In the debt ceiling melodrama, the President and Tea Party each had political objectives and national interests to serve. Politics won out.
Dow Jones is on some critical support levels at the moment. The 23.6 Fibonacci retracement level was reached on Friday, July 29, 2011. If this level is breached, we will have very strong technical support at 12000 (200 –days moving average) and the full retracement target of 11850.
The economy expanded a tepid 1.3 percent in second quarter as consumer spending went flat, and imports drained off much of that domestic demand. Higher oil prices, Wall Street contracting and local governments retrenching are killing growth. All on top of a huge trade deficit with China, which sends much of what is not spent [...]
Dow Jones plunged 198 points today because the United States politicians were still unable to reach an agreement on the debt limit. The key support 11800 and resistant 12750 levels are still intact from a technical standpoint. The U.S. 10-years yield is still only 3% despite the United States about to go into default and [...]
Cognitive dissonance-a refusal to accept objective facts that define rational behavior-is at the root of impending disaster in Washington.
The clock is still ticking on the U.S. debt limit. The markets were relatively calm considering the United States is about to go into default. The action is in the foreign exchange markets as the USD hits a new low against most of the major currencies.
Dow Jones Industrial Averages fell 88 points today. Gold price made a new high, reaching $1624 per ounce before settling at $1614 at the New York market’s close. The markets were concerned with the inability of the United States politicians to make a deal on the debt limit issue. The clock is ticking and the [...]
Any parent knows, adolescents are inclined to deny facts when told something they want is not possible. Poor Speaker Boehner is frustrated by Capitol Children’s Players.
As Congressional negotiators and the President struggle to obtain a deal to raise the federal debt ceiling, securities markets may soon panic at the prospect of those negotiations failing.
It is an article of faith among Democrats that the Administration of George Bush caused plagues, pestilence and the nation’s economic woes-and by derivation the political morass that bests Washington.