Wednesday, July 13, 2011

Latest wisdom of crowds

Sandy Levinson

The Intrade participants now predict only a 40% likelihood of Congress passing a debt limit bill by July 31, though the percentage goes up to a whopping 65% re a bill before August 31. That should reassure all of us.

The House of Representatives is in the hands of a combination of political lunatics and nihilists, I think an unprecedented combination. It is a source of true regret that I actually must credit the United States Senate--and even the egregious Mitch McConnell, who can at least figure out that a US default would not be good for the Republican Party (let alone the country)--with greater sanity than the "people's House" and its majority "leader" Eric Cantor.

I'm not going to open this to comment because I see no need to generate yet another series of unproductive exchanges about the glories and evils of Tea Party economics. There will undoubtedly be other opportunities for a return to such fulminations.

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