200 Democrats and 19 Republicans support passing a continuing resolution with no strings attached to re-open government, according to a CNN poll of Congress. With three vacancies among 435 Congressmen, 217 votes is the minimum required to pass the measure. Senate claims it's close to a deal, but the question is how House Republicans will react - as the shutdown continues into its fifteenth day.
700% surges were seen in TWTR earlier this month. The zombie stock represents shares of home audio store Tweeter Home Entertainment Group, now traded on the pink sheets, but a one-time strip mall staple of the suburban bass head set. Tweeter went bankrupt in 2007, and shut its doors nationwide through 2008. But, some overeager investors mistook TWTR to be the hotly-anticipated shares of Twitter, Inc. The stock, which had been trading around one-hundredth of a penny, shot up to nearly $0.05, amid the heaviest volume in seven years. FINRA has since changed the ticker symbol to THEGQ, and shares have settled back down in sub-penny territory. There's no need to worry about picking up shares of Southern gourmet supermarket Harris Teeter, either. Those shares were subsumed by Kroger earlier this summer. As for what to do about Twitter stock - take a look...all in one place?
Here's What Happens When We Hit the Debt Ceiling
With Congress moving like molasses and time running out, more and more Americans are wondering what happens when we hit the debt ceiling.
The short answer is that it would be bad - as in catastrophically, you've-never-seen-anything-like-this-in-your-life bad.
"[It] would be like the financial market equivalent of that Hieronymus Bosch painting of hell," Michael Feroli, chief economist at JP Morgan, told the Washington Post.Brace yourself, because this is what a default would look like...
Why a U.S. Default Will Be a Good Thing
Now that Standard & Poor's has finally slashed its U.S. credit rating, it's more apparent than ever that a U.S. default is imminent.
So if you're at all panicked by S&P's decision to downgrade the country's top-tier credit rating - and the resultant freefall in U.S. stock prices - brace yourself: It's going to get a lot worse before it gets better.
In fact, at this point, a U.S. default is the only conceivable remedy to our debt affliction.
Here's why ...
The Wrong RoadThe United States has been able to coast on its top -tier credit rating for far too long. The truth is, this country stopped being a AAA credit risk in early 2007.
That's when the Bush administration's excess spending and military forays into the Middle East sent us down the wrong road and ultimately drove the fiscal 2008 federal deficit to more than $400 billion. That's despite the fact that the economy was at the top of an economic boom at the time.
It's true that our fiscal position has grown substantially worse since then, but that's mainly because of the G reat R ecession of 2008-09.
Even if an imaginary amalgam of Calvin Coolidge and Bill Clinton had been in the White House since 2008, inheriting the overspending already built into the system, the federal deficit still would have reached $700 billion to $800 billion over the last few years.
Just the bailouts of Fannie Mae, Freddie Mac, General Motors Co. (NYSE: GM) and Chrysler would have added enough to the structural costs of recession to push the arithmetic off kilter.
The Bush administration's additional spending in 2008, U.S. President Barack Obama's $800 billion-plus of "stimulus," and the g rotesque addiction that Congress continues to have to subsidies for farmers, ethanol, and idiotic "green" energy projects have all made the position worse. But they only account for about half of the annual deficit.
Of course, while recent political decisions don't bear much responsibility for the current lousy U.S. position, our current crop of politicians have been - and will continue to be - ineffective in their attempts to emerge from it.
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