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Posts tagged with congress

  [T]he US Congress has demonstrated clearly that it can’t be trusted to govern the country in a responsible manner. And the tail-risk implications for markets are huge. … When you build up large stocks of mistrust and ill will, nothing can happen for a very long time. But when something does happen, it’s much quicker and much worse than anybody could have anticipated. The markets might not be punishing the US government at the moment. But the mistrust and ill will is there, believe me. And when it appears, it will appear with a vengeance.” — Felix Salmon

  Congress is a substitute for violence. When you go around the world, they kill each other. Here we go down to the floor and argue with each other.” — Dick Gephardt as quoted by Steve Elmendorf


  I bet most Republicans care more about taxes than they do about deficits, just as most Democrats care more about health and welfare programs more than they do about deficits. Debt limits force the parties to consider a second-order priority, which, I agree, is a worthy purpose. That they can be forced to make serious concessions on the first-order priorities to agree to a plan on a second-order priority is yet to be seen.” — Steve Smith (presumably) in the comments at the Monkey Cage





  People hate democracy. They like democracy in the stylized version they have in their heads, which involves everyone in the country agreeing with them. They don’t like it in practice because, well, it’s messy, and it turns out people disagree with them.” — Matt Jarvis, in the comments to a Jonathan Bernstein blog post