Sunday, July 24, 2011

"Pelosi: Markets might have to plummet before GOP acts on debt limit"

That's not news, she said it on July 14.
It is a reminder that this is high-stakes politics.
Here's her thinking, via The Hill:
House Minority Leader Nancy Pelosi (D-Calif.) warned Thursday that it might require financial turmoil before Republican leaders agree to raise the nation’s debt ceiling.

“I don’t need to see markets drop 400 points [to be convinced],” Pelosi said during a press conference at the Capitol, “but Republicans may need to see markets drop 400 points.”

Pelosi noted that it took a stock market free-fall, in late 2008, to convince House lawmakers to rally behind the Troubled Asset Relief Program (TARP), which President George W. Bush had championed to stabilize a teetering Wall Street.

When the House shot down the initial TARP bill, the Dow fell 777 points. Four days later, the House passed the bill, with 57 members switching their votes to yes....MORE
Here are the latest headlines:

Politico 4:52 EDT
No debt deal in sight, parties go separate ways

New York Post 4:55 EDT
Last-minute debt talks moving on several fronts as deadline approaches

MarketWatch 5:05 EDT
Chance of technical default 20%, investor says

Fox, no timestamp
The Debt Talks: Asia and the Heat of the Moment
It's the heat of the moment in the debt limit talks. And for the moment, this is all about Asia.
As in when the Asian markets open for trading Sunday.
Electronic S&P futures trading begins at 6 pm ET Sunday. Nikkei futures also go hot at six. Trading in Treasury futures starts a half hour later.
Tokyo opens at 8 pm ET Sunday, followed by the Hang Seng Index in Hong Kong at 10 pm ET.