U.S. Is 'Best Looking Horse In Glue Factory': Bowles : It's All Politics Erskine Bowles said investors still like investing in U.S. debt because other places look so bad. But it's all relative. Just because the U.S. is a safer place to invest in than Western European nations doesn't mean it's not in trouble.

U.S. Is 'Best Looking Horse In Glue Factory': Bowles

Erskine Bowles. Alex Brandon/AP Photo hide caption

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Alex Brandon/AP Photo

Erskine Bowles, co-chair of the National Commission on Fiscal Responsibility and Reform, had one of the day's best lines following a brief meeting with reporters after the release of his panel's final report.

A reporter asked him (I'm paraphrasing) if the nation's fiscal condition is so dire, why doesn't the bond market reflect that by demanding significantly higher interest rates on U.S. Treasury bonds instead of accepting the very low current rates.

"That's because we're the best-looking horse in the glue factory," Bowles said without missing a beat.

His point? In a world in which Ireland and Greece have gone over the fiscal cliff and Portugal, Spain and Italy are feared to be next, the U.S. looks relatively good. But it's only relative.