1. The world is rejoicing. The worlds lenders, bankers, financiers and all the rest don't want the U.S. to stop borrowing from them. They just want them to keep borrowing more and keep paying them interest. Just like the credit card companies. They don't want you to pay your balance. They don't make money that way. They want you to always be able to pay the minimum and keep increasing the hole. Mission accomplished. They would be happy if we were in debt to them for infinity.
2. Say what you will about Obama, but he just outgamed the Republicans...again. He gave up nothing, got everything he wanted, looks like the hero while he has done nothing to lower the debt. Meanwhile, the Republicans look like the bad guys, because they shutdown the government and almost caused another depression. Good strategy play there. In reality, they are both huge failures, but one is perceived that way, and one is not.
3. They can keep kicking the can down the road for years, probably the rest of my life, but in reality, all they are doing is taking more out of our pockets every time they do it. More interest payments mean less going to actual services and benefits. The rich get richer, the poor get poorer and the middle class moves closer to the poor ledger.
4. Based on the reaction of the world, and the rest of anyone that knows what is at stake for real this time, it is clear that no matter what happens, the U.S. will never be allowed to default on its debt. Because they know that, they are not worried that the credit tap will ever be turned off. Despite being the borrower, they hold all the cards and will never be allowed to fold. The world simply cannot exist as we know it if that happens. So it wont. They are the rich kids that the parents will never give the tough love to.
5. People have been clamoring for a third party alternative for years now. Now, you've got it. The Tea Party are going to be that third party, and I suspect there will be at least a 4th and 5th one also. It is not going to be as simple as Republicans and Democrats from this point forward. Those days are over. That is probably a good thing, but in the short term, there is major chaos ahead.
6. We are in the early stages of the dissolving of what we now know of as the United States. I don't think we will see Civil War, but the couple is breaking up and they are each going to take their shit and move out. Their is no marriage counsellor that can fix this. The bad blood is way too deep. It is every man and woman for themselves and the one with the better shark lawyer is likely the winner.
7. The fact that the government could actually be shutdown and the debt default come as close as it did tells that the system is so broken only a complete overhaul can save it now. The 1776 model was just that, a 1776 model and is not relevant to our current reality.