The horse and pony show in Washington is reaching a climax today. Senate leaders say they have reached a deal to raise the government debt ceiling. Agreeing to raise the debt ceiling until Feb. 7th has saved the modern world as we know it. Anyone with half an eye open knew this would take place. What other options are there?
Be ready to see grandstanding, mud slinging, smiles, smirks and laughter as Washington tells its subjects not to worry, all is well. We were at the cliff and they alone, with wisdom far above that of normal Americans, have saved the day.
You may be asking yourself, how is Wall Street handling the news. As usual we see rapid gains and harmonious shouts of victory. Forget the fact that America is going further into debt that it cannot repay. No need to worry about that bridge until we get there. Wait, we are there and the bridge has collapsed.
The entire saga has been worse than a D grade movie with a $12.00 budget.