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How is it illegal for the US government to cancel bonds it issued that it currently holds?
if the Dems had the requisite foresight, the populist instincts, courage of their convictions, and suitable convictions. But they don't, so it didn't.

Far be it from me to defend the Obama Administration, but there is always the possibility that they have learned something since the last time and they have the fact of an existing shutdown that is grinding the Republicans to dust already in place. Issuing super-premiums now would take the threat of default off the table for the time being and get them to the 2014 election which they might fight on more favorable terms. But then Obama might again be faced with his nightmare scenario of having total control of House, Senate and Administration and having to prevent anything really progressive from happening.


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 13th, 2013 at 07:26:52 PM EST
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