From Robert Reich in the New York Times:
Another explanation is more consistent with economic and political rationality. Bill Clinton, and now John Kerry, have taught the bond traders on Wall Street an important and comforting lesson: no matter how big deficits grow under Republican presidents, eventually a Democratic president will come along to clean up the mess. That confidence is helping to keep long-term rates down, despite the current out-of-control deficits.
When you’ve lost the Bond market…
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