Fasten your seatbelts, Dudes and Dudettes, according to
El-ERian: Here is a simple way to think about the political calculus of
Washington's latest twists and turns. And — unfortunately — it suggests that
economic and market dislocations may be needed to get our politicians to
cooperate and govern properly.
A major issue from day one was the extent to which the lack
of trust between our political parties undermined Washington's ability to govern. Hoping to resolve this problem and thus
deliver consensus, party leaders opted in the summer of 2011 for a very big
stick: threaten the country with a major economic setback as a way to get the
rank and file of both parties to cooperate.
The stick succeeded in catalyzing serious negotiations
between President Obama and House Speaker Boehner. But the stick was not big
enough….
Wait…wait…there’s more at http://www.cnbc.com/id/100334741
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