A few minutes ago, Speaker of the House John Boehner, Republican of Ohio, sent out a tweet describing the shutdown as a “Democrat” shutdown. Interesting since spending bills, including the budget, start in the House and given that the Republicans have control of the House, this shutdown should be described as a GOP shutdown.
No worries since I would not expect the Speaker to have the nation or the world for that matter point fingers at the GOP for any instability in equity or bond prices given the pending question on the debt ceiling looming seven days around the corner.
I have to wonder if Mr. Boehner is interested in saving the Tea Party posse in his party some face. They sure don’t want the backlash from retirees and other investors from the volatility missing debt payments will have on the financial markets even if their bona fides don’t include any love for investment banks on Wall Street. A temporary debt ceiling increase proposed by the GOP as reported by The Wall Street Journal may do the trick, albeit very temporarily, taking the nation on a chase for some liquid Wild Turkey, led by GOP turkeys, during the season for eating turkey.