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View Diary: Thoughts From a New Deal Democrat (10 comments)

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  •  About the "debt crisis" ... (1+ / 0-)
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    ramara

    On the one hand ... when a private rating service lowers the US's credit rating ... there's clutching of pearls, falling of stock prices and calls for austerity.

    To me, this analogizes to an actor making career decisions based on what the USA Today had to say about her/his last project.

    On the other hand, the Market ... which is supposed to be Infallible as well as Wholly Righteous ... has declared that Human Resources such as you and I ought to pay at LEAST 4% APR on our long-term debt, and as much as 30% on our credit cards ... and Banks can borrow money from us paying no more than 2%  ... but the debt-ridden, bad-risk Gawdamn Government of the United States can sell IT's long term credit obligations on the open market for less than 1/2% -- even while loaning money to banks at a 1/4% or less.

    So ... maybe debt reduction and "balanced budget" are not the absolute FIRST priority to economic recovery ...

    Except Moody's, et al, will have it so.

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