"This is very serious business," says Frank Keating, president and CEO of the American Bankers Association and a former Republican governor of Oklahoma. If the debt ceiling is extended and a budget and entitlement conversation follows, "everybody wins" says Keating. But if no agreement is reached on extending the debt limit and "we go over the cliff, then the calamitous consequences of that are unimaginable." Yahoo
Think of it as a dry run. Rather than all this hullabaloo, Janet just announces a stress test. She tells us all that the Fed will deliberately cause a small default anyway, just for the hell of it.
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