The “super” committee admits failure…after three months

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The Congressional "Super" Committee actually agrees that their efforts to fix the federal balance sheet have failed. The only real question is why it took them so long to come to that conclusion -- and how hard they were trying to work together in the meantime.

Here is what the partisan whips had to say:

"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline," said Jeb Hensarling and Patty Murray, the Republican and Democratic co-chairs respectively.

Really. Does it take "months of hard work" to conclude that they cannot -- or will not -- work together?

Was it impossible to make "any" bipartisan agreement?

Are they knocking off early ahead of Thanksgiving, or where they stalling all along?

This is a grave disappointment. The markets may not have reacted yesterday, but if the markets still reflect the long-term health of the U.S. economy, sooner or later this will be a negative.

Markets trade on confidence. If Republicans and Democrats cannot work together for the common good, "politics as usual" is not exactly a demonstration of confidence.

Let's stay long on America and get short on Congress.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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