Big bank bosses and the AARP join Biden's push to raise the debt ceiling with 12 days before deadline

President Joe Biden will on Wednesday escalate his call for Congress to address the debt ceiling in a meeting with some of Wall Street's top CEOs.

Biden is expected to ask the private sector to keep pressure on Republicans to back off their threat to filibuster a bill proposed via regular Senate procedure. The White House meeting, which will include a mix of virtual and in-person attendees, marks a new level of urgency in the administration's efforts to avoid what economists see as guaranteed economic turmoil. Congress has only 12 days—until October 18—to suspend or lift the debt limit before the U.S. defaults on its debt for the first time ever, according to Treasury Department estimates.

Here comes recession

History repeating. Last time this absurd amount of money owed & PRINTED & DEFAULTED no matter amount printed — It precipitated 2 WORLD WARS.😉 Deep recession INEVITABLE. Increase M1, dollar decreases by a commensurate amount. Keep debt & it’s a default. Choose best of two evils👍🏻

A citizen prints money to pay debt — it’s called counterfeiting. Government prints money to pay debt thereby increasing M1 money supply — what is that called?😉 Once debt ceiling increased it should precipitate the fall of the dollar by a minimum 30 basis points — CETERIS PARIBUS

You have $3,8 trillion to throw? USE IT TO PAY DOWN DEBT. Then increase taxes to top tier. Increase taxes to corporations and money generated goes to PAYING DOWN YOUR DEBT FREELOADERS. Your NATION GOVERNMENTS (plural) created YOUR mess. CLEAN IT UP then talk of loftier goals.😉

Here’s what citizens in debt much like your nation understand: Tighten your belt. Present austere measures to PAY DOWN YOUR DEBT. They don’t have the luxury of printing MORE MONEY like you do and avoid DEBT. It’s called LIVING WITHIN YOUR OWN MEANS.😉 A nation addicted to itself.

Cause big banks have ever solved anything

Here’s a NOVEL IDEA — PAY BACK YOUR DEBT like everyone else. If you can’t then have the intestinal fortitude to default & allow nations to pick your assets as punishment so you won’t do it again — fomenting chaos on everyone else’s dime. Be treated like your citizens are treated

Let rest of civilised nations on the planet understand this measure. A delinquent defunct nation is unable and incapable of paying back its debts ($29+ trillion) so it engages in increasing its held debt. Wow. Try that with your bank next time. Tell us how it works out for you.🤣

A decade ago, big bank/corp execs were thought the most evil of all people. They cheated the public to enrich themselves, received massive bailouts, & escaped punishment. This same cohort is now lecturing us on behalf of JB, & we are to trust them? Jamie Dimon's comp is $31MM/yr.

The president was pushing to suspend the debt ceiling which is NOT the same as raising the debt ceiling.

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