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Europe should thank the super committee 

Nov 23, 2011By

The head of credit research at Société Générale is zinging politicians on the super committee for failing to reach a deal on the America’s runaway debt. In short, the indication is that the bipartisan Joint Select Committee on Deficit Reduction blew a huge opportunity to accomplish something so much stronger than anyone may realize. In a note to investors, Soc Gen’s Roger Horn said U.S. credit markets already had little good news to be thankful for over the last week, “as spreads have traded 7.5% wider on investment grade corporate CDS and 9.8% on high yield CDS.”

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