Reading the news these days is like playing catch with an over-eager retriever. Every morning the media drops a spit soaked tennis ball of soggy ‘news’ about the debt ceiling fight in your lap.Bad dog! Speculation about whether Boehner or Obama will “win” the debt debate is not news!The main reason this is dragging on: waiting as long as possible serves the interest of all the politicians involved. You lose bargaining leverage by compromising too soon, and since nobody is going to like the debt deal, politicians need to posture and prance to show their constituents how hard they are working and how little they like the concessions they must finally make.Since the August 2 deadline for default is clearly a soft one, the media narrative makes even less sense.The pols are playing the press like a violin. Obsessive coverage of every twist and turn tells us little or nothing about what will happen, but it gives pols a chance to signal voters (the few who actually wade through this river of sludge) that they are fighting bravely and hard.At a certain point the DC process will move toward a climax; at some point Wall Street jitters may get real and debt debate news will start to move markets. When either of those things happen, the debt ceiling debate will start generating actual news. Wake me up when that happens.
Debt Talks: Media Still Obsessed, No Actual News