The Iowa Straw Poll was held Saturday in Ames, Iowa with Michelle Bachmann coming in 1st, with Ron Paul in a close second, and Tim Pawlenty in a distant third. While the major media is most assuredly going to have a field day in talking up the results, I would not read too much into the results for several reasons.
I am a firm believer that there is a message in most things, it is just a matter of being willing to see it. The world has entered an era where debt levels, at every level of economic activity, have taken on a new focus and level of importance. Everyone, everywhere is now concerned about debt. The financial crisis of 2008 has resulted in a world wide de-leveraging process.
This has been a long time coming as politicians at every level have attempted to bribe voters into believing that they could have their cake and still be able to eat it. This has been by spending far more than they receive in tax revenue. World wide politicians have been on a dangerous fiscal bender by ignoring the 1st Rule of Economic which is that there is no such thing as a free lunch.
As the week winds down, and I look back at the events of the week; the negotiations over the U.S. Debt Ceiling dominated the news. However in looking at the press stories concerning the negotiations, for the most part they seem about as informative as talking to my dog.
The vast majority of the stories I have reviewed are more focused on the petty aspects of the discussions and the ridiculous comments being made by Harry Reid. This is one of the most important issues of the year, and probably the next several years. These negotiations and their results have the ability to impact all of our lives for next several years, and there is almost no coverage of the real positions being taken by either side.
This is where I have a massive problem with the major media outlets. They have an inherent tendency to focus on sound bites and the quick and easy aspects of a story.
I thought I would take a few minutes today to look at the upcoming week. I think we will obviously see the Federal Debt Ceiling continue to dominate the news. I think we will see increasing news regarding the weakening of the U.S. economy, and the spread of the European debt crisis to Italy.