Until we have some certainty from Washington on the various issues being debated, I doubt the stock market will do much of anything. But then you never know when one of the different parties can come to a microphone and say something stupid, like defaulting on the debt doesn't matter.
In some ways defaulting on the debt doesn't matter, because many of us already have a thought that is exactly what they will end up doing. It's like opening Pandora's Box, once its opened you have to live with the consequences of those actions.
The world will still love our dollars, compared to their currencies, ours will always look good, but to some of us, defaulting on your debt means that if you are willing to play this game, who knows what else America could do in the future.
There is a reason why we all have Credit Reports, I remember when mine was over 800, I would get looks from the finance manager claiming that he never saw many scores that high. Then I also remembered when after my business failed back in the 80s that my credit was poor. Everything was so much harder to do, just getting the utilities turned on required deposits and all kinds of extra paperwork.
I once reminded my children that a good credit report in America, is almost as important as a good education. When you apply for a job, companies will pull your credit report and use it as a guidance tool in the hiring procedure.
So let America default on its debt, once that argument, and realization is over with, maybe we can get back to the real economy of creating jobs and moving forward. We will just know that at any time America could really default on all of its debts. You just cannot count on anything more in this country, except for spoiled politicians who enjoy playing games with the Americans they were once elected to serve.
