Thursday, October 3, 2013

300 Million Dollar Loss Per Day! THE REPUBLICAN SHUTDOWN is costing us jobs and stability!


The longer the shutdown, the more damage will accrue to business and consumer confidence,” Eric Green, New York-based global head of foreign exchange, rates and commodities at TD Securities USA LLC, wrote in a note. “A longer shutdown stretching into mid-October, when the Treasury estimated that the debt ceiling will need to be raised, would likely magnify the hit to economic activity by raising the risk of a bad outcome on the debt ceiling.”
This may explain Corporate America’s jump to supporting President Obama over the Republicans. Big Business knows the truth about “free market” capitalism, it needs the government to survive. It’s all fun and games to wax philosophical about Ayn Rand but without government support the corporate sector is dead meat. And if the House GOP actually forces a default on the debt ceiling the 1% – the people who actually own financial assets – would be destroyed directly while the 99% would only be damaged by the ancillary consequences and might even come out the better for it pending on how the economy and financial system were rebuilt.


http://news.firedoglake.com/2013/10/02/shutdown-estimated-to-be-costing-us-economy-300-million-a-day/

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