Meetings in Washington on Saturday failed to make apparent progress on avoiding U.S. default. Delusional John Banal apparently believes that if he can announce a plan (not a deal) on Sunday, the first Asian markets to open won't register dismay on Sunday afternoon, followed by other overseas markets Sunday night, and the U.S. markets on Monday. Meanwhile, Democratic congressional leaders are firmly behind President Obama's bottom line demand that the debt ceiling must be raised sufficiently to take the country through the 2012 elections. Otherwise credit agencies are apt to downgrade the U.S. credit rating, which in itself will be sufficient to cause ripples of financial chaos, from virtually every American's own finances to unknown implications around the world. Among the many ripple effects of all of this--increases in the national debt and deficit.
Sunday night television may be unusually compelling.
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