Here’s a sure-fire prediction, assuming GOPers in the House actually are willing to engage in an eyeball-to-eyeball confrontation with Obama on the debt limit.
o There will be lots of political drama.
o We will get to a point where the federal government exhausts its borrowing authority.
o At that point, either Geithner or Bernanke (or probably both) will make some completely dishonest statements designed to rattle financial markets.
o The establishment media will echo those statements.
o The stock market and/or bond market will have a negative reaction.
o Republican resolve will evaporate like a drop of water in the Mojave Desert.
o The debt limit will be increased without any meaningful fiscal reform."
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