Wednesday, July 13, 2011

Could the GOP possibly be this stupid?

Diane Swonk is chief economist for Mesirow Financial and an economic adviser to the Federal Reserve Board. On MSNBC yesterday, she observed: "Coming back from Europe, the Europeans just can't believe we'd be so foolish as to decidedly squander away our debt rating in such a frivolous manner. This just doesn't make any sense whatsoever. Right now, financial markets in the U.S. are giving this a 0% probability of happening. With all the time I've spent in Washington, although everyone believes it's just inconceivable, those who don't agree it's inconceivable are the Congresspeople we need to actually vote on it. And that's what really is disturbing: they're the ones who are unconvinced that there's any problem out there." I suspect Republican congressional leaders will blink in the end (God help us if they don't). Still, the mind reels.

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