Both parties seem to have concluded lately that no compromise is possible and therefore their differences will just have to be settled by the 2012 election. No problem! I’m sure our markets will be patient until the next president is in place in early 2013! And I am sure the European debt crisis will be happy to take the next year off. In fact, that must be why Republicans held another presidential debate on Thursday night and the European economic crisis and how it might affect us — and what we must do to insulate ourselves — merited no discussion.
Has our leadership lost its mind? Do these people go home on weekends to some offshore island, where everyone’s retirement fund is doing fine, everyone’s kids have jobs and no one’s mortgage is under water? Where is the urgency? This is code red. We are facing a possible global financial contagion triggered by European banks choking with sovereign debt spreading their woes to an already weakened U.S. financial system.
Thomas Friedman, The New York Times, September 25