Matt Cartwright: “Sure. Well, it is pretty obvious that every economist that you talk to finds it unthinkable that our Nation would turn…”

“Sure. Well, it is pretty obvious that every economist that you talk to finds it unthinkable that our Nation would turn its back on our obligations. When you ask them, What happens if we do? The first thing they say is that the stock market crashes. In fact, it would be so bad that the stock market would crash more than 20 percent. 20 percent is the level at which--if it comes down 20 percent, they have to halt trading in New York on the stock market. It is such a catastrophe. That would happen. Now, we have stock market crashes, and then there are other stock market crashes, but this is the kind of stock market crash that would be caused by an undermining of the confidence and the faith in the United States economy and the Government's ability and willingness to pay its debts. That rock solid promise that the world economy relies on would be gone. And so much of what drives an economy and makes it strong is confidence in governments and confidence that promises to pay will come true. If that happens, that would be the kind of stock market crash that would presage not only a recession but a great depression. The last time we had that kind of a stock market crash was in 1929, and it led to a great depression that led to unemployment rates of over 15 and up to 20 percent of this country. It was unbelievable how bad the depression was. It lasted for over a decade. It would be a catastrophe in this country of a magnitude we can't imagine.…”