Will Debt Ceiling Resolution Lead to PM's Plunge?

[neilgin1]

and if you read this 68, i'm pissed as all get out that the AF has taken over SpaceCom..THATS BELONGS TO THE NAVY!!!! ..uh, "space SHIP"....."space VESSEL"? sure sounds Naval to me

In all the sci-fi books of my youth the fighting space was always Navy....

time to lobby bud, and turn back this INJUSTICE!!!

[Pennybug]

I'm betting if they pass a bill... it will head back to $35 by the end of the week. If not... $50+ by Friday. The real kicker will be when our credit rating gets lowered. THAT will cause a MAJOR upward trend. Again... WHEN it happens! Not if... it will unless this new bill has some REAL teeth in it.

[68Camaro]

I'm betting if they pass a bill... it will head back to $35 by the end of the week. If not... $50+ by Friday. The real kicker will be when our credit rating gets lowered. THAT will cause a MAJOR upward trend. Again... WHEN it happens! Not if... it will unless this new bill has some REAL teeth in it.

We can talk short-term... But long-term...

The funny (not amusing funny) thing is, this whole debt ceiling farce has caused everyone to temporarily take their eye off the ball. Who cares about the debt ceiling really, at this point. I have my doubts about their ability to pass a balanced budget amendment. Then 2/3 of the states have to ratify. And THEN - if they are "successful" in this - it'll be 10 years of draconian cuts before it actually gets balanced. With each year we'll be continuing to add to the debt, severely. And by the end of that we'll be something like 30 trillion in debt, not the measely 14 trillion we have now. And that assumes that any one of a hundred other related calamities haven't happened by then...

[neilgin1]

I'm betting if they pass a bill... it will head back to $35 by the end of the week. If not... $50+ by Friday. The real kicker will be when our credit rating gets lowered. THAT will cause a MAJOR upward trend. Again... WHEN it happens! Not if... it will unless this new bill has some REAL teeth in it.

NYT Headlines Scream "OBAMA AND LEADERS REACH A DEAL"

but now read the article, there's three to four potential landmines in the fine print...this is no deal, its PR to prevent a equities sell off.

http://www.nytimes.com/2011/08/01/us/po ... AL.html?hp

[scrapper2010]

Dont want to sound like mr. optimism here but it seems like there may be some pretty deep spending cuts included with no new revenues.

Dude - these are no "cuts"! These are only reductions in the planned rate of increases!!! (I had to delete the adjectives I originally threw in here before I hit submit.)

Perhaps I misstated that, and you're right. Better put, and I haven't been following the details too awfully close, much of the spending that the dems and moderate repub's wanted were cut out of the compromise. I'm not saying it's great or wonderful news, but maybe a small step in the right direction.

[aloneibreak]

I'm betting if they pass a bill... it will head back to $35 by the end of the week. If not... $50+ by Friday. The real kicker will be when our credit rating gets lowered. THAT will cause a MAJOR upward trend. Again... WHEN it happens! Not if... it will unless this new bill has some REAL teeth in it.

NYT Headlines Scream "OBAMA AND LEADERS REACH A DEAL"

but now read the article, there's three to four potential landmines in the fine print...this is no deal, its PR to prevent a equities sell off.

http://www.nytimes.com/2011/08/01/us/po ... AL.html?hp

exactly right neil

still has to get through both chambers tomorrow which seems like a longshot

pelosi herself said house democrats may not back it

no confidence here

[Mike]

The news reports I've seen talk about a one trillion dollar reduction in spending over ten years. That's $100 billion a year in cuts, or reducing the annual deficit by 1/15, or 7.5%. Why even bother?

We're still 14 trillion in debt, and we're still going to be going into debt by another $1,400 billion a year. Not enough has changed to spit at.

[Rodebaugh]

Will Debt Ceiling Resolution Lead to PM's Plunge?

IMO......Yes

Plunge 1-2 bucks off 40

[Mossy]

Silver and gold both bouncing. Lot's of uncertainty in the market.

No uncertainty here: "Buy and hold, it's going to get nasty."

[neilgin1]

these are frigging midgets down there in DC...they've ALREADY burned up in global opinion, the "Full Faith and Credit" deal...the only reason the dollars hanging together, is that its the dog with the least fleas.

if i was uber rich, the only fiat, i'd go near would be the Swiss Franc first, and the Canadian $ second, and that would only be a fifth of my wealth...the rest would be smack dab in the middle of some 3,000 acre ranch "somewhere" in the Northern hemisphere. deep down..in gold, silver.....but i aint, and glad for it.

there all balless sumsabitches. The Spirit of Washington, Jefferson, Franklin is dead.