They never know when to say when, do they? What part of "you arrogant jerks are responsible for this economic crisis" are they missing? Of course there's a government financial problem today. The government had a spending problem before from overseas military adventures as well as obscene tax cuts for the bankers but there's no question the problem became considerably worse due to the financial crisis caused by the banks. As in the same banks who are now berating Obama about the debt problem.
Unfortunately it's hard to sympathize much with Obama being roughed up (again) by the bankers. He raked in campaign money from them and then failed to do much about changing the dynamics of that dysfunctional industry. He hoped to split the baby in half by talking tough from time to time to win over voters but then going easy on the bankers. In the end, he upset everyone. What genius inside the White House team thought up that strategy?
Financial Times:
A group of the largest US banks and fund managers stepped up the pressure on Congress and the Obama administration to reach a deal to increase the country’s debt limit, saying that even a short default could be devastating for the financial markets and economy.Interesting, because the real "nervousness" in the real world is about the banks and how much more they can squeeze from the public. The "consensus" is that they shafted the public and are now making more money than ever. The debt problem, while a concern, is much less of a concern than the banks.
The warning over the debt limit is the strongest yet to come from Wall Street, highlighting growing nervousness among investors about the US political system’s ability to forge a consensus on fiscal policy.
The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.
