Pin the Debt Tale on the Donkey

Yesterday we explained that the big run-up in the stock market in the first nine months of this year implied a choppy path ahead.      September 30, 2021 advertisement   Tiwari to Marlow: "It will be the biggest mistake of your life to spend your Bitcoin"

Today's Top Stories From the Breitbart News Desk Yesterday we explained that the big run-up in the stock market in the first nine months of this year implied a choppy path ahead. Over the very long term, stocks gain about eight percent a year on average. So when the market is running up at a considerably faster pace, there's likely a bear waiting somewhere ahead. The problem is, of course, no one knows when it will strike. Today's market action indicates that investors are getting nervous about the next few months. As the third and final revision of second-quarter GDP showed, the economy has fallen very short of the expectations for a strong rebound. Instead of the 8.3 percent growth analysts were predicting as late as the end of July, the economy grew at just a 6.7 percent rate. At the same time, inflation ran much hotter than expected. Typically, higher than expected inflation is thought to be an indication of an economy "overheating." But can we be overheating if we're growing slower than expected? Perhaps we can if the speed limit of the economy is lower than was widely appreciated. All of the shortages being reported in the global economy are another indication that we may have hit up against maximum growth. Supply has been unable to rise to meet demand, and there are increasing signs that shortages are going to last until next year...at least. Investors are also starting to get worried about events in Washington. Although Congress passed a funding bill that authorizes operations to keep going through December, the debt limit still looms. After several near collisions with the debt ceiling, investors may have grown a bit complacent about it. We've had these showdowns before, and Congress always wound up suspending or raising the ceiling. Typically, however, that was because Republicans compromised and voted to allow more debt for fear they'd be blamed if the U.S. Treasury started missing debt payments. This time GOP lawmakers seem convinced that Democrats would get the blame, which could make Republicans less eager to go along with a plan to allow more debt. So the past may not be a solid guide to the coming weeks. We still think it is likely that the debt ceiling gets raised, but Democrats may have to find a way of doing so—perhaps by suspending the filibuster—without any Republican votes. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Chuck Schumer Promised Manchin on Signed Document Reconciliation Package Would Cost $1.5 Trillion

Sen. Chuck Schumer (D-NY) on a signed piece of paper in July promised Sen. Joe Manchin (D-WV) the reconciliation package would only cost $1.5 trillion, not the $3.5 trillion President Biden proposed and the number House Democrats are demanding. The signed document by both men, confirmed by Fox News, says the "topline" number for the reconciliation package would be $1.5 trillion with debate on the package beginning no later than October 1. "Senator Manchin does not guarantee that he will vote for the final reconciliation legislation if it exceeds the conditions outlined in this agreement," the paper reads, pinning the deal down to Manchin's demands on paper. [Click here for more]

IN OTHER STORIES...

Lordstown Motors Set to Sell Ohio Plant to Taiwan-Based Foxconn

Lordstown Motors, the electric vehicle start-up company that promised hundreds of jobs this year, is set to sell the Lordstown, Ohio manufacturing plant that General Motors (GM) idled in 2019 to the Tawain-based multinational corporation Foxconn. Reports on Thursday revealed that Lordstown Motors and Foxconn are in talks about the buying of the plant. In 2019, after GM laid off about 4,500 American workers in Ohio in three years and left... [Click here for more]

Inflation Confirmed at Highest Level in 40 Years

The U.S. economy was hit by more inflation from April through June than any time since 1982, the Commerce Department said Thursday, confirming the figure revealed in earlier estimates of second-quarter inflation. The Personal Consumption Expenditures price index rose at a seasonally adjusted annualized rate of 6.5 percent in the second quarter. Excluding the volatile but extremely important categories of... [Click here for more]

Europe Pressures Biden to Drop Steel and Aluminum Tariffs

The United States and European Union made strides in restoring good relations this week through renewed cooperation on key trade and technology issues, but that fragile peace could shatter again if the sides fail to resolve the conflict over US steel and aluminum tariffs. The dispute has plagued transatlantic trade relations for more than three years, but was not on the agenda of the inaugural meeting of the EU-US Trade and Technology Council (TTC) which... [Click here for more]

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