As each day goes by, the debt ceiling issue becomes more real. If these idiots actually allow a US default, I think we could see a 2008-style meltdown. All articles on the subject agree it will be bad for the markets (of course), with some saying catastrophic, and others saying it won't be a large crash. My sense is it will create panic and another credit crisis, and I will short the hell out of the market if the default looks like it will come to pass. For now, I am assuming they will come to a resolution - but who knows; it is probably just political rhetoric, but the Republicans seem prepared to cause the default to prove their point based on what they are saying (they already allowed the shutdown, so why not the default). Some high-ranking officials have said the Republicans don't actually plan to allow the default, but we shall see. If there is a default and crash, it should get resolved quickly and lead to a bounce. I am sure they will pay-up on all US treasuries in the end; otherwise, it would be economic suicide (at least in the short-term) as the US lives off of borrowed money.
Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. I have seen all the things that are done under the sun; all of them are meaningless, a chasing after the wind. Only trade for the sake of trading.
