White House Warns of "Stressful Markets"

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#1 Sun, Jul 24, 2011 - 11:46am
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White House Warns of "Stressful Markets"

White House Chief Of Staff Warns About "Stressful Days In The Market" Tyler Durden's picture Submitted by Tyler Durden on 07/24/2011 10:57 -0400

  • Debt Ceiling
    • Reuters

      Update: we have just gotten word that there will be a GOP conference call at 4:30 pm on the debt limit. Apparently the GOP is dead set on the 8pm Asian open and disregarding the much more important FX open.

      It may be time to panic... at least on a "transitory" basis. After Boehner essentially said earlier that there are still no details what the "two-tier" plan noted yesterday would look like, we now are 5 hour away to FX open. And judging by the comments of White House Chief of Staff, it is almost as if the administration would like to see a selloff. Per Reuters: "White House Chief of Staff Bill Daley said on Sunday there will be a few stressful days ahead for financial markets but that a U.S. debt deal will ultimately be reached. "In the end, we may have a few stressful days coming up -- stressful for the markets of the world and the American people," he said on the CBS program "Face the Nation. Daley quickly added that he is confident a deal will be reached to raise the debt ceiling. We are confident he is right. We are also confident that if it takes a 200 point plunge in the S&P to achieve that target, well, so be it.

      We suggest grabbing front row seats at around 4pm today when the first USDXXX pairs start getting updated.

Edited by: ¤ on Nov 8, 2014 - 5:05am
Sun, Jul 24, 2011 - 11:50am
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ZH is right as usual

I also believe the WH wants a sell off to happen.

They despise big business 'principles but they love the campaign contributions.

If you caught the Q&A after Obama's Friday evening remarks you would think the same thing. They need the fear level elevated before they have to implement another "emergency" spending or QE measure.

This is so scripted and obvious.

An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246

Sun, Jul 24, 2011 - 2:49pm
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I  get the feeling some

I get the feeling some of the folks in DC want a sell off so they can blame the other guy. I do give the House props for at least passing something. Even if you hate it at least they brought a deal up for a vote. The Senate should have also brought something forward and voted on it.

Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” ~ Robert Heinlein