STOP AVOIDING THIS. I just got off the phone with these guys. Listen to these quotes. These aren’t from liberals. These are hardcore Wall Street guys who, whatever the world may think of them, know what they’re talking about and so do I.
Jamie Dimon at Chase says, “Voting against raising the debt ceiling would be a moral disaster.” The Barclays guys say, “This debate is detached from reality.” My Goldman source says, “If the House Republicans continue this debate, I hope they’re willing to mark the end of the dollar as a global reserve currency.”
Please notice that he didn’t say, “If the House Republicans, don’t raise the debt ceiling…” He said, “If the House Republicans continue this debate…”
That’s all it takes: just the uncertainty. That’s why the Dow is gonna close down 230 points today. Because just the debate, just the doubt, just the possibility that the House majority might commit the most self-inflicted damage to the country SINCE THE SECESSION OF THE SOUTH, has caused billions in value to disappear."