Everyone is hung up upon "if the president invokes the 14th..."

[ashling]

but this section creates an affirmative duty upon the Congress to do what it takes to make sure that the debt is not questioned. Insofar as they have been obstructive of this goal they have violated their oaths of office.

[leveymg]

1. The 14th, the President, and Congress are irrelevant. The Fed will cover the losses as it has

already to the tune of $16T in emergency loans to banks during QE2. Call it QE3, and please see the thread here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1604107

[ashling]

2. I would not say they are irrelevant

They have taken an oath to protect and defend the constitution - every part of the constitution. Insofar as thei actions are obstructive of that by allowing the full faith and credit of the government to be questioned, the are violating that oath.

[leveymg]

3. Yes, but the Fed is an extraconstitutional body, and this sort of political crisis is why it was

designed that way. It's "the lender of last resort" to the US Gov't as well as private banks, and has virtually unlimited emergency powers to continue doing so. A good thing, for now. But, no way to run a railroad.

[ashling]

4. I do not disagree

but that is the point

The fed is extra-constitutional. It's officers have not taken an oath to protect and defend every part of that document. The haloween party being brought to us by teapublicanshave created a crises of confidence. I am glad that the fed can handle this, but it is the responsibility of the constitutional officers to do all they can to remove this crisis of confidence.