Writing about Wall Street and the stock market is like taking the bandage off a miserable wound for a new cleaner bandage. Its also like getting stuck in a car jam knowing that up ahead is a car crash that is going to make you puke its so horrific.
The long story short is that as long as the debt ceiling is not raised, equities are going to take a beating. The slightly good news is that the US credit rating is probably going to remain intact for the time being.
I am sure I speak for millions of Americans when I say that the unmitigated gall and ugliness of the Tea Party wing of the GOP is now completely transparent and on display for all to see. Its actually causing uncontrolled episodes of puking in any reasonable American. Their brutal assault on the middle class and poor has resulted in massive losses for millions in our assets. They are a fundamental reeking pile of hypocritical slime. I can't even think of enough bad things to say about these pin heads. Everybody knows it too, including the right wing pundits that are their doing own little hypocrisy dance to try and make nice nice with the Tea Party. I'm talking O'Reilly, Ingraham, all of them. I would exclude Hannity for obvious reasons.
Unlike something radically changes this weekend, we are looking at a disaster in the equities market starting again on Monday.
In spite of all of this nonsense remember that investments are about long term strategies and not about making thoughtless decisions on the fly.
Reuters: Wall Street Week Ahead: Debt and data suggest more losses
...Washington remains paralyzed by political brinkmanship.
"Right now, overall the market is being totally driven by the debt situation, whether it is in Europe or the U.S..."
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