The United Banana Republics of America

S&P issues a warning about US debt, but most seem to not have a care in the world. President Obama said the warning was political in nature.

Deficit-Shmeficit.

The US have a $1.6 trillion hole this year, and somewhere around $14T in outstanding debt. The country makes "interest only" payments in the debt, as new debt pile up. When $30B of budget cuts, which are mostly accounting gimmicks, are the best we can do, what did everyone expect?

Then there is the local and state debt, unfunded pensions, unfunded Social Security, Medicare and Medicaid.

What could possibly go wrong?

Stocks down 1.25% as I type.
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At work. Sick with a cold. I know I should be at home, but ...