As we all know, the Republicans have been holding the US economy hostage for 2 weeks in a futile and unwise effort to repeal the Affordable Care Act, a fool’s errand from the start. Once they finally realized that their effort was folly, they’ve been trying to extract some kind of concession so they can declare victory with the base, which makes up around 20% of the electorate. The game has gone on so long that Fitch Ratings, one of the market’s major credit rating agencies, just announced that they are putting the US government’s credit rating on negative watch. Negative watch means that it’s likely that an entity will fail to meet its financial obligations, and will almost immediately raise borrowing costs for the US as the market prices is and charges additional default risk.
This entire strategy is not only immature, unwise, ignorant, and just plain stupid, it risks the stability of world financial markets and their supporting economies. Stupid, stupid, stupid.