Wall Streeters Realize Tea Party Serious About Default

The dithering and timidity of the Street would be funny if the consequences weren't so serious. From the NYTimes.

Wall Street is no longer watching from the sidelines as the most polarizing political fight in years plays out on Capitol Hill. In the last few days, top executives have been in close contact with Washington in a last-ditch attempt to prod lawmakers toward a compromise by Tuesday, the administration’s deadline to reach a deal.

Tommy Johnson - Cool Drink of Water Blues

Something old, something blue. Robert Johnson definitely listened carefully to his older non-relative Tommy.

Krugman on the Current Stalemate and the Lure of Centrism

Man alive.

So what’s with the buzz about a centrist uprising? As I see it, it’s coming from people who recognize the dysfunctional nature of modern American politics, but refuse, for whatever reason, to acknowledge the one-sided role of Republican extremists in making our system dysfunctional. And it’s not hard to guess at their motivation. After all, pointing out the obvious truth gets you labeled as a shrill partisan, not just from the right, but from the ranks of self-proclaimed centrists.

Amy Winehouse - You Sent Me Flying

Anyone who can write the line "You sent me flying/When you kicked me to the curb" is an authentic talent. What a loss.

The Count Basie Orchestra, directed by Frank Foster, Burghausen 1994 (1/5)

RIP Frank Foster, longtime Basie sax man, here leading the band after the Count's passing.

Dealing with the Budget

Oh boy. This is like watching the world's biggest train wreck.

Many of the 87 new GOP freshmen were propelled to office by the tea party movement, which distrusts and disdains the establishment in both parties. “Neither side has a middle . . . And I think that’s the main problem. That’s why this is unlike anything else,” said Charles Stewart III, a professor of political science at the Massachusetts Institute of Technology. He said that Boehner is charged with leading a caucus that is primed not to follow him: “I don’t see how this deal is going to happen.”

Krugman on Possible Medicare Cuts

Is there any good news anywhere? The Nobelist speaks.

The crucial thing to remember, when we talk about Medicare, is that our goal isn’t, or at least shouldn’t be, defined in terms of some arbitrary number. Our goal should be, instead, to give Americans the health care they need at a price the country can afford. And throwing Americans in their mid-60s off Medicare moves us away from that goal, not toward it.