Gold opened on market lower, at 1614 currently, USD is up .10 and Euro down early, but now neutral. 3:36 PT. Seems either a deal or great expectations
Must be great expectations..after all, the world has just been SAVED! What a surprise!! (Not..) (Drama...Politics...) (Nothing real) Kick the can.. Sheesh!
Or maybe, just a bit of tweaking going on..which I really believe happens when someone feels it necessary.
Yep a deal has been reached. I caught it live on TV where Obama thanked everyone for their tweets again. No debt downgrade at this time. I was expecting a larger selloff, although silver is still trending down.
Enough of a deal to last up till the 2012 elections. No axe to grind there, right? These guys make me sick, and I feel we play veiled political........
Yes I do think it is an inevitability as long as the debt itself is not addressed, but for now it's extend and pretend and that could go on for a while.. who knows. I'm also not sure what you mean. Did they slip something into the bill?
The next round of $1.5 trillion in cuts would be decided by a committee of 12 lawmakers evenly divided between the two parties and two chambers. This so-called super Congress would have to present its cuts by Thanksgiving, and the rest of Congress could not amend or filibuster the recommendations. "UPDATE" WASHINGTON -- In order to shore up GOP support for a deal to raise the debt ceiling, Senate Democrats are exploring ways of giving the proposed "super Congress" even greater super powers, according to multiple news reports and congressional aides with knowledge of the plan. Under the new proposal, if the new legislative body, made up of six Democrats and six Republicans from both chambers, doesn't come up with a bill that cuts at least $1.5 trillion by Thanksgiving, entitlement programs will automatically be slashed. http://www.huffingtonpost.com/2011/07/31/super-congress-debt-ceiling-deficit-deal_n_914272.html http://www.huffingtonpost.com/2011/07/31/debt-ceiling-deal_n_914538.html This is what I mean. Anyone else worried?
Thanks for the links dadc. According to the article this is only for coming up with a proposed bill for budget cuts, and it seems that bill would go to a full floor vote, but without the ability to modify it before voting on the plan they propose. It seems to me 'super congress' is a sensationalized term that may be getting blown out of proportion, however the consolidation of power and bypassing the system is concerning nonetheless. I don't like the precedent, or the prohibition of modifications before a vote, and most especially I don't like that if a consensus is not reached that entitlement programs will be slashed. So they have to vote yes or no on whatever is proposed, knowing that if they vote no they probably won't get reelected because of all the voters who would lose government support. They just love scaring people into seeing things their way don't they. Then again this may end up being a good thing (isn't that always how bad medicine is served), since it does appear it will have members from both the House and the Senate. I don't put much stock in the Senate, but the House has some good eggs in the mix. It will be interesting to see how this unfolds. This doesn't make me any more concerned than I already was though.
