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White House Chief Of Staff Warns About "Stressful Days In The Market"
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.
We suggest grabbing front row seats at around 4pm today when the first USDXXX pairs start getting updated.
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I KNOW!
and if the average life expentency is a gide, I only have 54 years to go....
If I eat my peas I'll be 107 years old.
Debt celling is a charade
I see the Market as a oppertunity, not danger.
Shouldn't the dollar rally if they're gonna dump treasuries??? I'm supposing most will just go to cash right? If US treasury sells-off, they can't all go to gold right? Or could they???
You do realize that US Treasuries are denominated in USD, right?
In August, about half of a trillion dollars in treasuries will mature. Add this to all the money the government will need to borrow to replentish pension funds, etc. that it borrowed from along with the money it will need for normal govt. operations (about 140 billion per month) once the debt limit is raised. So far, the national debt went up about 340 billion dollars this year. It needs to go up about 1.7 trillion or so by the end of this year. This is an awfully huge amount of treasuries which will need to be sold just by the end of August!!! But, not to worry. QE3 to the rescue.
A reclusive woman in Florida, who had lost touch with her family and rarely spoke to her neighbours, was discovered sitting mummified in her car 16 months after she died.And here is the kicker:
Kathryn Norris had her home in Cape Canaveral repossessed after she stopped making repayments on her mortgage in August 2009.
Ms Norris, 57, who lived on a pension and disability benefit, was thought to have gone away. She had few friends and no concerns were raised until March 2010, when a nephew called the local police.
An officer visited the townhouse and reported seeing nothing suspicious. It was also inspected twice by bank officials, who even took photographs of her car as part of their “diligent search and inquiry”.
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/8657993/Flori...
That's why they call it:
Floriduh!
you are not very entertaining..
At least Owebama is not part of the negotiations anymore. Maybe the four Congressional leaders can get something done and just let President Paris Hilton sign it!
Shock and awe. Tank the markets for a few days then awe americans with a confiscation of 401k's as the fix.
lots of blather on meet the press about the current non-compromise situation...not that i put much stock in what those clowns have to say.
These idiots are fiddling with nero while rome burns. Yes its a game , or it sure better be, but they are burning psychic capital, confidence is incredibly fragile to be dicking around like this.
Its most unfortunate there is an election looming, they and i mean all of them, are busily positioning to win an election, and they could readily get black swanned and lose the country in the process.
What a patheic disgrace, who would want to be the president? I would say thanks for the 4 years and beat it back to the boroughs where he should have stayed, as it is you can see the guy decompensating before ones eyes.
I fail to get how America could have degenerated to this tragedy.
Somehow, someway, and for some reason...irrespective of the outcome from D.C., this will soar REITs to even higher all time valuations on Monday.
I'm sure of it.
Hmm, Just in time to justify QE3.
Somewhere Bernanke might be quoting Hannibal Smith while smoking a lewinsky.
Glass-Steagall (because it's a FRAUDULENT DEBT problem...not spending or taxation)
Bernanke the Bastard is actually smoking used rubbers.
Crap! I left some eur/usd shorts over the weekend. Will the dollar tank or the Euro?
I bought a bulload TZA on Friday too. I hope it goes in my favor. I'll probably miss the big move down and tomorrow morning the S&P will be 40 points higher.
qe on the qt buy the zeuro.
so, where the hell is the Birthday Girl? prob'ly nursing a hang-over. Yo, B_b......! Still alive?
I think it´s gonna be a great week :)
So now we know what the dips were in the long bond last week, GS shorts. We also know why the panjandra are fucking around with the debt ceiling bullshit. They're executing the GS scheme. Crash, cover shorts, go long. I'll be damned. No deal for a week or so.
