2008. a whole lot of smart people sat around a table and said, it's not going to be all that bad if we let lehman brothers collapse. we didn't know what the consequences were either. you are a global financial journalist. what happens? >> this isn't something we need to debate that much. it is absolutely clear if the u.s. defaults on its debt, that's a catastrophic event for america and for the global economy. that is a moment when people stop having faith in the u.s. government and they should stop having faith in fact u.s. government. the u.s. government wouldn't be paying its credit tors. so new creditors are not going to be knocking on america's door. if they do come in, they will require much, much higher rates of interest. >> for viewers out there, that's how it afghanistan you. if the u.s. pays more to borrow money, you pay more for your mortgages, your companies and employers pay more to borrow money. that tends to give them less available cash to hire people.
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