Too late to hedge?

Posted on Jul 10, 2011 by in Letters

We were of two minds about Friday's action.  Our rational mind said, a natural reaction to a surging upwave.  Our irrational and paranoid mind (which got reinforced Sunday) was it looked funny.  Today, Sunday, the Times reports that Boehner has thrown in the towel on a deal with the White House on the debt ceiling-- says he can't pass a deal with "tax increases"  (thought we were going to call them "revenue enhancers").  Whatever we call them it's not going to happen, which means we are one day and one giant step closer to default.  The market which has been blithely speeding across the bridge to nowhere should at this point throw up convulsively at the prospect (increasingly likely) that economic troglodytes will allow the most powerful and richest country on earth to act like Greece (Ireland?  Iceland?  Portugal?  or worst of all, like Italy (viva Berlusconi -- what a macho!))

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