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Originally posted by TheOneElectric
I call black friday.
Meltdown will not happen Monday. Calm your horses.
Originally posted by BillfromCovina
Remember the Plunge Protection Team. Since there is an impasse on the dept ceiling talks it would be obvious for the market to go lower tomorrow. Don't do the obvious.
U.S. Department Of The Treasury
Update: As Previously Announced, Treasury to Employ Final Extraordinary Measure to Extend U.S. Borrowing Authority Until August 2
WASHINGTON – Today, the U.S. Department of the Treasury released the following statement from Jeffrey Goldstein, Under Secretary for Domestic Finance, regarding the use of the last of the four previously announced measures available to keep our nation under the statutory debt limit, suspension of reinvestment of the Exchange Stabilization Fund.
“Today, as previously announced, the Treasury Department will suspend reinvestment of the Exchange Stabilization Fund, the last of the measures available to keep the nation under the statutory debt limit. In order to prevent a default on the nation’s obligations, Congress must enact a timely increase of the debt ceiling.” - Link
Originally posted by AQuestion
reply to post by Master_007
RT is wrong, we may see a dip; but, not a full blown crash because too much money is locked in till the next Triple Witching Hour which does not occur until September. For an explanation you can go to Wikipedia; but, basically the day when certain types of securities and options expire.
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.