The trading day Monday started poorly, rallied impressively only to fall back on the release of the Reid (endorsed now by Obama) plan to raise the debt ceiling while cutting an imaginary $2.7 trillion from spending. It's the details that insult your intelligence. They include $1 trillion in "savings" from winding down wars (really?), $400 billion in interest savings (how?) and $1.2 trillion in unknown discretionary spending cuts. It also creates another bipartisan panel to find future savings. Didn't we just do that part?
Anyway, when investors looked under the hood they started selling stocks. The intent is to front-run the soon to be announced Boehner plan which will be a two-step process. We'll see how far that goes.
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