a prioritization plan where the debt holders would be prioritized for getting payment and social security recipients, and veterans in folks, they might not get their payments. technically speaking. is that kind of prioritization even possible? let me be clear. that is a conversation about theorizing and playing with peoples social security and medicare, and playing with the global economy, we shouldn t even be having that conversation. prioritization is another word for default. who is choosing which bills to pay. that is not paying our bills. so, in my mind, that is another word for default, and it will lead us to chaos in the global economy, and in this country, all that economic progress we talked about in jobs, and in growing the economy, that would go away. that and that view that we shared about to fault is shared by a lot of the ratings agencies on wall street, at least that is
prudent but that being said congress will have to increase the debt ceiling. there s no question about it. i ve been through so many of these fights. at the end of the day they will be raised. the question is how much damage will be done between now and then. in 2011 i remember the negotiation between president obama and john boehner that resulted in the control act of 2011, and that negotiation ended up rattling markets, and actually the united states actually received a downgrade from some ratings agencies. so really the issue for congress is not, you know, how they re going to pass this thing because they are going to pass it. the question is when. and they need to do it before there would be some kind of a catastrophic economic event. there s this one shouldn t play chicken with the debt ceiling. sometimes if you take a hostage in politics you better be prepared to shoot them. this is one hostage you could never shoot because the consequences would be so severe.
Credit Ratings Agencies such as Standard and Poor's (S&P) Global Ratings, Fitch Ratings, Moody's Investors Service and DBRS Morningstar are NOT always 100% right and reliable. It has been established that sometimes there is a conflict of interest between bond issuers and these credit ratings agencies. "The conflict of interest…