Human history becomes more and more a race between education and catastrophe.

Posts tagged “John Boehner

History of Abortion

The following is an excerpt from the “Abortion” chapter of Our Bodies, Ourselves for the New Century

tumblr_mblcml2zoh1qz503po1_500

HISTORY OF ABORTION

Over several centuries and in different cultures, there is a rich history of women helping each other to abort. Until the late 1800s, women healers in Western Europe and the U.S. provided abortions and trained other women to do so, without legal prohibitions.

The State didn’t prohibit abortion until the 19th century, nor did the Church lead in this new repression. In 1803, Britain first passed antiabortion laws, which then became stricter throughout the century. The U.S. followed as individual states began to outlaw abortion. By 1880, most abortions were illegal in the U.S., except those “necessary to save the life of the woman.” But the tradition of women’s right to early abortion was rooted in U.S. society by then; abortionists continued to practice openly with public support, and juries refused to convict them.

Abortion became a crime and a sin for several reasons. A trend of humanitarian reform in the mid-19th century broadened liberal support for criminalization, because at that time abortion was a dangerous procedure done with crude methods, few antiseptics, and high mortality rates. But this alone cannot explain the attack on abortion. For instance, other risky surgical techniques were considered necessary for people’s health and welfare and were not prohibited. “Protecting” women from the dangers of abortion was actually meant to control them and restrict them to their traditional child-bearing role. Antiabortion legislation was part of an antifeminist backlash to the growing movements for suffrage, voluntary motherhood, and other women’s rights in the 19th century. *For more information, see Linda Gordon’s Woman’s Body, Woman’s Right, rev. ed. (New York: Penguin Books, 1990).

At the same time, male doctors were tightening their control over the medical profession. Doctors considered midwives, who attended births and performed abortions as part of their regular practice, a threat to their own economic and social power. The medical establishment actively took up the antiabortion cause in the second half of the 19th century as part of its effort to eliminate midwives.

Finally, with the declining birth rate among whites in the late 1800s, the U.S. government and the eugenics movement warned against the danger of “race suicide” and urged white, native-born women to reproduce. Budding industrial capitalism relied on women to be unpaid household workers, low-paid menial workers, reproducers, and socializers of the next generation of workers. Without legal abortion, women found it more difficult to resist the limitations of these roles.

Then, as now, making abortion illegal neither eliminated the need for abortion nor prevented its practice. In the 1890s, doctors estimated that there were two million abortions a year in the U.S. (compared with one and a half million today). Women who are determined not to carry an unwanted pregnancy have always found some way to try to abort. All too often, they have resorted to dangerous, sometimes deadly methods, such as inserting knitting needles or coat hangers into the vagina and uterus, douching with dangerous solutions like lye, or swallowing strong drugs or chemicals. The coat hanger has become a symbol of the desperation of millions of women who have risked death to end a pregnancy. When these attempts harmed them, it was hard for women to obtain medical treatment; when these methods failed, women still had to find an abortionist.

Illegal Abortion

Many of us do not know what it was like to need an abortion before legalization. Women who could afford to pay skilled doctors or go to another country had the safest and easiest abortions. Most women found it difficult if not impossible to arrange and pay for abortions in medical settings.

With one exception, the doctors whom I asked for an abortion treated me with contempt, their attitudes ranging from hostile to insulting. One said to me, “You tramps like to break the rules, but when you get caught you all come crawling for help in the same way.”

The secret world of illegal abortion was mostly frightening and expensive. Although there were skilled and dedicated laywomen and doctors who performed safe, illegal abortions, most illegal abortionists, doctors, and those who claimed to be doctors cared only about being well rewarded for their trouble. In the 1960s, abortionists often turned women away if they could not pay $1,000 or more in cash. Some male abortionists insisted on having sexual relations before the abortion.

Abortionists emphasized speed and their own protection. They often didn’t use anesthesia because it took too long for women to recover, and they wanted women out of the office as quickly as possible. Some abortionists were rough and sadistic. Almost no one took adequate precautions against hemorrhage or infection.

