Genius or Crazy: 'Managed Catastrophe'
Would a government default have the impact of Lehman10 as Daniel Gross puts it or could the breaching of the debt ceiling be a "managed catastrophe" as Senator Tom Coburn so artfully put it?
This is the debate that is going on in Washington right now:
According to estimates by The Bipartisan Policy Center, the U.S. will run out of money between Oct. 22 and Nov. 1, which could result in a default. Coburn disputes this, and argues that the current government shutdown is the right time for politicians to make hard choices about spending, rather than kicking the can down the line. Hence, "managed catastrophe."
In the image above, Coburn symbolically cuts a credit card that represents government spending.
A federal judge ruled that the Trump administration likely violated the reporter's Fifth Amendment rights when it stripped his press credentials earlier this month.
- Acosta will be allowed to return to the White House on Friday.
- The judge described the ruling as narrow, and didn't rule one way or the other on violations of the First Amendment.
- The case is still open, and the administration may choose to appeal the ruling.
Protected animals are feared to be headed for the black market.
New research identifies an unexpected source for some of earth's water.
- A lot of Earth's water is asteroidal in origin, but some of it may come from dissolved solar nebula gas.
- Our planet hides majority of its water inside: two oceans in the mantle and 4–5 in the core.
- New reason to suspect that water is abundant throughout the universe.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.