Look Out Below, Debt Ceiling Version

July 25, 2011 7:25am by Barry Ritholtz

Stocks down, gold up, as the world’s largest economy — home to the world’s most dysfunctional legislative body — begins an eight day countdown to technically running out of money. European stocks fell 0.5%, after no debt limit deal was reached over the weekend.

The brinksmanship leaves markets waiting until the 11th or even 12th hour for a resolution

The question I have is not whether a technical default will damage the reputation and creditworthiness of the United States; Rather, its whether the political theater of the absurd we have all been suffering through has already damaged America’s reputation?

Alas, I fear it has.

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