>> neil: would the markets then lead the president and congress. in other words, in the fall of 2008 as you've written about, it was the original rejection of then president bush's tarp plan, to rescue the banks that led to this 777 largest point fall of all time. and then everyone just woke up and watched, all right, we've got to do something. >> what you don't see are the bond markets, especially the treasury market for us, a deficit mode. we have to sell eventually. >> the rates could skyrocket. >> there's an auction on august 4th, okay, says we raise the debt limit and still worrying, temporarily and do that auction, and if people boycott that auction, that's a real problem. that could set off a global catastrophe, that's an if. not going to say it happens. when the president of the united states raises the default word and people look at that dollar and say, wow,