you were fired. But eventually you will walk into a store, slap your $100 toy on the counter and whip out the plastic, and it will come back on the XON terminal:

DECLINED.

Of course Goofsby. Just keep running the credit card while nearly 20% of adults in America are on food stamps, unemployment as you claim is close to 10% and hasn't come down, and all we've managed to do is build in a huge structural deficit - a deficit that has become embedded in continued entitlement, not discretionary, spending.

Best-a-luck with that chicken Austan - I think it's cooked.

-Karl Denninger http://market-ticker.org/

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[foreheadboy]

The devil is a liar and a deceiver.

[slhines7]

This guy is a joke and a complete tard, in my opinion!

[kalumnist]

Wish Goolsbee and the other progressives would roll their eyes and dribble some when they talk about Republican craziness. Just to get their point across in more full force. But Goolsbee naturally looks quite crazy. Could easily see him in a straight jacket getting carted away.

[Digiscat]

translation : Hit the debt ceiling, invest in stocks, when they raise it; Sell!

[miankd]

Goolsbee is the man. Such a brilliant economists.

[m015094]

Goolsbee has a cool voice like Will Arnett

[msbrando]

He probably doesn't know how to form a business. Just another stupid public employee.

[Tevarion1]

Mr. Boehner threatens to commit TREASON!

You know I knew it was only a matter of time before the Tea Party and the GOP overplayed their hand. And now we have the Speaker of the House go on national TV and threaten to commit TREASON. He has said that he is willing to do something that he believes will cause grave harm to the United States of America. ….Good luck defending this one.

youtube.com/watch?v=7IiV4YIEfI­w

[BIGPAWLAK]

WE'RE FUCKED

[biggerturtle]

@Mr40acresandamule Good! Let them suffer . Why didn't they prepare WITHOUT government assistance -

I assume they have families who should help. I 've never taken a penny from Uncle Sam and I never will even though I'm "entitled" Poor judgeement should not be rewarded. This country should entitle NO ONE. Politicians fucked up the system so we have a class of whining slackers who suck off the government's tit

[Mr40acresandamule]

Do you know what that will mean for certain people. People will be punished and they had nothing to do with this economic crisis. How can you deny a 75 year old man or woman who has worked like a dog for 50 years their social security check. Heck, they paid into the system honorably. Both parties are the blame. They have dipped into social security and medicare to pay for huge tax cuts, useless government programs, needless defense spending and wars.

[biggerturtle]

Let congress shut down. A breath of fresh air will be felt in Wasington for the first time in decades