QUOTE: The specter of U.S. lawmakers failing to reach an agreement on debt-cutting measures to avert $1.2 trillion in automatic spending cuts, coupled with persistent jitters over Europe's debt crisis, sparked a powerful global selloff that knocked American market averages more than 2% to the downside.
QUOTE #2: A congressional Super Committee tasked with crafting a bi-partisan solution to tackle the nation's mounting debt burden appeared stuck at a stalemate with the deadline looming just days away. The 12-member panel was mandated to craft the legislation as part a last-minute agreement over the summer to raise the nation's debt ceiling, staving off what could have been a costly default of American debt.
First off, I am not particularly in favor of any sort of governmental entity not outlined in the Constitution itself so for me the Supercommittee failure is neither unexpected nor too much regretted. At the same time, the draconian cuts to the military that are set to kick in at a time of rising tension with Iran and Syria (on top of existing troop operations in Iraq, Afghanistan, Pakistan, Libya, Central Africa and who knows where else) seems like it could lead ultimately to a game-changing collapse of epic proportions.
Sort of like Rome in its final years...