Political Quotes

“I rise because we are getting very close to a time of crisis, perhaps one of the greatest economic crises this country has known. I have many good friends on the other side of the aisle. I do not doubt for a moment their motivation, their desire, and their love of country. It is every bit as strong as those of us on this side of the aisle. So I make a heartfelt plea: We must come together and avoid a default of the United States. Many have said, I heard some even say on the other side, that default does not matter or it does not mean much. Let me explain the danger. There is a very real chance that if we default, there will be a recession greater than what occurred in 2008 and all too real a possibility it could put us into a depression. Let me explain why. What happened in 2008 was simple. Mortgage securities declined in value immediately--dramatically they declined in value after Lehman and AIG went down. Banks' balance sheets instantly flipped from black to red. Loans were frozen, not only long-term loans but even overnight loans, lines of credit. The economy came to a screeching halt. We had to offer huge rescues or bailouts to overcome that. But even so, interest rates climbed. If that happened with mortgage securities, the likelihood of it happening with Treasurys is all the more frightening because Treasurys are more widely held, more internationally held, the currency of the land, of the world.…”