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Wednesday, October 16, 2013 2:12:34 PM
Dysfunction Is Limiting U.S. Position Abroad, Observers Say; ‘Sadness From Our Trading Partners’
Debt Ceiling Debacle Has Already Damaged the U.S.
by Barry Ritholtz - October 16th, 2013, 11:30am
Here is the problem with using the debt ceiling as a negotiating tactic: It does permanent, long lasting damage to the reputation of the US, and hastens the day when the US Dollar is no longer the world’s reserve currency.
The damage has ALREADY made US financing more expensive, impacted consumer confidence, and shaved a few bps off of GDP. The lasting ramifications of this are even greater, and future generations will spit expletives whenever they mention the 113th Congress.
The Tea Party has made it clear: Ideology first, party second, country last. They should be treated as hostile adversaries in all future negotiations.
Go HERE to see a much BIGGER version and while you're there..Note HOW LITTLE Barack Obama has had to raise the debt limit so far..;) [ http://online.wsj.com/news/interactive/DEBTLIMIT1016 ]
And let's not let anyone forget that through 2009 was their illustrious, incurious dull headed, very own, and all Mr. Bush's budget
http://www.ritholtz.com/blog/2013/10/debt-ceiling-debacle-already-damaging-u-s-prestige/
Debt Ceiling Debacle Has Already Damaged the U.S.
by Barry Ritholtz - October 16th, 2013, 11:30am
Here is the problem with using the debt ceiling as a negotiating tactic: It does permanent, long lasting damage to the reputation of the US, and hastens the day when the US Dollar is no longer the world’s reserve currency.
The damage has ALREADY made US financing more expensive, impacted consumer confidence, and shaved a few bps off of GDP. The lasting ramifications of this are even greater, and future generations will spit expletives whenever they mention the 113th Congress.
The Tea Party has made it clear: Ideology first, party second, country last. They should be treated as hostile adversaries in all future negotiations.
Go HERE to see a much BIGGER version and while you're there..Note HOW LITTLE Barack Obama has had to raise the debt limit so far..;) [ http://online.wsj.com/news/interactive/DEBTLIMIT1016 ]
And let's not let anyone forget that through 2009 was their illustrious, incurious dull headed, very own, and all Mr. Bush's budget
http://www.ritholtz.com/blog/2013/10/debt-ceiling-debacle-already-damaging-u-s-prestige/
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