Posted on 07/24/2011 4:06:07 PM PDT by lbryce
Original post: Although John Boehner had hoped to have a debt ceiling deal in place by this evening, it's clear now that the two sides remain far apart.
As such, there's considerable concern about how markets will react to the news that the US drop-dead-default-day is zooming into sight.
So far? We're seeing some selling in the dollar against the yen and the Swiss Franc, though by now that's become an incredibly common occurrence.
Nikkei futures are off only modestly.
That markets would crash today has always been something of a contrived fantasy (one wished for by politicians on both sides of the aisle, hoping that market forces would help get their fellow politicians in line with a compromise. But with several days to go before August 2, the market may not be ready to freak out (Knock on wood... Monday is barely beginning).
Refresh this post for the latest.
Update 6:04 PM ET: S&P futures are falling 1%. Not a crash by any means, but enough to confirm that markets aren't pleased. Meanwhile, gold is booming to new all-time highs.
(Excerpt) Read more at businessinsider.com ...
Don’t sweat it. It will even out and begin to climb as soon as fiscal common sense wins and the debt ceiling remains as is or is lowered...........
Gold went up. Then gold went down. What’s happening? It’s the end of the world! People will be jumping out of high rise buildings tomorrow. Of course they’ve got to go to work and take the elevators up first.
I’m sure Soros will do his best to sink the dollar tomorrow to help his lil’ buddy, Obama, put the pressure on those mean old Republicans to give him a bigger credit limit.
The USA is not credit worthy with about 100 TRILLION dollars of unfunded obligations in our future. We have no business getting a triple A rating from the ratings agencies that also gave Fannie Mae and Freddie Mac high ratings for giving unemployed people mortgages with no money down. Brilliant.
Gun sales up
Ammunition sales up
Food Cost up
Oil Prices Up
Unemployment UP
Housing prices down.
DJIA Futures down 106 pts.
Whoopdidoo. 100 points down isn’t even a decent buying opportunity. I’m looking for a hell of a lot more panic than that!
I hope it drops til the deal is made....that will be an ideal buying opportunity.
I think the US is going to be downgraded anyway and Obama and Geitner know it! They just want to try and pin the whole thing on the republicans. Obama is destroying this country on purpose. It truly is time to impeach him.
ENOUGH IS ENOUGH!!
It is not surprising to see the gold market having no confidence in Washington to fix the problems they create other than by printing more worthless paper dollars.
I’ll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
While Geithner is emphatic the spectre of impending default must be lifted, he’s still not shy about throwing around accusations that it’s all the fault of the Republicans. Also there is his reference to, “this President is having to deal with the dirty laundry of the last administration....”
With such political gaming amidst the high pressure of the impending default, does anyone really believe with that pressure gone that the political sledding will get any smoother?
You’d have 2b nutz to believe THAT....
Prices of needs will go up and wants will go down. Food and oil prices are still the ones to watch for leading indicators on global instability. Gold is finally trading like a currency (Like it should be).
It’s still plunging.
This could be a great (stock) buying opportunity!!!
I’ll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When Black Friday comes
I’m gonna dig myself a hole
Gonna lay down in it ‘til
I satisfy my soul
Gonna let the world pass by me
The Archbishop’s gonna sanctify me
And if he don’t come across
I’m gonna let it roll
When Black Friday comes
I’m gonna stake my claim
I’ll guess I’ll change my name
In Zimbabwee and the German Weimar Republic, they raised the debt ceiling and as history tells us, all was well (aside from the little matter of complete currency destruction due to Govt-caused inflation).
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