Mish Shedlock on the debt ceiling

Mish Shedlock speaking about the House rejecting a proposal to raise the debt ceiling without accompanying spending cuts: "I would like to see the implications" of a technical default, " because I think all the hype out there surrounding this that the whole credit market is going plunge and Europe defaulting , ...we missed the debt ceiling before at least twice under Clinton and I think a couple of other times as well so ...this is a whole game of musical chairs here , this is a political sideshow and no more." "People like Paul Kurgman think we should just continue on the path we're on until the economy recovers," he says. "The economy is not going to recover until you stop throwing money at it — wasting it on projects that don't need to be done."