Tag Archives: Italy

Debt Ceiling: Time for Another Shotgun Wedding

Colt Shotgun, open for loading

Image via Wikipedia

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.