NPR Pushes Its Deficit Agenda With Full Force

Morning Edition had a piece warning us that the markets will be hard hit if the supercommittee doesn't reach a deal (sorry, no link yet). It attributed the decline in the stock market in the period around the debt ceiling battle to fears about default, even though bond prices actually rose in this period. Bonds are the asset on which the U.S. government might theoretically default.

So in NPR land, when investors increasingly fear a default on U.S. government bonds, they bid up the price of...