Obama Rejects Republican Proposal. I chuckle.

scott

These people are insane and this market is BS. 323 points of hope, rumors and complete and utter nonsense.

Cantor: "We expect further conversations tonight." Much like "Seinfeld", I'm sure they'll be about nothing.

http://www.zerohedge.com/news/2013-10-10/stocks-collapse-after-obama-rejects-republican-proposal

As I posted earlier this morning: "There is no confirmation of a deal - my favorite moment this morning - CNBC flash news blurb on bottom of the screen: "Stocks rise on RUMOR of a deal." Additionally, the deal revolves around a DELAY - kicking the can yet again. I'm not saying there isn't or won't be a deal, just that this is all rather absurd and the risk becomes people going on a rumor and hype."

A 6-week short-term debt ceiling fix would have just seen us be in the same place 6 weeks from now with these people who can't act like adults. This apparently will either work itself out now or won't by the deadline (which is 10/17 or whatever, and if it's 10/17, the market will move how it's going to move if there's no deal on 10/17 in advance of that.)

catch22

Pretty much, just plain old war, eh?

scott

Reply to @catch22: Yeah - in our own government. It should be very apparent that these people are completely incapable of working together. If something is accomplished here in the next few days, we're simply going to be going from crisis-to-crisis for the next few years because these people are not going to change their tone and act like rational adults.

I don't think that people should base their entire investment decisions on that, but I think it's something to keep in mind and I continue to say, be diversified globally.

JohnChisum

CNBC just loves this kind of news. The ongoing political kabuki theater keeps feeding it to them.

There has never been a deal, always short term funding for 6 months or a year or so. Then again, with no budget ever passed under this administration it really doesn't matter. They are spending the money faster than all the previous Presidents could. What me worry?

scott

Reply to @scott: *REPUBLICAN RYAN SAYS OBAMA `DIDN'T SAY YES, DIDN'T SAY NO'

Oh, well gee, thanks. That's helpful. This is a f'ing joke.

Charles

The new norm in an era of constant media? Does seem to be more like a sad reality show everyday.

On the positive side? Hmmm...AA beat this week. GE and BAC up next week. Fingers-crossed, they continue to show improvement.

Here's M*'s fair market value chart, not too bad either:

scott

Reply to @Charles: Aside from AA, earnings haven't been as impressive as I'd like/hope, although it's early on. Costco was not great, nor was Gap (which just took a crap - down 5% AH.) Now, if JP Morgan doesn't do well tomorrow, everyone be nice to Jamie Dimon, because I mean, as I learned from CNBC, where would we be if Jamie Dimon was not CEO of JPM?

Charles

Reply to @scott: Too much...yeah, Mr. Dimon is certainly enjoying his time in the barrel lately. Agreed on AA. "Patchy" is what I read in one author's assessment on SeekingAlpha. But each quarter it seems to eek-out the slightest improvement. They need to keep it going until metal prices start to rise, or at least stop declining. I find the more aluminum versus steel cars positioning pretty interesting. Ditto on more aluminum versus composite plane market. Both make sense to me. Fingers-crossed on tomorrow's JPM earnings. Ditto for WFC.