Bonerpocalyse Now! Markets tank on horrible debt ceiling deal - W.C. Varones

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8.02.2011

Bonerpocalyse Now! Markets tank on horrible debt ceiling deal

Did you see all those sleazy politicians doing press conferences about how they had averted a crisis with their "compromise?"

Well, at the same time they were patting themselves on the back, the stock market was tanking. Tonight, markets around the world are dropping as well. The markets seem to share my view that the problem is the debt, not the debt ceiling, and the Republicans just threw away the only leverage they had to move the country toward a sustainable fiscal path and preserve the AAA credit rating.

Gold went nuts, by the way, up $40 to $1660 in the biggest one-day move I can remember. The markets realize that gold is one thing Bernanke can't print, Obama can't spend, and Boner can't surrender.

Boner needs to be primaried if the cowards in Congress won't remove him as Speaker.

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