Shortly before the meeting Wednesday, JPMorgan Chase Chief Executive Officer Jamie Dimon said he "would love to see a resolution" to the shutdown. Afterward, Lloyd Blankfein, the head of Goldman Sachs, warned about the consequences of a failure to resolve the crisis. "We shouldn't use the threat of causing the U.S. to fail on its obligations to repay its debt as a cudgel," he told reporters outside the White House.Bankers aren't the only ones putting the squeeze on their pet project (sometimes known as Congressional Republicans). Today, the Chamber of Commerce sent House Republicans a letter telling them to get their sh.. act together.
But the Chamber and Wall Street created this monster. Big business and big banks - with money disclosed and undisclosed - funded the Tea Party insurgency. No one - not even the Tea Party itself - is as responsible for the extremist influence that is now controlling the Republican as Wall Street and the Chamber. This is their monster. They need to fix it.
The Republican party has always been the party of big business. But never before in modern history have they been so beholden to extremists. In their zeal to try to beat Obama (which they utterly failed at), the Republican party and its benefactors backed candidates who weren't simply doing Wall Street's bidding but were true believers in a vision of America that didn't just go back on health care and financial regulations but on women's rights, racial equality, gay rights and everything else the country was moving away from. They did it because they thought these true believers would do their bidding regardless of what else they were doing. They thought that hatred of Obama would drive them to do just that.
They didn't account for something simple: when you unleash hate, you can't control it. Now, the Chamber and Wall Street are terrified that Tea Party Republicans will not just hurt the middle class but will hurt business, and irreparably damage the financial system.
Good. They should be terrified. But being terrified isn't enough. They need to fix it. They need to force the remaining saner (I use the term loosely) Republicans in Congress and elsewhere to abandon the Tea Party, to get back to fiscal sanity. It's a hard lesson, but they must teach it to the people that come to them hat in hand for campaign cash.
But for right now, they need to force John Boehner to hold a vote on a clean continuing resolution to end the government shutdown - for which the votes already exist - and withdraw his threats on the debt limit.