Weekly Round Up – October 11, 2013

Before we get to the good reads!

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A Few Good Reads

Here are a few of my favorite reads from the past week.

1. Here’s The Truth About Debt Ceiling Trutherism:

One of the more concerning developments in the debt-ceiling fight is the growing contingent of Republicans who just aren’t that worried about raising the debt ceiling in a timely fashion.

The most famous remark came from Tea Party Congressman Ted Yoho who said he thought that hitting the debt ceiling would be a calming force for world markets, since it would signal that the U.S. is getting its debt under control. Open this article

2. Debt-Ceiling Showdowns: Routine, Unprecedented or Neither?

The debt ceiling has been the bane of presidents dating back to Dwight Eisenhower. This time around, among the many arguments that have raged between the White House and Congressional Republicans is one about the history of the debt ceiling.

The White House, justifying its “no negotiations” stance, says never before has a Congress threatened a default to score wins on other policy items. Republicans say such negotiations are routine. Open this article

3. 12 Very Ominous Warnings About What A U.S. Debt Default Would Mean For The Global Economy:

A U.S. debt default that lasts for more than a couple of days could potentially cause a financial crash unlike anything that the world has ever seen before. If the U.S. government purposely wanted to damage the global financial system, the best way that they could do that would be to default on U.S. debt obligations. A U.S. debt default would cause stocks to crash, would cause bonds to crash, would cause interest rates to soar wildly out of control, would cause a massive credit crunch, and would cause a derivatives panic that would be absolutely unprecedented. And that would just be for starters. But don’t just take my word for it. These are the things that top financial experts all over the planet are saying will happen if there is an extended U.S. debt default. Open this article

4. Not So Fast, Senator! How to Really Solve The Student-Loan Debt Crisis:

Massachusetts Sen. Elizabeth Warren recently spoke at Northeastern University about the student-loan debt crisis and how to fix it. Americans owe $1.1 trillion in student loans, with $150 billion of new borrowing in 2013 alone. A typical 2014 university graduate will incur $30,000 or more in education debt. When interest and fees are added in, millions of people will spend their entire working lives trying to repay student loans. Open this article

5. Obama shops around as GOP offers multiple debt-hike plans:

President Obama seemed to go comparison-shopping on Friday as he met with Senate Republicans to discuss their proposals for ending the government shutdown and raising the debt ceiling.

Obama did most of the talking but also took questions from GOP senators who rode buses down Pennsylvania Avenue to meet on the president’s turf. Open this article