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The New Debt Ceiling Deal Media Narrative In Two Minutes (VIDEO)


First Posted: 08/01/11 05:54 PM ET Updated: 10/01/11 06:12 AM ET

As noted here earlier, the debt deal that's in the offing is said to be a Great and Virtuous Thing not because it results in any tangible benefit for ordinary Americans (other than the fact that, as Wall Street was promised months ago, there will be no default and thus no subsequent destruction of the global economy), but rather because everyone on Capitol Hill hates it, at least a little bit. Glibly put, the best compromise is one that leaves everyone unhappy. Which is all well and good when the grand compromise doesn't also usher in a new era of governance that features permanent hostage-taking dysfunction.

But that's the dominant narrative, now, and you can see it in the above two-minute mashup, prepared by our own Hunter Stuart.

This is how the Beltway Deficit Feedback Loop comes to fruition. As I said yesterday, "Like the rest of you, I also wonder what topic reporters will turn to now to keep from reporting on the massive unemployment crisis."

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