Earlier this month, despite the opposition by the major Republican Presidential candidates including Mitt Romney the debt ceiling/deficit reduction package was passed by a bi-partisan vote in the Congress and signed into law by President Obama. The legislation prevented a
default on its debt, and while no one knows exactly what that would have meant, it would probably not have been a good thing. U. S.
In fact, as the Financial Times has noted, even the prospect of a default was upsetting to the business community.
The business community, and particularly Wall Street banks, may have been spooked this summer by how close the US veered to a default in large part because of the intransigence of Republicans in the House of Representatives, who have said they are intent on shrinking the size of government above any other priority.
So has this cooled the romance between Wall Street and the Republicans. Of course not.
Why not, well the Republicans, headed by the perennial flip flopper Mitt Romney simply are not believed.
|Take Two of These for Romneyitis|
and Call the Doctor in the Morning
Why exactly the business community would want to support someone whose verbal integrity is so lacking was not explained.