By Zach Kouwe

Howard Marks, chairman of Oaktree Capital Management, is out with his latest letter to clients. This time, Marks felt compelled to write about the three-ring circus in Washington and the haggling over the debt ceiling.  Bottom line: Marks believes we need a compromise now and the debt ceiling must be raised or the nation could face catastrophic consequences. He believes a compromise will eventually be reached, but, unfortunately, won’t bring fundamental change to the way our government manages its finances.  Here’s the letter: