the latest from Reuters about raising the debt ceiling is that the House GOP is coming out with a plan this afternoon and that there is a mad scramble to do this before the markets open in Asia at 4pm eastern time today. According to Reuters, getting the plan out there by that point is critical because "Financial markets are growing more edgy...." I have to wonder what financial markets they are discussing. The remarkable thing about Friday's trading was that it completely ignored the debt ceiling issue. Treasuries were steady, even though they are the most likely to gyrate in the event of a problem. The same was true in markets around the world. Yesterday, there was no trading, and on Sunday there is very little market activity anywhere. So how did we get from calm markets that were ignoring the debt talks to markets "growing more edgy"? Did someone at the Treasury or the DNC issue those talking points? Is Reuters psychic? Maybe someone at Reuters has come back from the future and knows what the trading Monday will be like.
The simple truth is that the article is untrue. The markets are not growing more edgy. They are sedate and serene. There is no pressure from the markets to get the deal done. There is only pressure from the Democrats who are filled with panic and the idiot media which just repeates what the Democrats tell them.
Don't get me wrong. I think it would be a good thing for the country and the economy for the entire debt ceiling issue to be resolved. It ought to be done in an open and honest way, however.
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