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How will the bail-out affect Spain's ability to borrow in the markets?
What liens will the lender take and how will that affect the owner's ability to borrow in the future?
Countrywide said in a regulatory filing that further reductions in ratings would severely limit its ability to borrow in public debt markets.
"The ability to borrow in your own currency is a great convenience," says Arijit Dutta, who covers emerging markets for Morningstar, an investment-research firm.
"That possibility is completely excluded," he said, adding that George Washington believed one of a country's most precious assets was its ability to borrow in the bond market.
Addressing more than 1,000 people at the New Jersey State League of Municipalities conference here, Mr. Corzine also proposed limiting the state's ability to borrow in the future, perhaps by changing the state Constitution.
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Consensus items for social capital in the area included the ability to borrow money in case of need, membership of the Kebele (smallest administrative unit) leadership, and membership of community organizations, trusting people, and thinking that people can hurt.
The result was a near fatal game of "chicken" as the clock ticked down to the day when the U.S. would run out of cash and the ability to borrow money in order to pay its bills.
The two matters are linked because Republicans now appear to have seized upon the debt limit vote, and the serious consequences that could result from failure to extend the Treasury's ability to borrow, as leverage in the fiscal cliff negotiations.
In October or November, the government will exhaust its ability to borrow, and Republican leaders in Congress have said they will not raise the government's debt limit without more concessions, either on spending, entitlement programs like Medicare, or an overhaul of the tax code.
No doubt, many people have benefited from the credit revolution that gave them an ability to borrow they were denied in the past.
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