October 3, 2013

President Obama went on CNBC and told John Harwood that CEOs and the street should be very worried about the suicide caucus (Tea Party) of the House Republicans because they may not raise the debt ceiling.

A self-described "exasperated" President Barack Obama told Wall Street CEOs on Wednesday that they should not take for granted that the Republican-led House of Representatives will raise the nation's debt ceiling by Oct. 17.

"I think this time is different," the president said, when asked by CNBC's John Harwood whether the financial markets were right to assume that the upcoming conflict would ultimately get resolved in time. "I think they should be concerned." Speaking less than two hours before he was set to meet with congressional leadership to discuss both the debt ceiling and a way out of the current impasse over the government shutdown, the president argued that he had already sacrificed a lot during these negotiations, having agreed to fund the government at sequestration levels. And while he said would be willing to consider changes to his health care law -- a key demand of House Republicans -– he refused to do it during the fight over the shutdown or debt limit.

"I have bent over backwards to work with the Republican Party, and have purposely kept my rhetoric down," he said.

Republico is reporting that Wall Street is very frustrated with the Tea Party as well because they have no juice with them. Wall Street angry at tea party it has no influence over

Wall Street is clear about who’s to blame for the government shutdown and a looming debt default: tea party Republicans.What’s less clear is what Wall Street can do about it. The reality is that deep-pocketed financial services executives and their lobbyists have little leverage against tea party lawmakers who don’t much care for financiers or big banks and don’t rely heavily on the industry for campaign cash.

“Those are the ones who are most problematic for Boehner,” one D.C.-based lobbyist who represents financial services clients said of tea party lawmakers. “I don’t think there’s any way for Wall Street to punish the 25 to 50 hardcore House Republicans. It’s not like [Reps. Steve] Stockman and Tim Huelskamp are doing a lot of Goldman Sachs events. I don’t think Justin Amash cares if Bank of America gives to him or not.”

The rise of tea party lawmakers’ influence is shift from years past when the Republican party was more business friendly and could be counted on by Wall Street to give great weight to its concerns.

I'm no fan of Wall Street, but the fact that they can't handle the suicide caucus is a cause for concern since they are the biggest patrons to the GOP. If the debt ceiling is not honored, we will have another major financial crisis to deal with and it's one we're not ready for. The country hasn't fully recovered from the financial meltdown from the Bush years and these freaks want to cripple us even more.


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