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The market panic created by congress (House of Representatives to be precise) sent shock wave and fear around the world resulting in untimely selloff. Debt Ceiling has now become a political bubble that is going to burst eventually if congress has to do this crap every time the Debt Ceiling is to be raised. Eventually a default will occur because there will be no deal or compromise at the 11th hour. You can only play with fire so long before you get burned. That is probably what some folks are hoping for. Congress has abt 2yrs to do its work before the next Debt Ceiling is due. Hope they don't wait till the night before to say WE HAVE A DEAL!!!.
I often hear some folks say: "you cannot raise taxes in this bad economic times..." but I guess it's okay to cut spending in "bad economic times".

PS: I know this stuff i'm writing is of no interest and ignored by many (good for you). That is my only interest as well. I also know that most trading sites will have an opposite view and total disagree with me (but I don't care what they think). I just wanted to vent on what Washington was doing to the market. No more of this my crap from me till the next Debt Ceiling 11th hour event (hoping that congress does not hold the market hostage before that time).

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CONGRESS MUST GO!!! (I don't know where).
To cut spending in a weak economy = ECONOMIC DOOM (thanks and welcome to congress). Makes absolutely no sense. Where are the jobs for the people being cut? Instead of focusing on creating jobs that will help strengthen the economy, and then cut spending later, congress and some governors instead spends months trying to kill the economy (cut spending at the wrong time). The economy was heading in the right direction till the start of this year when some politicians found it necessary to step on the brakes for political reasons.
Debt Limit extension should be under the control of the president or Fed. It should not be controlled by congress. It's just too important a task for the congress to be playing politics with. The world cannot afford to see some of these wicked political morons who will rather see the world economy collapse just to gain political points. This is too important an issue to put in the hands of congress. JUST TOO RISKY!!!!

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