These last few months, much of the country has watched in horror as the Tea Party Republicans have waged jihad on the American people. Their intransigent demands for deep spending cuts, coupled with their almost gleeful willingness to destroy one of America’s most invaluable assets, its full faith and credit, were incredibly irresponsible. But they didn’t care. Their goal, they believed, was worth blowing up the country for, if that’s what it took.Fact: Spain and Italy's interest rates are rising precipitously as investors question their ability to service their debts.
The yield for the Spanish 10-year bond rose as far as 6.45 percent, the highest since the euro was created. The rate is near the levels seen in Greece, Ireland and Portugal before they were forced to ask for rescue loans, and prompted Spanish Prime Minister Jose Luis Rodriguez Zapatero to delay his vacation to monitor the situation.
Italy's equivalent bond yield jumped to 6.18 percent, above where it was before July 21, when the EU announced its latest debt crisis plan, including a second Greek bailout, to calm and contain market jitters.
Spain's main stock index was down 1.3 percent in late afternoon trading after plunging 3.2 percent a day earlier, while Italy's fell another 1.4 percent.