Typically, the abortionist would forbid the woman to contact him or her again. Often she wouldn’t know his or her real name. If a complication occurred, harassment by the law was a frightening possibility. The need for secrecy isolated women having abortions and those providing them.

In the 1950s, about a million illegal abortions a year were performed in the U.S., and over a thousand women died each year as a result. Women who were victims of botched or unsanitary abortions came in desperation to hospital emergency wards, where some died of widespread abdominal infections. Many women who recovered from such infections found themselves sterile or chronically and painfully ill. The enormous emotional stress often lasted a long time.

Poor women and women of color ran the greatest risks with illegal abortions. In 1969, 75% of the women who died from abortions (most of them illegal) were women of color. Of all legal abortions in that year, 90% were performed on white private patients.

The Push for Legal Abortion

In the 1960s, inspired by the civil rights and antiwar movements, women began to fight more actively for their rights. The fast-growing women’s movement took the taboo subject of abortion to the public. Rage, pain, and fear burst out in demonstrations and speakouts as women burdened by years of secrecy got up in front of strangers to talk about their illegal abortions. Women marched and rallied and lobbied for abortion on demand. Civil liberties groups and liberal clergy joined in these efforts to support women.

Reform came gradually. A few states liberalized abortion laws, allowing women abortions in certain circumstances (e.g., pregnancy resulting from rape or incest, being under 15 years of age) but leaving the decision up to doctors and hospitals. Costs were still high and few women actually benefited.

In 1970, New York State went further, with a law that allowed abortion on demand through the 24th week from the LMP if it was done in a medical facility by a doctor. A few other states passed similar laws. Women who could afford it flocked to the few places where abortions were legal. Feminist networks offered support, loans, and referrals and fought to keep prices down. But for every woman who managed to get to New York, many others with limited financial resources or mobility did not. Illegal abortion was still common. The fight continued; several cases before the Supreme Court urged the repeal of all restrictive state laws.

On January 22, 1973, the U.S. Supreme Court, in the famous Roe v. Wadedecision, stated that the “right of privacy…founded in the Fourteenth Amendment’s concept of personal liberty…is broad enough to encompass a woman’s decision whether or not to terminate her pregnancy.” The Court held that through the end of the first trimester of pregnancy, only a pregnant woman and her doctor have the legal right to make the decision about an abortion. States can restrict second-trimester abortions only in the interest of the woman’s safety. Protection of a “viable fetus” (able to survive outside the womb) is allowed only during the third trimester. If a pregnant woman’s life or health is endangered, she cannot be forced to continue the pregnancy.

Abortion After Legalization

Though Roe v. Wade left a lot of power to doctors and to government, it was an important victory for women. Although the decision did not guarantee that women would be able to get abortions when they wanted to, legalization and the growing consciousness of women’s needs brought better, safer abortion services. For the women who had access to legal abortions, severe infections, fever, and hemorrhaging from illegal or self- induced abortions became a thing of the past. Women health care workers improved their abortion techniques. Some commercial clinics hired feminist abortion activists to do counseling. Local women’s groups set up public referral services, and women in some areas organized women-controlled nonprofit abortion facilities. These efforts turned out to be just the beginning of a longer struggle to preserve legal abortion and to make it accessible to all women.

Although legalization greatly lowered the cost of abortion, it still left millions of women in the U.S., especially women of color and young, rural women, and/or women with low incomes, without access to safe, affordable abortions. State regulations and funding have varied widely, and second-trimester abortions are costly. Even when federal Medicaid funds paid for abortions, fewer than 20% of all public county and city hospitals actually provided them. This meant that about 40% of U.S. women never benefited from liberalized abortion laws.

During the late 1970s and early 1980s, feminist health centers around the country provided low-cost abortions that emphasized quality of care, and they maintained political involvement in the reproductive rights movement. Competition from other abortion providers, harassment by the IRS, and a profit- oriented economy made their survival difficult. By the early 1990s, only 20 to 30 of these centers remained.

