The notion that House Republicans might risk financial chaos by flirting with a failure to raise the debt ceiling strikes many people, including people who buy Treasury bonds, as too irrational to happen. But leaders can act irrationally, and it's worth thinking about the kinds of circumstances that cause them to do so. When Saddam Hussein ruled Iraq, he had a devious scheme for rooting out potential dissidents. Members of his government would be startled by a small team of officials bursting in to announce they were undertaking a coup against Saddam -- were you with them?
California GOP Nightmare
December 14, 2009
Washington Post writer Michael Leahy has an excellent report on the war within California’s G.O.P. The latest episode was an unsuccessful Republican attempt to recall a fellow Southern California Republican legislator, Anthony Adams, who had the gall to vote for Republican Governor Arnold Schwarzenegger’s state budget, which, in the face of a projected $42 billion deficit and unpaid state worker salaries, included modest tax increases.