The New COVID Wave in China

When you rewind the tape to look at the day-to-day action from the last debt ceiling negotiations in 2011, it's not good. The idea that a bunch of elected officials could hate each other so much they'd be willing to destroy the government's credit rating seemed insane. Even though we ultimately got a deal and averted the worst-case scenario, the stand-up was enough to make the standard and poorest company downgrade our government debt. This time we're repeating all the same mistakes, except almost nobody's optimistic because we know how bad it can get.