Eroding Abortion Rights: After Roe v. Wade

When the Supreme Court legalized abortion in 1973, the antiabortion forces, led initially by the Catholic Church hierarchy, began a serious mobilization using a variety of political tactics including pastoral plans, political lobbying, campaigning, public relations, papal encyclicals, and picketing abortion clinics. The Church hierarchy does not truly represent the views of U.S. Catholics on this issue or the practice of Catholic women, who have abortions at a rate slightly higher than the national average for all women.

Other religious groups, like the Mormons and some representatives of Jewish orthodoxy, have traditionally opposed abortion. In the 1980s, rapidly growing fundamentalist Christian groups, which overlap with the New Right and “right- to-life” organizations, were among the most visible boosters of the antiabortion movement. These antiabortion groups talk as if all truly religious and moral people disapprove of abortion. This is not true now and never has been.

The long-range goal of the antiabortion movement is to outlaw abortion. Their short-range strategy has been to attack access to abortion, and they have had successes. The most vulnerable women–young women; women with low incomes, of whom a disproportionate number are women of color; all women who depend on the government for their health care–have borne the brunt of these attacks on abortion rights.

The antiabortion movement’s first victory, a major setback to abortion rights, came in July 1976, when Congress passed the Hyde Amendment banning Medicaid funding for abortion unless a woman’s life was in danger. Following the federal government, many states stopped funding “medically unnecessary” abortions. The result was immediate in terms of harm and discrimination against women living in poverty. In October 1977, Rosie Jimeaanez, a Texas woman, died from an illegal abortion in Mexico, after Texas stopped funding Medicaid abortions.

It is impossible to count the number of women who have been harmed by the Hyde Amendment, but before Hyde, one-third of all abortions were Medicaid funded: 294,000 women per year. (Another 133,000 Medicaid-eligible women who needed abortions were unable to gain access to public funding for the procedure.) Without state funding, many women with unwanted pregnancies are forced to have babies, be sterilized, or have abortions using money needed for food, rent, clothing, and other necessities.

Although a broad spectrum of groups fought against the Hyde Amendment, countering this attack on women who lack financial resources was not a priority of the pro-choice movement. There was no mass mobilization or public outcry. In the long run, this hurt the pro-choice movement, as the attack on Medicaid funding was the first victory in the antiabortion movement’s campaign to deny access to abortion for all women.

Young women’s rights have been a particular target of the antiabortion movement. About 40% of the one million teens who become pregnant annually choose abortion. Parental involvement laws, requiring that minors seeking abortions either notify their parents or receive parental consent, affect millions of young women. As of early 1997, 35 states have these laws; 23 states enforce them. In some states, a physician is required to notify at least one parent either in person, by phone, or in writing. Health care providers face loss of license and sometimes criminal penalties for failure to comply.

Antiabortion forces have also used illegal and increasingly violent tactics, including harassment, terrorism, violence, and murder. Since the early 1980s, clinics and providers have been targets of violence. Over 80% of all abortion providers have been picketed or seriously harassed. Doctors and other workers have been the object of death threats, and clinics have been subject to chemical attacks (for example, butyric acid), arson, bomb threats, invasions, and blockades. In the late 1980s, a group called Operation Rescue initiated a strategy of civil disobedience by blockading clinic entrances and getting arrested. There were thousands of arrests nationwide as clinics increasingly became political battlefields.

In the 1990s, antiabortionists increasingly turned to harassment of individual doctors and their families, picketing their homes, following them, and circulating “Wanted” posters. Over 200 clinics have been bombed. After 1992, the violence became deadly. The murder of two doctors and an escort at a clinic in Pensacola, Florida, was followed by the murder of two women receptionists at clinics in Brookline, Massachusetts. A health care provider spoke about the impact of the violence:

The fear of violence has become part of the lives of every abortion provider in the country. As doctors, we are being warned not to open big envelopes with no return addresses in case a mail bomb is enclosed. I know colleagues who have had their homes picketed and their children threatened. Some wear bullet-proof vests and have remote starters for their cars. Even going to work and facing the disapproving looks from co-workers–isolation and marginalization from colleagues is part of it.

