No, they're relatively calm because they simply cannot bring themselves to believe that we're not, in the end, going to raise the ceiling. It's too outlandish that we would, through the collective action of our congressmen, suddenly and for no apparent reason shoot ourselves in the head.The Dow is currently down for the fourth straight day but still relatively modest in its downturn. Right now it's the annoying cat scratching your leg to wake you up. Next Tuesday, it could a tiger eating us all alive.
Wednesday, July 27, 2011
From Megan McArdle, who recently spoke to some finance people about why the stock market was not reacting badly to the news out of Washington: