On the corner of 14th Avenue & Wall Street

posted by
August 3, 2011
The American Prospect
by Robert Kuttner  
Posted in Commentary, PND Commentary

"Why did the president categorically reject recourse to the 14th Amendment to raise the debt ceiling, even as a bargaining chit, when that rejection forced Democrats to accept a deal mostly on Republican terms? ... Obama, speaking a week before the final deal, said that his lawyers advised him that the 14th Amendment did not apply. In fact a lot of very well informed constitutional scholars say otherwise. But this is not the real story. The main reason Obama rejected taking the 14th was that his Wall Street cronies, from Chief of Staff Bill Daley and Treasury Secretary Tim Geithner on down, were told by the financial industry that recourse to the 14th Amendment would spook financial markets." [editor's note: As any effort to stretch the constitutional bondage of the leviathan should! - SAT] (08/03/11)


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