The antiabortion movement continues to mount new campaigns on many fronts. Most recently, it has aggressively put out the idea that abortion increases the risk of breast cancer. In January 1997, the results of a Danish study, the largest to date (involving one and a half million women), showed that there is no connection.s3 Unlike previous studies, this one did not rely on interviews and women’s reports but instead used data obtained from population registries about both abortion and breast cancer. Despite the lack of medical evidence and the fact that the scientific community does not recognize any link, the antiabortion movement continues to stir up fears about abortion and breast cancer.

Legal but Out of Reach for Many Women

We have learned that legalization is not enough to ensure that abortions will be available to all women who want and need them. In addition to a lack of facilities and trained providers, burdensome legal restrictions, including parental consent or notification laws for minors and mandatory waiting periods, create significant obstacles. A minor who has been refused consent by a parent may have to go through an intimidating and time-consuming judicial hearing. Mandatory waiting periods may require a woman to miss extra days of work because she must go to the clinic not once, but twice, to obtain an abortion. If travel is required, this can make the whole procedure unaffordable. In other words, for millions of women, youth, race, and economic circumstances together with the lack of accessible services–especially for later abortions–translate into daunting barriers, forcing some women to resort to unsafe and illegal abortions and self-abortions.

WEAKENING THE CONSTITUTIONAL PROTECTION FOR ABORTION

When in 1980 the Supreme Court upheld the Hyde Amendment, it began eroding the constitutional protection for abortion rights. Since then, there have been other severe blows. In Webster v. Reproductive Health Services (1989), the Court opened the door to new state restrictions on abortion. In Hodgson v. Minnesota (1990), the Court upheld one of the strictest parental notification laws in the country.

These trends were further codified in Planned Parenthood v. Casey, a 1992 decision upholding a highly restrictive Pennsylvania law that included mandatory waiting periods and mandatory biased counseling. Two frightening themes emerged in the Casey decision. First, the Court sanctioned the view that government may regulate the health care of pregnant women to protect fetal life from the moment of conception so long as it does not “unduly burden” access to an abortion. Second, the Court showed little concern for the severe impact of state restrictions on women with few financial resources.

In the aftermath of Casey, many states have passed similar restrictions, which have the effect of limiting access to abortion, especially for women with low incomes, teenage women, and women of color.

These infringements on abortion access have curtailed the abortion rights of millions of women. In the face of the unrelenting efforts of the antiabortion movement, those of us who believe that women should make their own reproductive decisions will have to become involved in the ongoing struggle to preserve and expand abortion rights.

REPRODUCTIVE FREEDOM VS. POPULATION CONTROL

While most women’s health groups see the fight for abortion rights in the context of defending the rights of all women to make their own decisions about reproduction, not all advocates of abortion rights share this understanding. Some view legal abortion and contraception as tools of population control.

Advocates of population control blame overpopulation for a range of problems, from global poverty to ethnic conflict and environmental degradation. Historically, this type of thinking has led to a range of coercive fertility control policies that target Third World women. These include sterilization without a woman’s knowledge or consent; the use of economic incentives to “encourage” sterilization, a practice that undermines the very notion of reproductive choice; the distribution and sometimes coercive or unsafe use of contraceptive methods, often without appropriate information; the denial of abortion services; and sometimes coercive abortion. For example, HIV-positive women in the U.S. (who are overwhelmingly women of color) are often pressured to have abortions, though only 20 to 25% of their children will be HIV-positive and new treatments during pregnancy have reduced the likelihood even further.

Women with few economic resources, especially women of color in the U.S. and throughout the world, have been the primary targets of population control policies. For example, although abortion has become increasingly less accessible in the U.S., sterilization remains all too available for women of color. The federal government stopped funding abortions in 1977, but it continues to pay for sterilizations. During the 1970s, women’s health activists exposed various forms of sterilization abuse (see section on sterilization in chapter 13, Birth Control). Since the 1980s, advocates have fought against new policies that coerce women with low incomes into using Norplant, a long-term hormonal contraceptive.

In the Third World, in addition to the widespread unavailability of desired contraceptives, there is a long history of coercive fertility control, primarily funded and inspired by developed countries, especially the U.S. (see chapter 26, The Global Politics of Women and Health, for the international dimensions of population control).

The right to abortion is part of every woman’s right to control her reproductive choices and her own life. We must reject all efforts to coerce women’s reproductive decisions. The goals of reproductive rights activists must encompass the right to have children as well as the right not to.

ABORTION ACCESS IN THE U.S.

  • It is conservatively estimated that one in five Medicaid-eligible women who want an abortion cannot obtain one.
  • In the U.S., 84% of all counties have no abortion services; of rural counties, 95% have no services.
  • Nine in ten abortion providers are located in metropolitan areas.
  • Only 17 states fund abortions.
  • Only 12% of OB/GYN residency programs train in first-trimester abortions; only 7% in second-trimester abortions.
  • Abortion is the most common OB/GYN surgical procedure; yet, almost half of graduating OB/GYN residents have never performed a first-trimester abortion.
  • Thirty-nine states have parental involvement laws requiring minors to notify and/or obtain the consent of their parents in order to obtain an abortion.
  • Twenty-one states require state-directed counseling before a woman may obtain an abortion. (This is often called “informed consent”; some critics call it a “biased information requirement.”)
  • Many states require women seeking abortions to receive scripted lectures on fetal development, prenatal care, and adoption.
  • Twelve states currently enforce mandatory waiting periods following state- directed counseling; this can result in long delays and higher costs.
  • (Seven more states have delay laws which are enjoined–i.e., not enforced due to court action at the federal or state level.)

Note: for sources on these statistics, please consult the book’s notes at the end of this chapter.

ABORTION WORLDWIDE 

Unsafe abortion is a major cause of death and health complications for women of child-bearing age. Whether or not an abortion is safe is determined in part by the legal status and restrictions, but also by medical practice, administrative requirements, the availability of trained practitioners, and facilities, funding, and public attitudes.

While it is difficult to get reliable data on illegal and unsafe abortion, several well-known organizations and researchers, including the World Health Organization, the Alan Guttmacher Institute, and Family Health International, make the following estimates:

  • Worldwide, 20 million unsafe abortions are performed annually. This equals one unsafe abortion for every ten pregnancies and one unsafe abortion for every seven births.
  • Ninety percent of unsafe abortions are in developing countries.
  • One-third of all abortions worldwide are illegal. More than two-thirds of countries in the Southern Hemisphere have no access to safe, legal abortion.
  • Estimates of the number of women who die worldwide from unsafe abortions each year range from 70,000 to 200,000. This means that between 13 and 20% of all maternal deaths are due to unsafe abortion–in some areas of the world, half of all maternal deaths. Of these deaths, 99% are in the developing world, and most are preventable.
  • Half of all abortions take place outside the health care system.
  • One-third of women seeking care for abortion complications are under the age of 20.
  • About 40% of the world’s population has access to legal abortion (almost all in Europe, the former Soviet Union, and North America), although laws often require the consent of parents, state committees, or physicians.
  • Worldwide, 21% of women may obtain legal abortions for social or economic reasons.
  • Sixteen percent of women have access only when a woman’s health is at risk or in cases of rape, incest, or fetal defects.
  • Five percent have access only in cases of rape, incest, or life endangerment.
  • Eighteen percent have access only for life endangerment.
Advertisements

Image

Dont let Obama taek away are gunz

THIS IS THE ONLY TRULY DEMOCRATIC SPACE LEFT IN THIS ONCE GREAT NATION.

 

3751193996_Founding_Fathers_Armed_Final3_300x265_xlarge

 


Image

What will probably happen in Europe if USA goes in default?

What will probably happen in Europe if USA goes in default?

What will probably happen in Europe if USA goes in default?

This post will be structured in 2 parts:
Who owns the debt by the government
What would the effects be of defaulting
The US defaulting on its debts has both internal and external effects. The total of US government debt is over $ 16.7 trillion. Of that debt, $ 4.8 trillion is owned by governmental agencies.

This includes agencies such as the social security (holds over $2.5 trillion dollars).
Of the public debt, $5.7 trillion is owned by foreign investors.

