Solarbird (solarbird) wrote,
Solarbird
solarbird

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Shit, guys, seriously

I don't know whether you guys noticed or not, but House Speaker John Boehner invoked party discipline - in public! - for Thursday night's first delayed, then abortive budget vote, and he did not get it. That's a big fucking deal. This is a budget measure; most other places, that's a confidence vote he hasn't managed to pass yet. But, well, no election opportunity - is the Tea Party/Republican internal coalition collapsing, or is this all theatre? If it's theatre: this is crazy.

S&P 500 futures dropped a little over a percent on the news (in one sharp spike down), then bounced a little; DIX is up and down and up and down, swinging in about a 1% range. Nikkei down about half a percent on the news, Hang Seng didn't like it but calmed down over lunch. All the open futures markets globally are down, but that's the futures.

More reports that bondholders will get priority in payments if the debt ceiling is not raised. Banks continue to ask what the contingency plans are, on the record. China is not happy. The Telegraph's Ambrose Evans-Pritchard thinks this is all just entirely insane.

This has some of the same kind of crazy edge to it that a lot of 2008 did. People are starting to panic a little. This vote failure is a big deal. Of course, they'll be back at it tomorrow, but still. People are gettin' weird.

PS: US container imports fell 7% year-over-year in June.
Tags: economics, politics
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