It's no secret that the "Super Committee" failed to do whatever it was they were supposed to do, or did they?
When the S&P downgraded the US back in August it was on the heels of the European debt crisis maturing into the sardonic cacophony of rumor based innuendo that we have all learned to love. I thought the timing of the downgrade was suspicious but I was reluctant to base any kind of analysis on it.
However, now that the European crisis has led politicians to fall helplessly into the bottomless chasm of moral turpitude I am becoming ever more suspicious. The "Super Committee" which is a small group of 12 non-elected politicians operating under the auspice of secrecy has failed to meet it's mandate of solving our crippling debt problem. What does this mean? Well it means the US is probably getting downgraded again real soon. So why is this bullish?
Everyone knows Europe is two sheets away from completely collapsing under ratings downgrades, bond selling, and every other financial nightmare you can imagine. But if the US gets downgraded who's wiser to the difference? I can't help but to imagine that this "super committee" is nothing more than a leveling of the debt playing field...why else would it be so secret and led by an non-elected body?
If the US gets downgraded shortly and by extension abrogates the visceral selling of European debt then this is a conspiracy theory you can book. Just some food for thought.