Archive - Jul 24, 2011 - Story

It’s truly illusory for anyone occupying the White House these days to think s/he is the president, the leader of all Americans.  In political legalese, maybe; in reality, not the slightest chance… for we are the prototypical major society split between haves and have-nots.  And to this day in his presidency, Barack Obama talks and acts clueless as to that irrefutable fact. Although the socioeconomic divide between haves and have-nots is the norm in most nations of the world, how Americans view that condition is quite different from the rest.  When have-nots in the United States look in the mirror, the vast majority of them still see themselves as haves, that’s how gullible they have become.  Perhaps it has to do with past economic dominance of the US, still lingering in past glory and an unreal sense of nationalism, often promoted by politicians of the two brands as exceptionalism.

Here is where the all too fluid situation is right about now, 8 hours away from the Asian open, courtesy of Reuters.

Update: we have just gotten word that there will be a GOP conference call at 4:30 pm on the debt limit. Apparently the GOP is dead set on the 8pm Asian open and disregarding the much more important FX open.

It may be time to panic... at least on a "transitory" basis. After Boehner essentially said earlier that there are still no details what the "two-tier" plan noted yesterday would look like, we now are 5 hour away to FX open. And judging by the comments of White House Chief of Staff, it is almost as if the administration would like to see a selloff. Per Reuters: "White House Chief of Staff Bill Daley said on Sunday there will be a few stressful days ahead for financial markets but that a U.S. debt deal will ultimately be reached. "In the end, we may have a few stressful days coming up -- stressful for the markets of the world and the American people," he said on the CBS program "Face the Nation. Daley quickly added that he is confident a deal will be reached to raise the debt ceiling. We are confident he is right. We are also confident that if it takes a 200 point plunge in the S&P to achieve that target, well, so be it.