Quote of the day

The International Financing Review (h/t Cate Long) points to the altered “country risk” assessment the United States courts with its mindless, absurd, ridiculous and irresponsible debt limit ‘debate’:

It is not clear yet if the US Congress will raise the nation’s debt ceiling in time to avoid a default, but the country’s gilt-edged credit rating is clearly now vulnerable to a downgrade, and that is going to have a lasting effect, regardless of the outcome in Washington.

Imagine that another country was threatening to default out of choice — and imagine what the President, congressmen and senators would say if that country owed money to the US. The volume would be deafening as US officialdom made the most of its bully pulpit to demand that the nation in question lived up to its obligations. They would point out that no internal dispute could possibly provide an excuse for threatening to default – and that such a decision would irreparably damage that country’s credibility.

They would be right, of course, and the same applies to the US.

Well, we’ll see. After all, America is exceptional.

Related articles

• Huntsman’s advice on the debt ceiling: ‘Use the bully pulpit’ (politicalticker.blogs.cnn.com)
• Credit Markets: U.S. poised to join China, Spain in double-A club (marketwatch.com)
• Obama uses bully pulpit to push for debt deal (whitehouse.blogs.cnn.com)
• Misunderestimation Quote of the Day (bokertov.typepad.com)
• Fair Share Quote(s) of the Day (bokertov.typepad.com)
• The reality of debt drama (newsdigitaldotcom.wordpress.com)
• Open thread: Obama to speak on debt-ceiling crisis … again (hotair.com)
• How safe are safe havens in a U.S. debt crisis? (lonerangersilver.wordpress.com)
• Via the White House, Word from Gregoire and McGinn on the Debt Ceiling Mess (slog.thestranger.com)
• Citigroup Has A Word For The Debt Crises: Insanity (businessinsider.com)