As you say in point (4), if somebody is prepared to cut the baby in half, it doesn't really matter how wise you are. The Tea Party Caucus actually does think that the government shouldn't have debt and that a default wouldn't matter.
Chuck Todd, finally, made the correct point this morning. Government is just like a business, in that there probably isn't a business in the country that doesn't run an ongoing revolving line of credit which represents a non-trivial part of their annual GDP. They might do it to help with payroll, or buying equipment, or dealing with expansion but they have them. And startups, quick frequently take in "debt" equal to enormous multiples of their "GDP" - calling it Venture Capital or Angel funding just disguises what it really is. It's debt secured against equity. There's a reason why it's regulated as a security...
I keep hearing from the Tea Party types that they run their own businesses, I can only imagine that they are in partnerships and personal consulting business, not actually running businesses that employ people and do stuff.
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Date: 2011-08-01 03:01 pm (UTC)Chuck Todd, finally, made the correct point this morning. Government is just like a business, in that there probably isn't a business in the country that doesn't run an ongoing revolving line of credit which represents a non-trivial part of their annual GDP. They might do it to help with payroll, or buying equipment, or dealing with expansion but they have them. And startups, quick frequently take in "debt" equal to enormous multiples of their "GDP" - calling it Venture Capital or Angel funding just disguises what it really is. It's debt secured against equity. There's a reason why it's regulated as a security...
I keep hearing from the Tea Party types that they run their own businesses, I can only imagine that they are in partnerships and personal consulting business, not actually running businesses that employ people and do stuff.