David Stockman has issued a warning:
“There will be no bid for the stock once the panic sets in. We’re going to hit an air pocket. The S&P 500 is going to drop by hundreds and hundreds of points sometime over the next few months as we drift into this unexpected crisis ...
"I would target sometime between August and November because that’s when the rubber is going to meet the road on a debt ceiling increase when they are out of cash. Washington is going to end up in vicious political conflict over what to do about the debt ceiling ... It is going to be one giant fiscal bloodbath the likes of which we have never seen.”
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Jeez. I thought we were done with this kind of crap, but I have a sinking feeling that he is right.