Debt Ceiling: Time for Another Shotgun Wedding


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Like undoubtedly many other independent investors, I grew queasy as I read headlines and soundbites from remarks this morning by Treasury Secretary Tim Geithner regarding the impending doom threatened by failing negotiations to resolve the federal debt ceiling debacle.  Suddenly, I was transported back to 2008 when each weekend included closed-door negotiations in Washington to avert financial catastrophe.  Nearly 3 years have passed and some of the names and faces have changed, but the story line is much the same.  Armageddon is upon us, and everybody in Washington is looking for a magic wand (see another recent wand-related post: http://wp.me/p1pRY1-gT).  One unfortunate memory forever burned in my memory is the press conference with the CEO’s of Bank of America and Merrill Lynch, who had suddenly “agreed” over the weekend to a shotgun wedding.  Fast forward to 2011, and the parties on the brink are countries, not companies.  Time for another shotgun wedding–polygamy style, since it would make the most sense to package all the toxic waste together in one big, happy marriage.  An economic union consisting of the United States, Greece, Italy, Spain, Ireland, and Portugal might be a perfect smokescreen to buy us another 3 years before the next shotgun wedding.

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2 responses to “Debt Ceiling: Time for Another Shotgun Wedding

  1. You’re so right, or should I say correct! I feel very badly for people like my mom (78) who called me up in a panic about the possibility of not getting her Social Security check next month. All this political gamesmanship and real people, economically fragile people, are frightened. What’s the role of government? Can someone remind me?

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    • Hey, Lorna. As always, thanks for reading and commenting. Your conversation with your mom is ironic, as I had a similar conversation with my mom last night. She, too, is concerned about her Social Security check, as well as my dad’s check. The government is downplaying it, but austerity will eventually hit the U.S., just as it has hit elsewhere. Social Security and Medicare are 2 major expenses that will be in the government’s crosshairs. If history is any guide, and it most often is, Washington will dodge the bullet until the last possible moment, as nobody wants to make politically unpopular decisions. Delay, delay, delay. On an unrelated note, I read in your blog today that you got “Freshly Pressed” a while back. If you have an “in” with the WordPress gods, please help me get such great exposure! –Dan

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