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Washington Is Annoyed at Wall Street's Failure to Panic

From CNBC :

I just got off the phone with a source on Capitol Hill who has spent the past few days trying to convince Republicans to vote for a debt ceiling hike.

He told me that the biggest obstacle he faces has been “market complacency.”

“Frankly, a bit of panic would be very helpful right now,” he said.

As he explained it, lots of people in Washington, D.C. expected that this would be a week marked by panic in the markets. Stocks would tank. Bonds would get clobbered. The dollar would do something dramatic. And all of this would help convince reluctant lawmakers that they had to reach a compromise on the debt ceiling.

“We were following the script from 2008. When the market collapsed after TARP failed, that spooked everyone enough to get them to fall in line. We thought the same thing would happen this week,” he said.

Instead, the market has just been on a quiet, non-panicked slide.

Stocks have sold off by a couple of percentage points, but nothing that indicates a real fear trade in the works.

Everyone in D.C. has a theory about this. Some believe the market is sending a message that a deal will get done. Others think the market doesn’t understand politics.

Read the whole thing here . Yes, people in DC really do live in their own reality.

Thanks for posting this so quickly Mike!

I never imagined this would appear before the parties had a chance to shove this bad deal based on economic terror against seniors, investors and kids down our throats!

This is straight up treason coming from both parties, particularly the weak knee types just looking to go along to get along!!

This is very sad proof that there are fewer than 50 members of either house of congress that actually have the best interests of the American people in their hearts.

Thank you again.

YOU ROCK!!!

Maybe the market realizes this is all kabuki theater and that no matter what bill is adopted we are so screwed Unlce Ben will have to crank up the printing presses, which as the revised GDP numbers proved, is all that has been levitating the market anyway. There are no free markets anymore- just manipulated ones. The only good thing to come out of the deb ceiling Summer stock theater was we smoked out the big government RINOs in the GOP. Turns out 80% of GOP are comitted statists. Now we know.

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Dictionary of phrase and fable

The Wordsworth Dictionary of Phrase and Fable

Dictionary of phrase and fable. [A dictionary of English literature] by W.D. Adams, with additions

Fact, fancy, and fable, a new handbook for ready reference on subjects commonly omitted from cyclopaedias; comprising personal sobriquets, familiar phrases, popular appellations, geographical nicknames, literary pseudonyms, mythological characters, red-letter days, political slang, contractions and abbreviations, technical terms, foreign words and phrases, Americanisms, etc. Comp. by Henry Frederic Reddall

The popular encyclopedia, being a general dictionary of arts, sciences, literature, biography, history, and political economy, reprinted from the American edition of the 'Conversations lexicon' ... with dissertations on the rise and progress of literature