The extreme hard-line attitude of many Republicans has significantly raised the prospects for a national default and rating agency downgrades that would sweep across the nation and many states, causing an economic cataclysm and public outrage unlike anything ever seen in the history of the republic.
If the deficit talks collapse and the house of cards falls, the biggest losers will be Republicans, who almost certainly will lose control of the House.
I have always expected a deal to raise the debt ceiling, but also warned of the danger that World War I-style miscalculations could result in a default that leaders do not want. Now comes a last-minute proposal dumped by another gang, without major details, in an inflamed and dangerous situation, to radically change America by Aug. 2. This "plan" will not pass in time. It only confuses a gravely dangerous situation.
What brought America to this moment of danger? The Republican Speaker made an offer, accepted by the president, for a grand bargain to deal with the deficit. The Speaker then reneged and opposed his own proposal after it was attacked by the Republican majority leader, who is the voice of the faction I call the Banana Republicans.
The Banana Republicans oppose the very concept of negotiating in good faith. They have certain views far outside the mainstream of traditional Republicanism, and far outside the mainstream of traditional Americanism, which views our nation as a melting pot of diversity, requiring a coming-together of shared purpose.
The Banana Republicans do not want America to come together. They seek domination by their minority faction, destruction of their political enemies and dismemberment of the body politic, which is the source of their extremism and would be the cause of their being blamed for the crash, if it comes.
The Banana Republicans are deeply hostile to the governing values of former President Reagan, who believed deeply in the principle of good-faith negotiation on matters foreign and domestic, and who entrusted brilliantly able people including James Baker, Howard Baker and Ken Duberstein.
The Banana Republicans hold views that are ignorant of economic history and modern finance, including the growing school of (insane) thought that default would be good for America.
The Banana Republicans include many who have only been in government for months and have close to zero experience, sense of history and institutional memory. They believe the great Republican leaders in modern history were wrong, while they always are right. They express contempt for the majority of registered Republicans, who believe a deficit deal must be balanced and fair, a view Banana Republicans hold in contempt.
The Banana Republicans have no idea about the magnitude of public wrath that will befall them if America defaults and rating-agency downgrades ripple through the nation and states and crash bond markets, collapse equity markets, destabilize the world economy and drive joblessness even higher and interest rates through the roof.
Banana Republicans believe the Senate should be destroyed as an institution by the tyranny of the minority. They prevent a Nobel laureate from serving on the Federal Reserve Board. They prevent nominees for the Treasury Department from being confirmed even during a national economic crisis.
If the bough breaks and the cradle falls there will be blame enough, but every poll shows the Banana Republicans are out of touch with the pulse of the nation, which wants a fair and balanced deficit deal.
The Banana Republicans would destroy the American compact of shared sacrifice, shared reward and fair compromise in a nation of shared purpose. If they cause the crash, the voters will conclude that the Democrats are no angels, but will send the Banana Republicans straight to political hell.
This column was originally published at The Hill.
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Sorry, no. The LOSER will be the COUNTRY; and the "biggest losers" will be the American people! ALL the American people:
Republicans, "tea partiers", Democrats, Independents, Libertarians, etc...
What makes you think that?
The corporate-controlled media, with their lazy "false equivalency", will tell the public that BOTH SIDES were unyielding and are at fault. Then they will repeat as fact the Republican's ridiculous talking points, no matter how demonstrably false they are.
After that they will put in front of the camera a Teabagging Republican, a "mainstream" Republican, one or more members of the Republican leadership, and for "balance" and a conservative Democrat who votes with the Republicans most of the time. No liberal Democrats will be allowed.
The few people who can turn away from "Real Housewives of New Jersey" won't have a clue about what is really going on.
The desired end result of negotiation isn't compromise, where everyone loses something; it's collaboration, where everyone ends up ahead. the gold standard is to achieve the highest "joint utility." Unfortunately, a successful negotiation requires a genuine understanding of the other side's views, not bludgeoning them to death. Seeking understanding is anathema to the Teapublican cult of true believers, who suffer the triple malady of ignorance, arrogance, and unwillingness to listen or learn. I never imagined that I would yearn for the old fashioned Republicans of my youth, but clearly none of them would make it in this contemporary gaggle of crackpots. Where is Nixon now that we need him?
They must know it and I hope the author is right about the comeuppance, but consider: it was Banana Republican CEO of Diebold that guaranteed the election the first head banana (Bush) and gave us the mysterious, Trojan horse that is the ‘black box' electronic voting machines we use to vote. I fear they do not, therefore, care about the wrath of the public, its rationality nor its sense of decency. Fearing little consequence, they now unabashedly go about astonishing us all with appalling, anti-government, anti-public rhetoric and mayhem—the way any villains who couldn’t lose would.
It's the only explanation for suddenly becoming obvious pariahs--willing to touch 'the third rail' programs like social security and Medicare, and do all the atrocious things mentioned in this piece.
It's only my opinion (or paranoia) of course, (and you can blame unassuming, and now' taken aback' Americans for putting them there) but their faction, which so boldly denounced affordable healthcare and proclaimed divisive ideologies once shunned by decent Americans, should never have gained traction in our government, and would not have--but for strategically placed, subtly cheating programs running deep within unverifiable voting tabulation machines.
I am not attacking your position. I don't understand your comment. Was a word left out or did you mean to say something differently?