And today, I saw and heard a very simple explanation: there is, after the violence of last Wednesday and Thursday, a commitment to organic Egyptian democracy in some top quarters (notably the White House), and a commitment to a rapid technocratic transition in others (notably the Pentagon), and no capacity or mechanism to efficiently share information, forge a consensus across departments, and coordinate a message.
The market is a bit more on edge Thursdayafter Fed Chairman Bernanke on Wednesday warned that the U.S. Fed could do little to repair the damage from the politicians failing to come to agreement and the government going over the fiscal cliff.