Below please find the latest memo from Howard Marks of Oaktree. In the memo entitled, "Down to the wire" he discusses the need to increase the debt ceiling or suff disastrous consequences. He also takes the more realistic view that any solution will merely be a continuation of kicking the can down the road, rather than a real solution to the US’s fiscal situation.
Given the recent address by President Obama and the fact that this is really headline news right now - it is quite timely.
Enjoy.
Oaktree - 2011.07.21
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