Obama’s Curious Inaction on Debt Limit

One of Washington’s most prominent watchdog groups is seeking the legal reasons behind President Obama’s long-standing refusal to hike the debt ceiling unilaterally.

As the recent fiscal battle unfolded, the White House said repeatedly that Obama does not have the authority to extend the Treasury’s borrowing powers without congressional action.

But Citizens for Responsibility and Ethics in Washington (CREW) is challenging that claim, noting that the Obama administration has, in the words of CREW chief counsel Anne Weismann, adopted “an expansive view of executive power” in everything from the surveillance of U.S. citizens at home and the killing of Americans overseas.

Given that track record, CREW is wondering why Obama feels he can’t hike the debt ceiling on his own to prevent an economic collapse. …

http://www.prisonplanet.com/watchdog-demands-to-know-why-obama-renounced-debt-limit-power.html

What better way to undermine confidence in US debt than what we’ve witnessed in washington?   The constitution clearly authorizes the president to unilaterally act on the debt limit in order that US debt not be questioned.  Why did he not do so?  The teapartiers at least had a motivation, however ill advised their actions were.  What was obama’s motivation?

This is the problem with the business model of ultra-wealthy speculators.  They profit from unexpected turns in the economy and they have the ability to make those changes happen.  20 years ago the current state of the US economy would have seemed unimaginable.  Now it seems the govt and the fed are propelling us into a black hole.

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