in august of 2011. senate leader, mitch mcconnell, told the washington post exactly how he saw our nations stepmom it. quote, what we did learn is this. it is a hostage that s worth of rain summing. a hostage. that is how republicans view this. that is how we should to. here is what happened, five days after mcconnell s hostage statement. this was a dark day for the nation s finances, and for millions of americans with a financial stake in the market. the very same americans, who are still processing the fact that our country has lost its top credit rating. here is the damage from today. the dow, down 634 points. that is the sixth largest point drop in its history. the worst, since await. nasdaq, losing just about 7% of its total value. s&p 500, losing 6.6% of its value in one day. the president went on television, midday, to reassure americans that the damage was done. the markets continue to drop while he spoke, and the damage continued. it is a bigger systemic problem wi
i am going to use a word tonight that i do not use lightly. i am not using it because it s my word. i m using it because it s mitch mcconnell s. after the first time republicans used there payment national bargaining trip, back in august of 2011. senate leader, mitch mcconnell, told the washington post exactly how he saw our nations stepmom it. quote, what we did learn is this. it is a hostage that s worth of rain summing. a hostage. that is how republicans view this. that is how we should to. here is what happened, five days after mcconnell s hostage statement. this was a dark day for the nation s finances, and for millions of americans with a financial stake in the market. the very same americans, who are still processing the fact that our country has lost its top credit rating. here is the damage from today. the dow, down 634 points. that is the sixth largest point drop in its history. the worst, since await. nasdaq, losing just about 7% of its total value. s&p 500, losi
sometime. to really understand what can happen here, let s go back to what mitch mcconnell told the washington post in 2011. the full quote said mcconnell said, i think some remember smith thought the default issue was a hostage you may take a chance at shooting. most of us didn t think that. what we did learn is this. it s a hostage that s worth ransom. the hostage metaphor here is apt. this is about people. these people s money, their social services, their retirements, their 401k s. a few years ago, that economist moody s found, another prolonged impasse over the debt ceiling could cause the yost economy up to 6 million jobs. it is wiping out 16 trillion dollars in the household wealth, and could send the unemployment rate surging. today, this was the advice that they gave to investors. it is there with ample press
dollars in the household wealth, and could send the unemployment rate surging. today, this was the advice that they gave to investors. it is there with ample press holdings. make sure that you ve got some cash, keep it liquid, in case or a terracotta, me and all investments, and social safety nets can no longer be relied upon, because of a literal, republicans, stunt. a fabricated hostage crisis. the fact that establishment institutionalist like mitch mcconnell, and kevin mccarthy, our, gleefully, willing to embrace the fact that they want to hold the american people hostage, is one thing. but, someone should tell them, they are hostages to. i mean, they may not want to trigger a global financial collapse, but do they really control the party? it took kevin mccarthy