National Editorial
The Congressional melodrama is over, for now, and in Washington they are tallying up winners and losers, in the insiders' calculus of electoral opportunism.
The rest of the world, meanwhile, can only shake its head in dismay that matters so crucial to the global economy must be decided through such a slipshod process.
Despite the last-minute agreement on a debt-control plan, the AAA credit rating of the United States of America may still be reduced. This raises some serious questions about the role and influence of the rating agencies, and their apparent blindness to the enormous assets which can be put against the debts on Uncle Sam's balance sheet.
No matter what the rating agencies think, however, it is clear that the pact agreed upon in Washington at almost the last minute of this synthetic "crisis" owed more to political expediency than to fiscal rectitude or long-term planning. President Barack Obama wanted a deal that would endure
The rest of the world, meanwhile, can only shake its head in dismay that matters so crucial to the global economy must be decided through such a slipshod process.
Despite the last-minute agreement on a debt-control plan, the AAA credit rating of the United States of America may still be reduced. This raises some serious questions about the role and influence of the rating agencies, and their apparent blindness to the enormous assets which can be put against the debts on Uncle Sam's balance sheet.
No matter what the rating agencies think, however, it is clear that the pact agreed upon in Washington at almost the last minute of this synthetic "crisis" owed more to political expediency than to fiscal rectitude or long-term planning. President Barack Obama wanted a deal that would endure
UA collapsing infront of your eyes in slow motion soon the total destruction of the global economy.
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