OK kids, here we go. Expect the increasing likelihood of a federal default experiment next week as Tea Party lawmakers on Capitol Hill push GOP leaders to at least allow a one or two-day lapse in raising the debt limit to make a point.
The less-than-panicky (call it jittery) response by world markets on Monday to debt-talk failures has strengthened the right-wing argument that a default is no catastrophe. Comparisons are being made to the wolf crying days of the predicted Y2K disaster that never happened.
Even Wall Street appears prepared for this scenario, instead rallying to celebrate a roll of positive profit earnings by major stocks.
Still, this experiment with the nation's credit rating seems irresponsibly risky since that's about the only good thing we've got going in the global economy.
Also by Craig: Obama-Boehner Smackdown
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Y2K DIDN'T happen because people got concerned and acted intelligently way in advance of the potential problem. The people who were most responsible for tackling the potential problem were corporations who didn't want their businesses to crash. They threw money, manpower, research and development, and unprecedented effort toward avoiding the problem.
The only things our culture throws money at these days are the 2 Percent Club and executive bonuses.