We have nothing to fear but Summers himself

A U.S. debt default would cause panic throughout the financial system and long-term uncertainty, former Treasury Secretary Larry Summers told CNN.

“It seems to me an unthinkable financial risk to take,” Summers said in an interview on “Fareed Zakaria GPS,” scheduled for broadcast tomorrow. It would cause “a cascade that makes Lehman Brothers look like a very small event.” Bloomberg

And added:

See, I am peeing in my pants, you really don't want me peeing in my pants.