The stock market has been down 11 of the past 14 sessions. The Dow dropped another 160 points today. That’s on top of 140 yesterday. A Wall Street guy predicted that if the Congress doesn’t extend the debt limit, the S&P will go down 45
percent. That’s the measure most 401k’s are tied to.
Is it panic time yet?
Based on statements made today by President Obama and Speaker John Boehner, nothing has changed. The President is still saying he’ll talk, but that doesn’t mean he’ll deal. And Boehner is still saying no president has refused to talk. Well,
neither is Obama. He’s just putting limits on what he’ll do. As is Boehner.
So, guys. If you have nothing new to say, why do you call a press conference which typically is called to make news? No news in this case is not good news. We need someone to blink. Send a signal. Do something. We are running out of time. I assume they each called a press conference because that’s how they are talking to each other (OK, they had a real
phone call today but from what we know of that call, it was pleasant but not productive).
Everyone, nearly, thinks that a deal will be done before it’s too late. I think that’s because a deal always is done. I’ve been saying for weeks, I fall in the camp of believing the Speaker will, at some point, do the right thing. But I’m not 100 percent on that. The Crazy Caucus in the House cannot be predicted. They are true believers. They will watch the country go over the edge.
Let’s remember, though, that caucus has at best about 30 votes, far from controlling the outcome.
Someone has to blink. Boehner says he wants talks to start today. I’m with him. I think if they sit down, they will figure it out. This is a political problem, not a substance problem. We have a debt. We have to pay that debt. Simple as that. We
have a government. We have to fund that government. Simple as that.
People want to talk about defunding Obamacare, fine. But don’t make that a criterion for discussions. It passed. It’s law. While I don’t love the way it was passed (with only votes from one party), it passed. It’s law. Nothing in the Constitution says anything about what percentage of a party’s vote needs to be cast for a bill to become law.
I read a story today about a woman who has a rare form of cancer who was denied access to a drug trial at the National Institute of Health because of the budget shutdown. Are you kidding me? This isn’t about political brinksmanship. This is
about people’s lives. You want to negotiate over this particular program or that one? Do it in the normal course of business. Not when people’s lives are at stake. Not when people’s life savings are at stake.
Start talking. In the same room. No preconditions. Talk.
percent. That’s the measure most 401k’s are tied to.
Is it panic time yet?
Based on statements made today by President Obama and Speaker John Boehner, nothing has changed. The President is still saying he’ll talk, but that doesn’t mean he’ll deal. And Boehner is still saying no president has refused to talk. Well,
neither is Obama. He’s just putting limits on what he’ll do. As is Boehner.
So, guys. If you have nothing new to say, why do you call a press conference which typically is called to make news? No news in this case is not good news. We need someone to blink. Send a signal. Do something. We are running out of time. I assume they each called a press conference because that’s how they are talking to each other (OK, they had a real
phone call today but from what we know of that call, it was pleasant but not productive).
Everyone, nearly, thinks that a deal will be done before it’s too late. I think that’s because a deal always is done. I’ve been saying for weeks, I fall in the camp of believing the Speaker will, at some point, do the right thing. But I’m not 100 percent on that. The Crazy Caucus in the House cannot be predicted. They are true believers. They will watch the country go over the edge.
Let’s remember, though, that caucus has at best about 30 votes, far from controlling the outcome.
Someone has to blink. Boehner says he wants talks to start today. I’m with him. I think if they sit down, they will figure it out. This is a political problem, not a substance problem. We have a debt. We have to pay that debt. Simple as that. We
have a government. We have to fund that government. Simple as that.
People want to talk about defunding Obamacare, fine. But don’t make that a criterion for discussions. It passed. It’s law. While I don’t love the way it was passed (with only votes from one party), it passed. It’s law. Nothing in the Constitution says anything about what percentage of a party’s vote needs to be cast for a bill to become law.
I read a story today about a woman who has a rare form of cancer who was denied access to a drug trial at the National Institute of Health because of the budget shutdown. Are you kidding me? This isn’t about political brinksmanship. This is
about people’s lives. You want to negotiate over this particular program or that one? Do it in the normal course of business. Not when people’s lives are at stake. Not when people’s life savings are at stake.
Start talking. In the same room. No preconditions. Talk.
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