No debt deal yet. Markets head down on Friday morning

Posted By on July 29, 2011

As the financial markets in the US trade down this morning on lousy economic recovery news (little growth – 1.3% annual rate) and no compromise in Washington DC on the debt ceiling … I’m wondering why politicians can’t find a solution with a country as strong as ours. The far right can’t come together for a deal and not a single moderate Democrat will vote for the Boehner plan either. No matter what the end of the day brings on Wall Street, those trying to keep their heads above water are facing higher interest rates, few new jobs and continued pressure on housing – not to mention those trying to prepare for their kid’s college or their own retirement.

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A week chart of the Dow Industrial – 9:30 open on far right.

I watched several interviews this morning with different congressmen and senators … few as hard hitting as the CNBC interview of Sen. Steny Hoyer by Becky Quick. If all are as obstinate as him, it is no wonder politicians can’t come to a compromise.

Comments

  • Market closed down for the week but it could have been worse … and could still if something isn’t done in Washington DC.

Desultory - des-uhl-tawr-ee, -tohr-ee

  1. lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
  2. digressing from or unconnected with the main subject; random: a desultory remark.