Bob Woodward has yet another book coming out, and the consummate Washington insider provides us with a glimpse of what's in it. In doing so, he inadvertently confirms what so many internet pundits have been warning about -- an economic catastrophe of unimaginable proportions.
In the article in the Washington Post, Woodward describes the debt-ceiling confrontation between Congress and the President. It is likely that Mr. Woodward or most other political types do not recognize the admissions contained within the article. For these people, politics is a game of winners and losers. That is where the drama and excitement is.
For these folks, economics is a sideshow. To them, economics is to politics like the Toledo Mud Hens are to the New York Yankees. If the Mud Hens send someone to the majors, then these people consider how it might affect the Yankees' chances of winning the World Series. It is Woodward's fascination with the interplay of politics and politicians that dominates his article. The title of the article evidences this Beltway fixation:
Inside story of Obama's struggle to keep Congress from controlling outcome of debt ceiling crisis. The real story is missed. That is the admission of the hopeless condition of the US economy.
Anyone concerned with the impending economic collapse will find Woodward's account fascinating, although not for the reasons he intended. He stumbled into truth, important truth, and seems to have missed it entirely. What follows is an excerpt from the article with the italics added by me:
Another possible outcome, Geithner said, was perhaps worse. "Suppose we have an auction and no one shows up?"
The cascading impact would be unknowable.
(Excerpt) Read more at americanthinker.com ...
