Who expects the “super committee” to come up with anything? They can now waste our time trying to spin the news. (Their true competence?) Early spinners are starting with a “joint statement” (Reuters).
After 3 months of haggling, how much did this futile charade cost?
John Kerry (D-MA) has been trying to trade against the outcome but didn’t have his normal edge because the markets have priced in failure before they had the chance to announce it.
Doing nothing and a super committee failure will, according to Barry Ritholtz and E.J. Dionne actually produce a $7 trillion savings over 10 years. Maybe the super committee should think about unpaid leave.