from Economic Noise
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.