Skip to comments.Wall Street cheers "cliff" deal, but only for now
Posted on 01/06/2013 12:17:05 PM PST by TurboZamboni
When lawmakers delivered a long-delayed, last-minute agreement on the budget, Wall Street celebrated. And it would be easy to think that the surge in the Dow the following day meant that investors had put their concerns about Washington's political gridlock behind them. The Dow Jones industrial average surged on the news, but that doesn't mean the volatility is over. In fact, there could be more turmoil in the market soon because decisions on cutting the federal budget deficit have been put off until March, when the government will reach its borrowing limit. Republicans have already said they will demand cuts to spending as a condition for extending the limit.
"The uncertainty is still there, the key issues are spending cuts and entitlement reforms and, for the most part, those were not addressed," says Terry Sandven, chief equities strategist at U.S. Bank Wealth Management. "This sets the stage for sharper rhetoric and increased market volatility as these discussions evolve."
(Excerpt) Read more at twincities.com ...
What "deal"? Once more Boehner and McConnell bent over, grabbed their ankles and told 0bama to "have his way"!
I look for a rollercoaster stock market that will wipe some people out. I’ve decreased my exposure and have an exit strategy. Maybe I’ll come out alive.
Our government has gone completely insane!
The latest example: The White House Economic Advisors acknowledge (and warn) we are playing with dynamite with our government debt. The proof of insanity is their proposed solution.
The dynamite of course, is the 16 TRILLION DOLLARS of US government debt, and the fuse is lit and rapidly burning down, with the explosion (US Sovereign default) projected in March.
The proposed solution? No need to remove some of the dynamite or extinguish the fuse. Simply add more dynamite and lengthen the fuse a little bit, and then pretend the problem has been solved.
Following is a link to the news release.
White House Adviser Krueger: Congress Playing With Dynamite Over Debt Limit:
It’s like playing solitaire Russian roulette and Wall Street cheers because they pulled trigger and the first chamber was empty.
The more prominent among them should get the Chair instead, IMO, and their constituents thrown out of the country.
Only if you give voters and people who accepted redistributed wealth the chair, too. But then who’ll be left to flip the switch?
Funny coming from a guy named BipolarBob.
Me and a few tens of millions of others.
I try to time my “highs” and “lows” with the market. Be the market. By using arcane algorithmic calculations fed into my bio-feedback machine, I can experience the whole market sensation in my body. Which is really good when the market reaches new highs. Not so good on the sell-offs though.
While your thoughts are on NY, check out this film clip from a 1926 fire call. Traffic jams, driving on sidewalks, bell on front hood clanging, an occasional horse cart, and snow in April. SC, maybe not catastrophism, but a good counter to current thinking about how much goes wrong and how bad traffic is.
Wall Street’s guiding principle:
“What have you done for me today?”
Might I assume you have voted for a Republican at some point? That might be good enough. I suppose there are plenty of people who never bother voting or are ineligible. They’ll do.
Why would you recommend executing those who simply voted?
Because voting makes you complicit, especially if you continue to do so after you’ve seen what they do in power.
Makes no sense. Not voting makes you complicit as well.