Keep in mind this is just the actual government debt, effects of a default would be much bigger

Now, what would happen in case of a default? Let’s assume you own a $1000 bond by the US government. You might think it’s just paper, but that’d be wrong. After all, you paid for that paper. Just like an iPod is worth $500 or whatever because that’s what you paid for it. Bonds are means of (safe) investment.

Now, government defaults. You, the owner of the government bond are unsure about whether you will actually ever get your money back, so you’re freaking out. Then some dude comes to you and says “hey, I’ll pay you $500 for that bond!”. You figure “better be sure” and accept it (this 50% depreciation is completely arbitrary).

Now, let’s assume everyone reacts like you do (which is entirely unlikely but let’s assume so for sake of simplicity). Consequence: the value of the government debt drops by 50% for the owners of that debt. Social security loses over $ 1 trillion, other government agencies or internal investors lose a combined $3 trillion.

To put this in perspective, this is roughly $10 000 per American for a 50% drop. Even assuming just a 1% drop, it’d still be $200 for every American out there. Family with 3 kids? Well shucks, you just lost $1000 (in actual assets or in government benefits, this is on a macro level).

Foreign owners of the debt would see the same effects: the value of their assets would fall. China owns $1 trillion in debt, so loses $500 billion. Same with Japan. Both countries have been rumored of being on the verge of an economic crisis, and this would definitely trigger it.

Worldwide, about $3 trillion in assets would disappear. Again, assuming a 50% value drop which, again, is really unlikely.

Now, let’s look at the much major second-order effects. The dollar would drop in value… really hard. Since the dollar is basically the global reserve currency, a lot of foreign companies (be it from India, Bulgaria, Ecuador… you name it) have dollar bank accounts.

Since the dollar would drop in value versus basically every other currency, a lot of those companies would lose a lot of their assets too. Same (and especially) with the banks.
A whole lot of the global economic system is basically based on the stability of the dollar as a reserve currency. The US defaulting would have an effect on the entire global economic system.

I don’t want to sound like a doomsday prophet here, but if shit actually hits the fan a default would likely lead to a domino effect of banks going bankrupt. Remember when that happened with Lehman Brothers and how hard that one single bank going bankrupt shook the global financial system? We avoided a financial collapse at that point by letting the governments bail them out. Thing is, in this scenario the most (powerful) governments wouldn’t be able to bail them out either.

Then you get to the third-order effects. Banks go bankrupt. Before you all start shouting “YEAH, FUCK THE CAPITALISTS!!!”, this means that everyone who has an account with a bank (savings account, investment account or whatever) will lose their money. Companies, but the average family too.

 

***I will stress again that this is all worst-case scenario. Just keep in mind that the EU did everything it could to avoid Greece going bankrupt, and then consider the difference between the Greek economy and the US economy on a global scale. Should give you an idea of how bad it could be. This would be far worse than the Lehman Brothers collapse (many people still don’t realise how close we were to a global collapse of the economic system).


Image

Shutdownghazi Day 14 (Oct. 14th)

Shutdownghazi Day 14 (Oct. 14th)

This meaningless shutdown of the United States Federal Government has entered day 14 and we are still careening towards this coming Thursday’s economic default. So I guess I’ll keep annotating this international embarrassment of a continuing crisis in our government:

Thursday is not the day we hit the debt ceiling. That day, when treasury cannot authorize any additional debt, has already passed. Starting on Thursday, the treasury department can no longer guarantee that they can pay out all incoming bills.

See, for all the complaining about the government not acting like a business…it is actually surprisingly close in terms of accounting. Businesses have accounts receivable (money coming in), just like the government does with its tax revenues, and businesses have accounts payable, and so does the government with its obligations to pay interest on its debt, pay social security, federal workers paychecks, etc…

When a business has more money to pay out then it has coming in, it has three choices: 1. Take on debt to pay the difference 2. Renegotiate the debts/cut its spending 3. Go into default.

