"Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule -- and both commonly succeed, and are right."-- H.L. Mencken
Grandma Koufax used to say that the reason she didn't read fiction was because nonfiction (and the news) were often far more bizarre and interesting than the stories that were made up.
There is no finer reflection of Grandma's view than in watching the debt ceiling fight.
As I have previously written, while recent economic releases suggest an anemic trajectory of economic growth, an economic double-dip still seems unlikely. Nevertheless, the recovery's sluggish pace exposes it to mistaken public policy (something we are getting in spades these days).
My view continues to be that a contagion in confidence is one of the most powerful headwinds to business expansion and economic and employment growth.
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