The Stock Market and Washington

http://www.futureofcapitalism.com/2011/08/the-stock-market-and-washington

If the Republicans in Congress hadn't agreed to raise the debt ceiling and the stock market had performed the way it has the past week, everyone would be blaming them for the losses. Since the stock market tumbled anyway, the press seems to be blaming it on Europe and concern about the overall global economy. I suppose that politically that's better for Republicans than the alternative scenario, but it points to some of the inherent silliness in the commentators who were running around last week saying that if there was no debt ceiling agreement the stock market was going to tank. There was a debt ceiling deal, and the stock market tanked anyway. I don't recall anyone predicting that last week.

by Ira Stoll  |  Aug 4, 2011 at 12:09 pm Related Topics:  Europe, Politics receive the latest by email: subscribe to the free futureofcapitalism.com mailing list