Sunday, July 24, 2011

U.S. Congress plays Chicken with Global Economy

Global markets rallied in recent days as progress was made in dealing with the Greece debt mess and expectations that the U. S. Congress would raise the debt ceiling in a timely manner. However, recent “on-again, off-again” news flow from Washington feels more like labor negotiators positioning for a walkout rather than a process to address the most significant economic challenge of a generation.

With budget discussion swinging between the potential for President Obama to override Congress by enacting provisions of the 14th Amendment (suggested by Bill Clinton and others), and the idea that a default may be the only path forward (supported by Congressman Ron Paul), it seems that rational discourse is not in play. At best, a hasty and half-baked solution

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