The bankers and bosses were happy to see the Republican extreme right wing play chicken with default in order to get cuts in Social Security, Medicare and Medicaid.
They have already gotten President Barack Obama to agree to put cutting Social Security and other entitlements on the bargaining table.
But as the Aug. 2 deadline for default comes closer, the bankers and financiers want the game of chicken to come to an end. They want the borrowing power of the capitalist government to be expanded beyond the $14.3 trillion it is now.
Why? Because, in the first place, the Treasury has to borrow $500 billion on Aug. 2 to refinance debts to bondholders. Two days later, $87 billion in Treasury bills have to be paid off. (Treasury Secretary Timothy Geithner, CNBC Squawk Box, July 18) That is the bread and butter of the billionaire Wall Street super loan sharks. They thrive and grow even richer from collecting interest on the government debt.
"Don't worry. Don't have a stroke. Don't have a heart attack. You will get your check. It's just going to be a little bit smaller. No big deal. He,he, he."
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