No Bounce From Debt Ceiling Vote, Japan Diving (Nikkei -1.2%)

TBI ^ | 8-1-2011 | Joe Weisenthal

[blam]

No Bounce From Debt Ceiling Vote, Japan Diving

Joe Weisenthal
Aug. 1, 2011, 9:44 PM

So far no special "relief rally" from The House voting to raise the debt ceiling.

Futures aren't doing much of anything.

And Japan is markedly lower.

[blam]

All the asian markets are down as I post. See here.

[jimbo123]

Boner wouldn’t lie to us about the Asian Markets, would he?

[blam]

[ken21]

are we surprised?

/s

[Rodm]

It’s because of the MIS numbers today. When the GDP for the third QTR are released, the first and second quarter GDP will be revised downward and everyone will realize we been in recession since January. Obamacare, Regs and the EPA has killed off business.

[Longbow1969]

LOL, what happened to the big Dow bounce we were supposed to get today? The media was promising a huge rally!! Apparently poor manufacturing numbers reminding the markets how crappy the economy is but the kibosh on that.

[P.O.E.]

The markets are pretty smart and forward-looking. Usually it would be buy on the rumor, sell on the news anyway.

[Errant]

Gold and Silver up a bit as well.

It's going to be a wild ride when people finally realize what was done here ...

Some people now believe the "Super Congress" was the real goal and the debt ceiling a smokescreen to get it done.

[Doofer]

are we surprised?

Unexpected /s

[dynachrome]

“big Dow bounce we were supposed to get today”

I expected that, also, but maybe enough leaked about the details of the deal that it was known to be a scam.

[SERKIT]

Next up: AAA rating will be lost anyway. Whoops! Since when is it a BAD idea to get the US financial affairs in order?

[blam]

An Historically Weak Recovery: Outright Economic Contraction Imminent

[blam]

"Next up: AAA rating will be lost anyway."

Yup. Buy your gold and silver today while they're still cheap.

[Broker]

Flat baseline budgeting out. Renewal Bush tax cuts not likely. Rich in promises, deep managerial layers, no entitlement sacrifice, smaller DADT military, etc.

Can kicked further down the road.

PS: How can I kiss those lips at night, that chew my a$$ out all day long? We are screwed.

[newzjunkey]

Why would there be a bounce from a House vote?

The Senate is where ALL of the debt ceiling bills have gone to die.

The Senate doesn't vote until noon tomorrow, eastern time.

[Varsity Flight]

No REAL demand. Empty govt. pension/retirement printing (this deal), without real capital formation, is a minus for this bundling scheme.

Bundling scheme: The wheat (capital producer retirements/401Ks)+ the chaff (govt. give-away pensions) = The Village

The wheat is separating from the chaff.

Effect: Unemployment vs. Increasing Commodity Inflation.

[cashless]

Careful what you wish for. The 1st Qtr. was revised down so they decided to restate GDP all the way back to 2007 in an effort to make the point that the economy was worse than they knew so we need more taxes. The ruling class has re-iterated it's explicit control over the government. The only hope for the America the world admired for nearly two centurys is a division of these United States. “When in the course of human events, it becomes necessary for one people to disslove the political bands which have connected them with another...”

I am the most discouraged as I have been since the POS POTUS took office. We put all those good folks in there to stand, and having done all, stand but most of them gave up in the face of the lies and threats of the elitist Republican establishment.

[politicket]

The main reason Asia is down is because Japan is economically toast.

The yen keeps strengthening, even with BOJ intervention.

Japan is in a deflationary spiral that will continue to get very ugly.

[Farmer Dean]

European markets took a bating today,now Asia’s way down?
Where will US markets be heading tomorrow?

[Iron Munro]

Darn Orientals - just won't drink the Obama Kool-Aid.