The Tea Party and the Debt Ceiling Debate

Published: The Express Times (July 28, 2011)

Even though I am hardly a fan of the disproportionate influence of big businesses in our government, the reality is that the vast majority of them don’t want a default any more than centrists, leftists and moderate conservatives.

The blame here rests entirely with the Tea Party and their enablers in Congress, all of whom stand alone in their unwillingness to compromise in the name of the greater national good.

Indeed, although I can think of plenty of financial crises that were deliberately perpetrated by specific individuals and institutions (Nicholas Biddle causing a bank panic in the summer of 1833; James Fisk and Jay Gould cornering the gold market in 1869; the Wall Street derivatives traders from the 2000s), this is the first instance in which a large political movement has deliberately sabotaged the American economy. read more