"Shh...don't tell anyone, but we're not really going to default..." is what the Obama Administration's been telling banker officials, Fox News Business reports this afternoon. That's why Wall Street isn't showing too much concern about the debt ceiling stalemate in DC.
While Treasury Secretary Tim Geithner was on Sunday talk shows scaring seniors dependent on Social Security and getting active military personnel on edge, wondering if their August checks will be delayed, White House personnel's been whispering to bankers not to panic.
And Senator Dick Durbin says the GOP is "irreponsible"? How about Obama and the Democrats just outright lying to America?
A senior banking official told FOX Business that administration officials have provided guidance to them that even though a default is off the table, a downgrade "is a real possibility for no other reason than S&P and Moody's have to cover (themselves) since they've been speaking out on the debt cap so much."
Wall Street has largely dismissed the possibility of default, and though the markets have been jittery amid the talk of default, they haven't imploded as would be the case, many economists fear, if the nation missed a payment on its debt.
So what are we average Joes to think? Don't believe anything you hear from the White House. The deception should be the next good reason to throw Obama out of the White House in 2012.
Read more: http://www.foxbusiness.com/markets/2011/07/25/obama-to-banks-were-not-defaulting/#ixzz1TEguLACG
