The deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.

Posner Says Obama Should Have Acted Unilaterally on Debt

Aug. 12 (Bloomberg) – Judge Richard Allen Posner of the U.S. Court of Appeals for the Seventh Circuit talks with Bloomberg Law’s Lee Pacchia about the legal implications of Standard & Poor’s decision to downgrade the United States’ credit rating.


Coy Says Debt Ceiling Drama Will Be Repeated

Oh, the drama…Seriously, Peter knows his stuff. Check it out.