Economist Dean Banker notes:
Wall Street will suffer more than anyone from a default and it will not let it happen. The public should know this, certainly Wall Street does.
No wonder the fatcats running the giant banks which received tens of trillions in bailouts, loans and guarantees from the American public are screaming loudly that the debt ceiling must be raised.
Robert Reich points out:
Why has Standard & Poor’s decided now’s the time to crack down on the federal budget — when it gave free passes to Wall Street’s risky securities and George W. Bush’s giant tax cuts for the wealthy, thereby contributing to the very crisis its now demanding be addressed?
Could it have anything to do with the fact that the Street pays Standard & Poor’s bills?