On Debt Ceiling Debates, Non-Denial Denials and Non-Default Defaults

August 4, 2011— -- In 1980, Republican presidential nominee Ronald Reagan asked the American people: "Are you better off than you were four years ago….Is America more respected?" Fast forward to the cyber era of 2011, where anything less than real time is considered "so two weeks ago," and weeks seem like dog years: are you feeling better now than you did four months ago? Do you believe that America is more respected in the world after our Debt Ceiling Smack-down?

After weeks of histrionics and political brinksmanship that terrified consumers, roiled the markets and bemused and befuddled the rest of the world, our leaders have proclaimed that fiscal calamity has been averted and the budget debate has been altered forever.

How's that working for you?

In the opinion of many friends and colleagues, we have just witnessed a circus that diminished our image on the world stage and, among the folks I have spoken with on all sides of the political spectrum, didn't do a hell of a lot to improve their impressions of the American political process.

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And while we're on the subject of the American political process, do you remember All the President's Men? If you read the book by Washington Post investigative journalists Bob Woodward and Carl Bernstein, or saw the movie starring Robert Redford and Dustin Hoffman, the political drama of the past few weeks may bring back vivid memories of our dark and relatively distant past.