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On Tuesday evening, Piers Morgan sat down with CNN’s chief business correspondent, Christine Romans, Richard Quest of CNN’s “Quest Means Business,” and Business Insider’s politics editor Josh Barro. Joining the program for a live conversation, the panel’s focus was on the damaging effects of the government shutdown on Americans, and the global economy.
Barro began by explaining the politics behind the situation:
“Most of the Republican caucus didn't want to get into this mess in the first place,” he began. “You have about 50 or 60 of them who really wanted to have this government shut down to fight the debt limit fight over Obamacare. The rest of them understood this was a dumb strategy but they never wanted to take votes saying it was a dumb strategy because they are afraid of republican primaries in which people will demand that they shut down the government and fight to the dead end against Obamacare.”
Luckily for those Republicans, Barro explained, a deal from the Senate will be a welcome relief to end the madness. However, he added, the outcome of all of this will not be as favorable for Republicans seeking re-election in the house:
“Democrats take back the House in the election in a year, and Republicans learn their lesson. They don't get away with this forever and we have normal governance.”
Quest, meanwhile, had a different picture in mind for the future of America:
“Things will not go back to normal,” said Quest, arguing Barro’s point. “The world has changed in the sense that you have China talking about de-Americanizing ... The U.S. cannot continue to play this sort of role and expect to get away with it.”
Moving the conversation down a slightly different path, Morgan asked the international CNN anchor to predict what the impact will be on the average American. Quest’s opined that the consequences would not been seen overnight, calling the situation “a slow burner,” but felt that “overtime, it will have a corrosive effect. You cannot have this sort of dislocation in financial markets and not see an effect.”
This perspective mirrored that of Romans, who explained that too many Americans seem unfazed by the result this could have on their financial future, and when the realization finally kicks in, it may be a classic example of the cliched phrase, too little too late:
“By the time you worry about it that's when your grandmother is going to get a social security check and the social security trust fund might get an IOU for the interest paid and you start to see things really getting ugly," noted the anchor of CNN’s “Your Money.” "Any unforeseen links in the financial systems start to come unraveled and then it's too late to stop it.”
As the outcome of the debt ceiling crisis weighs heavily on the minds of many, on Tuesday "Piers Morgan Live" consulted one of the biggest global experts on international economics and finance, Mohamed El Erian. The CEO and co-CIO of PIMCO, a global investment management firm that has almost $2 trillion in assets under management, El Erian did not hold back on sharing his fears this crisis is already beginning to have on global markets:
"Damage has been done to the real economy, people are spending less, companies are hiring less, so that's a real problem because it's not as if our economy was growing very fast to begin with.”
El Erian's concerns did not end there:
“There's also damage being done to the standing of the U.S. in the global economy," he explained. “After all, they use us as reserve currency.”