WHERE'S ALL THE TALK ABOUT OPTION EXPIRY NOW??????? Just yesterday I posted this here on ZeroHedge: "You speak with such certainty regarding exactly what the Powers That Be want. How do you KNOW they want the prices of PMs to go down next week? Friday, gold closed at $1,600.30 and silver at $40.07 - both just razor thin amounts above very important technical levels. (http://www.youtube.com/watch?feature=player_embedded&v=Y--jCrDOSjk) On Monday, July 18th, 250,000,000 ounces of silver was sold IN ONE MINUTE immediately following the market close (with not a hint of interest or response by the CFTC or SEC, etc.). Don't you think that if they wanted prices down that they couldn't have even painted the tape just a bit on Friday to doctor those closes? How do you KNOW that JPM doesn't ITSELF hold short-term long positions which they intend on profiting from before the next super-slam coming to you not-too-long-from now..."
As I posted early on Friday, I bought 100 atm dia puts, I don't want to see the market drop but if it's going to I may as well benefit. All too often I see people bitch about what's going to happen, be correct, and not play it as they see it. We drop, I profit (as do others) than the stupidity in Washington isn't so embarrassing
So "the markets" are now the proxy for whether the politicians are doing "the right thing?" Nice. How much more f'd up can this stuff get?
Bring it on.
The argument that the US will default if the dead (oh, debt) ceiling is not raised by August 2 is specious and spurious unless Geithner intended to default.
SO LONG AS THE INTEREST AS WELL AS THE PRINCIPLES OF US TREASURY ISSUED ARE REPAID, NO DEFAULT. And the treasury has enough revenue to pay out all interests/principal of bonds/bills, So there could be no way that US would default.
Of course, all other non-bond-related debts will have to wait for the payment, just like Illinios did to her vendors, simply make them line up and wait for the payment in the not-too-distant future.
This will immediately cause the bonds price to shot up, not down, strengthen the dollars, not weaken. For not raising debt ceiling will force the US into austerity now and balance bugets immediately. And for that reason, sadly, the dead ceiling will be raised, cause the basic principle of democracy is, spending Other Peoples' money without recourse.
Beware of cascading unintended consequences...
deleted
Fuck the Stock Market. Since when is the stock market the driving political force in America? Oh yeah, I forgot. Since we have no other industry except financial derivatives. Politicians are servitude to Wall Street Bankers! Until that umbilical cord is severed, I expect nothing but financial terrorism from or president and congressional leaders. Financial crisis part Deux!
- 2 -3 testing comment rating bug (checkout level -1 and what it grabs right now)
looks like it is grabbing from the time onthe gray bar for - 11:XX and showing that as -1's
pirates and Emperors
http://www.youtube.com/watch?v=mEO3RWnHb4E&feature=related
The current crew at the head of Executive Branch don't know organic refuse from shoe polish about the market. For this trader, the ability of the country to service its debt counts far more than any temporary issue that impedes its ability to actually write a check. The country however was on a suicidal trajectory to FAIL with respect to the amount of national income as compared to the rate of growth in government spending.
Liberals (er, now “progressives”) live to scold the rest of us about “sustainability”, yet over 800 days have passed and their pals in Congress still had not passed a budget. We can indict Newt Gingrich for failing to defund the left when he had the opportunity to do so. Now that leftists are back in power, they spend money in a clearly unsustainable manner. Yet, when some adult tells them there are only 100 jelly beans in the jar, their response is to throw a hissyfit. They are soo clueless. But then again so are too many of the other party.
If we can stop spending so much, the country can pay its bills. In that regard, the US is not Greece. And that is why this trader is not going to run to cash tomorrow morning.
Pirates and Emperors (from SchoolHouse Rock makers of How a Bill becomes a law)
http://www.youtube.com/watch?v=mEO3RWnHb4E&feature=related
http://www.youtube.com/watch?v=_mfMG66LtVU&feature=related
This is going to end bad, bad. Check CNBC right now.
http://www.youtube.com/watch?v=QpggZ9hDxC4&feature=related
Now that every immigrant (legal and illega) is in a pot, the elites are about to turn up the heat and boil us until we melt.
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