Tag Archives: Timothy Geithner

Debt ceiling – looming catastrophe or Y2K redux?

You know the drill — Politico’s Arena asks, I answer. I’d like to know what you would have said, so please tell me in the comments section below.

 

Politico TheArena logo

Arena Asked: President Barack Obama, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke warn of calamitous effects if the nation’s debt ceiling is not raised soon. But a few prominent Republicans, such as Minnesota Rep. Michele Bachmann, a presidential candidate, say nothing much would happen and blast the administration for its “scare tactics.”

Are Bachmann and co. naive about the consequences of default? Or do they have a point? Might this be the economic equivalent of Y2K, the turn-of-the-21 century computer scare that ended up causing minimal damage?

Posted in Economy, Election Watch, Political Strategy, Politico Arena, Politics | Tagged , , , , , , , , , , | 1 Comment