Wolf Richter always provides Parkinsonian realism. One of the VERY FEW online commentators who applies the Fairness Doctrine, though it’s no longer required. In today’s wonderful article on the “debt ceiling” comedy routine:
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The debt-ceiling farce being performed currently in Congress could turn from a mildly entertaining political show that has been played 79 times since 1960, and whose ending everyone knows, into a truly hilarious financial show with a new ending where the debt ceiling isn’t lifted, and where the US will then default on some of its obligations, and where everyone in Congress – these folks are rich – will lose 60% or whatever of the value of their financial assets in no time.
I’m curious to see how they would spin that one. Surely, everyone would blame everyone else. I’m also curious if anyone in Congress is actually hedging their financial assets against that kind of event.
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One of the commenters goes even deeper into Machiavelliland:
I guess that means the politicians really _must_ be allowed to continue trading and owning stocks. Selfishly having skin in the game will keep them from destroying their biggest source of wealth??? What a fine system we have.
Splendid.
Polistra's Mill 