Default Game of Chicken Does Damage

As we inch closer to the deadline on the debt limit the prognosticators in the media believe a deal will be done before a potential default. Generally, I would agree but there has been so much goofy behavior, so many illogical and counterproductive moves along the way that to base your opinion on sanity winning out in the end may be pollyannaish.

The point I made in past posts is that damage is done when the financial world has to at the very least consider the possibility of the U.S.  defaulting on its debt—even if only for a few days— and constantly walking yourself to the cliff before moving out of harm’s way is no way to run a government and more importantly, it pisses people off.

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