I try not to listen to the "financial report" on any news broadcasts. All my life, the formula for these reports has been the same: false claims of causality.
"Stocks opened higher on a strong jobs report issued by the Labor Department..."
"Stocks closed lower on more bad news about Syria from the State Department..."
I've just never believed their causal links. If stocks have been trending higher, it is likely because the dollar is weaker OR the corporations are building equity. I don't think John Kerry's latest pronouncement affects the investment strategies of computerized trading algorithms.
Anyway that's just [ignorant] me. File that under Crowndot's [non-] qualifications as a financial analyst.
What I really wanted to talk about is that I do not see the connection between a failure by Congress to raise the debt ceiling, and TEOTWAWKI.
I've been hearing a journalistic beating of the jungle drums to the effect that we need to raise (or entirely do away with) the debt ceiling or it will in fact be The End Of The World As We Know It. For reals.
As in: Armageddon, Doomsday, Zompocalypse, and the Return of Disco, all rolled into one.
Some banks in China may experience the appearance of wet streaks down some blue serge slacks for a few days, but they will get over it.
Some upper levels of federal bureaucracy may sense a sudden fluctuation in the Force. They will have to get over it too.
What WILL happen? Hey, I've already established my credentials, so I'll come right out and say it: I don't really know.
What I hope will happen is that some people -- ahem Democrats ahem -- will begin to face the reality that real cuts in spending must happen. That's only The End Of The World As THEY Know It.
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