The Big Twinkie Question

Today in class, a few questions were raised about the status of our nation's debt ceiling. Professor Pitney emphatically said that defaulting on our debt would be: "BAD. Really, really bad." Now just how "bad" would it be to default on our nation's debt? Dr. Egon Spengler explains it best, in this classic scene from one of the greatest documentaries on international finance and fluctuating debt ceilings: Ghostbusters.