More Magical Thinking for the Vast American Middle

Or at least magical thinking by one of the highest paid -- and most often wrong magical thinkers out there. Thomas Friedman in this Sunday's NYT gushes about a new, third party that will shortly unveil itself and become a real contender (he has high hopes) in the next Presidential election.

Debt Ceiling Update

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So it looks like Boehner, et al are working on a "framework" that is to be announced sometime before the Asian markets open this afternoon. First, the best summary of Where We Are Now comes from British Business Secretary Vance Cable:
"The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American congress rather than the eurozone."