Neither party has any incentive to solve it a second before it's due, so he said, December, you're just going to see lots of angry negotiations, negotiations breaking apart, reports of phone calls that aren't going well, people saying nothing's happening at all, and then sometime around Christmas or New Year's, we're going to hear, Okay, they resolved everything.

In 1913, we had this ugly battle over the Federal Reserve, when it was created, with vicious, angry arguments over how it would be constituted, and a general agreement that the way it was constituted was the worst possible compromise, a compromise guaranteed to destroy this valuable thing, this dollar, but then everyone agreeing, okay, so long as we're on the gold standard, it should be okay.