Default Avoided…For Now! So What’s Going On With This Market?
I’m not a broker. I’m no financial guru. But I can read the writing on the wall. I try to see the forest beyond the trees. But I’m baffled, I must say. I thought all the urgency to raise the debt ceiling and avert a default (which is going to happen, sooner or later; sorry Timmy Geitner) was to stop this very thing from happening: wetting down what little confidence there was and bringing the market down again. So what’s with today? As of the moment that I am writing this blog post, the Dow is down darn near 307 points! Uh, excuse me, Mr. President? What’s up with this? At this very moment, oil is down to just under $88 a barrel. Hmm? Was the economic growth just hot air? Stocks over valued? Commodities speculators cutting and running? I read as much as time allows me to on these things, but most of you see what I see. You can read ten different articles on the exact same subject and get ten different views and ten different potential outcomes. So who or what do you trust? I think I’m just going to follow my grandmother’s advice on how to double my money: fold it two and put in my pocket.