The Washington Times-Herald

Local News

October 12, 2013

Hoosier Republican Members on a potential default

(Continued)

Reps. Bucshon, Walorski, Messer and Susan Brooks also lined up against a default, but blasted Obama and Democrats for not negotiating.

On Tuesday, Obama reiterated he would not “negotiate” under the threat of a default, which he described as “insane” and “irresponsible.”

Throughout the week, there was speculation in some GOP quarters that a default wouldn’t really be that bad.

Howard County Republican Chairman Craig Dunn, who works in insurance and financial services, wrote in his column for Howey Politics Indiana of a default, “Money Markets may become grossly disrupted. We saw this situation in September of 2008 when Lehman brothers collapsed. There is a very complex and sophisticated system of securities purchase and settlement that is supremely dependent on trust and confidence between the parties to a transaction. A breakdown of that confidence could dry up credit and virtually freeze our economy. This alone could move us from recession to depression overnight. We saved ourselves last time. Could we be lucky again?”

Dunn added, “It is time for our President to show some leadership and Congress to work on a compromise so that we not run up to the edge of the cliff and stare into the abyss.”

He noted that on the wall in his Kokomo office is an 1864 Confederate States of America Treasury Bond. “It was to pay 6 percent interest for 30 years,” said Dunn, who has written two books on Indiana’s Civil War legacy. “It has one coupon that has been clipped.”

“It was guaranteed by the Full Faith and Credit of the Confederacy,” Dunn added. “Enough said.”

The columnist publishes at www.howeypolitics.com. Find him on Twitter @hwypol.

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