Menzie Chinn Causes Me to Raise My Estimate of the Multiplier
Non-Peevish Balance Sheet Recession Watch

Journalists Suffering from Stockholm Syndrome Department

If the Speaker of the House, the Minority Leader of the House, the Majority Leader of the Senate, the Minority Leader of the Senate, and the President all stood up and said we need to raise the debt ceiling: let's raise the debt ceiling tomorrow then the debt ceiling would be raised--tomorrow.

The people who are blocking the raising of the debt ceiling tomorrow are the Speaker of the House--Boehner--and the Minority Leader of the Senate--McConnell.

With that in mind, let's watch the videotape. Clive Crook:

Mitch McConnell's Good Idea: What McConnell is suggesting is absurd in an inimitably Washington way, but may very well be the best way of out of the impasse. He suggests... let[ting] the president propose a raising of the ceiling, which the House would then vote down, leaving the president to veto the rejection.... Republicans... can vote against the raising of the ceiling.... I like the idea because, at a time when more intelligent options appear to have no traction at all, it is way to get the ceiling raised, and that should now be the overriding priority...

But the reason that "more intelligent options appear to have no traction at all" is... McConnell (and Boehner).

This is Stockholm Syndrome: the identification of the hostage not with the rescuer but with the hostage taker.

Crook's bottom line:

I see this as sensible damage control for Republicans (judged against the hit they would take under the relevant alternative: default); a good thing for Democrats; and a good thing for the country. Go McConnell.

I would suggest an alternative, better bottom line:

McConnell: start acting like a grownup.

Why oh why can't we have a better press corps?