Top Bankers Urge Obama, Congress to Reach Deal

Source: AP

The chief executives of the nation's largest financial institutions sent a letter to The White House and to members of the U.S. Congress, urging them come to an agreement this week to raise the nation's borrowing limit.

A deal must be made by Aug. 2 to avoid a default by the U.S. on its debt obligations.

Bank of America Corp.'s Brian Moynihan, JPMorgan Chase & Co.'s Jamie Dimon, and Goldman Sachs Group Inc.'s Lloyd Blankfein and others warned on Thursday that the consequences on not acting would be grave for the economy, the job market, and for America's global economic leadership.

"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence," the letter said.

Read more: http://abcnews.go.com/Business/wireStory?id=14181309

---

The Banksters are scared shitless.

are demanding others to do the responsible thing............

There will be another bank collapse and the people will not bail them out again

They won't have any choice.. Remember, the house and senate are bought and paid for and they are committed to serving their money flow.. I have no confidence that the upcoming disaster will be treated any differently than the last one.. it will just be better disguised.:hangover: :shrug: :banghead:

"blowback" can even find its way into those gated communities...

Are having buyers remorse?

Of course they are scared. :evilgrin:

overpaid at 1/3 their salaries and bonuses and perks.

The people who will lose, are those with very very little to start with.

lol

;)

about either event.

Meanwhile the poor and lower middle class will continue to suffer and be called on to sacrifice.

fair is fair.

If the U.S. defaults, I think that a large proportion of the wealthiest Americans would also become America's most important creditors, and would be in a position to demand prompt repayment from the United States. They would still take an enormous bath, losing more money in a day than most people will make in their lifetimes.

But their power over the United States would grow exponentially.

I still don't think it's going to happen. I think that on Saturday night or Sunday the House is going to get a lesson from a certain Constitutional scholar about exactly how much power Congress has already delegated to the President. All of you should read this little article in stunned, slack-jawed awe:

http://en.wikipedia.org/wiki/National_Security_and_Homeland_Security_Presidential_Directive

Unless the current trajectory changes, somewhere behind closed doors on Saturday or Sunday the U.S. is going to quietly be declared an "enduring Constitutional government" and the President will begin utilizing his authority as "coordinator" of Congress and the Supreme Court for the duration of the emergency--which has already lasted almost ten years.

Then it's up to President Obama to decide when to relax his dictatorial powers, if ever.

I thought it would come down to 'if Obama would use' the 14th amendment clause, but this is like additional ammunition. Naturally, it would be challenged, but by the time they get it to the Supreme Court, the next (2012) elections would be over. It would seem like a good thing for now, but clearly seems to be a constitutional issue for Congress.

The biggest and scariest part, the delegation of the authority to suspend habeas corpus from Congress to the Executive Branch, was something Dick Cheney was particularly interested in re-authorizing and expanding, for reasons which remain mysterious to those who insist on believing that they were a legitimate Presidency instead of a criminal coup.

Of course, we may never now for sure how it really broke unless some surprised and outraged freshman teabagger lets the cat out of the bag to the press in such a way that it cannot be silenced.

If that happens, we can expect Karl Rove's flying monkeys to arrive by Tuesday, screaming, "yeah, but Bush never used those powers." But by Thursday, all of you will know for sure that oh yes Bush did, every fuckin' day, to evade culpability for his dozens of high crimes. This is the threat that kept him in office, and now it's about to be used to knock most of the rest of them straight out of theirs.

And then, perhaps, some of the folks here will see what this President is really up against, and how amazingly well he is doing trying to unravel it. But more likely, you'll continue to think I'm a crazed lunatic.

our side is done giving things away

I'll be right there to give them directions--and I'll lie, and send them to the dump instead.