The United States will hits its mammoth $31.4 trillion limit on gross federal debt this Thursday, January 19, admidst political mudwrestling and theatrics in Washington. At issue is the prospect of a government default if the debt limit is not raised. A default would spell a catastrophe for the US and global economy, throwing us into a decade-long depression, according to DICK BOVE, chief financial strategist at ODEON CAPITAL GROUP.  By most accounts, the government has enough money to carry it through to June. 

On this episode, BOVE will discuss the implications of the debt limit and explain what is starkly different today, compared with an earlier generation when US debt first started to climb from a much lower base. Despite the various distressing scenarios, MAT VAN ALSTYNE, ODEON co-founder and managing partner, says the debt ceiling"crisis" is a "joke" manufactured by the media to stir up political tension. VAN ALSTYNE says the government could deploy plenty of financial tricks to ride out this "crisis" including the  minting of a trillion dollar token, or multiple tokens of this size! JOHN AIDAN BYRNE notes that the true debt of the US exceeds the debt ceiling number by a staggering sum. 

Also on this episode, BOVE will present an in-depth analysis of US banks in light of recent bank earnings reports. Areas of strength and weakness are examined, from the expanding debt on the consumer side to strong growth in commerical lending. BOVE, in particular, explains why a roster of midwestern banks are looking "very attractive."

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