SENATE FOLLOWS HOUSE INTO THE ABYSS – AT 6:02 P.M. ET:  The Senate has passed the debt bill, and President Obama has signed it into law.  Thus, we can borrow more money.  What would you like to do with it?  I was thinking that a lovely retirement villa for the president would be a nice gesture, and would be appreciated by all.   Other suggestions are welcome.

The stock market responded to the president's signature by dropping more than two percent, or 266 points, and I don't hear anyone saying this was one of the great days in American history. 

Now the question is where the spending cuts will actually be, whether they will be maintained by future congresses, and whether they will be true cuts, or "reductions in growth," which means you spend more, but not as much as anticipated.

We have only averted a temporary default crisis.  That's really all we've done. 

August 2, 2011