Where the business/government comparison splits is in how much easier it is for the government to choose option one or two over option three. Because a business might not be able to take out more debt (if the market doesn’t think it is credit worthy), and negotiating over its outstanding debt is incredibly difficult given the advantages creditors have in bankruptcy proceedings. Cutting spending as a business is also hard because market forces tend to make businesses run as lean as possible to begin with, so there isn’t much “fat” to cut.

The government, on the other hand, has complete control over how much it has to spend. Even if they are “legally” obligated to pay things like social security or medicare, they are also the ones who get to define what they are legally obligated to pay. So in short, if they passed a law saying they no longer have to pay social security checks…then they don’t have to pay that debt anymore.

And as far as issuing debt goes…if you are a country (like the United States) that controls its own currency…you can (short of a law saying you cant) ALWAYS take on more debt to pay your bills. The Federal reserve is obligated by law to buy whatever debt the gov’t sells it even if there is no other commercial buyers. And the Fed is able to do this because they have infinite money…ie they are the ones who “create cash”.

Both of these facts have, up until the past couple years, made US debt the absolute safest place on earth to put your money. Because if you control what you owe, and you control the money supply, then theoretically you should never have to go with option three…ie Default. And with a recessed global economy where there is more of an emphasis on a return “of” capital rather than a return “to” capital…ALOT of people/mutual funds/banks/government put their cash in US debt.

Let me insert another key concept that markets and economics depends on…the concept of the rational actor. It says that, all else being equal…people/companies/markets/governments aren’t stupid. They will choose what is best for them over other worse options. This key concept makes markets stable, because it makes all of the actions of actors in that market more predictable.

We know that Goldman Sachs wont light all of their cash on fire…because that’s bad for Goldman Sachs. We know that Toyota won’t intentionally make an exploding car…because that would be bad for Toyota.

And up until Thursday, the market knows that the US government wont intentionally not pay its bills when the penalty for doing so is so much more severe than the other options presented to it. The penalty for cutting spending is political, the penalty for issuing debt is economic but manageable (given a long list of time tested tools we have to control inflation)….the penalty for outright refusing to pay your debts are catastrophic.

So in short, what happens on Thursday when the US declares that it wont/cant honor its debts? I don’t know…what happens when Goldman Sachs decides to liquidate all of its assets and burn, literally light on fire, all of its cash?

But whatever it is….we know its not good.


Image

Boehner Land

Is this dude ever sober? I think not.

Of course, if I had to deal with douche bag politicians all day every day, I’d be a drunk too; or in prison for mass murder.


Image

Weeper of the House

Senator Harry Reid should have punched John Boehner in the throat, that’ll give him something to cry about…


Image

A Thought:

I really want to see John Boehner and Barack Obama fight in THUNDERDOME!!!

Two men enter, one man leaves.


Image

Alternative Solution?

Congress should pass the ‘Battle Royale’ act, where all our elected officials in the House of Representatives are locked in a room, all lines of communication with the outside world will be severed, and they are left in there until an agreement can be reached (or they can just kill each other off until only one remains, then that person gets to choose policy for the year.)

***The Pay Per View revenue alone would clear the deficit.***


Government Shutdown- Oct 2nd

1380640_656958441004827_1805011075_n

The issue is not the substance of the Republicans’ argument, it’s the tactic. There’s an established procedure for putting in place a law – it passes both Houses of Congress, and is signed off on by the President. Once a law has been passed, it can be repealed or amended through the same procedure. Everybody playing by that set of rules helps keep arguments fair and procedures somewhat predictable.

What the Republicans are doing now is to say – we can’t win both Houses of Congress and the Presidency (which is what it would take to overturn a law that already was passed by all three institutions), but what we can do is use control of the one house that we do have to refuse to fund the government until the President and the Senate change the health care law.

The reason that the President and the Democratic Senate are refusing to negotiate (and should continue to refuse to negotiate) is that they don’t want the House of Representatives to get in the habit of shutting down the government everytime there is some law they disagree with. It’s essentially the exact same argument for why it’s generally considered inadvisable to negotiate with terrorists. There’s a legitimate way for a party in Congress to get its way – through the normal procedure of writing bills, and through the election cycle – and there is an illegitimate way to do so – by holding the government’s operating budget hostage.