Obama to Wall Street: This time be worried
Wall Street needs to be genuinely worried about what is going on in Washington, President Barack Obama told CNBC in a White House interview Wednesday.
While gridlock in D.C. is nothing new, “this time I think Wall Street should be concerned,” Obama said.
“When you have a situation in which a faction is willing to default on U.S. obligations, then we are in trouble,” Obama said
“I am exasperated with the idea that unless I say that 20 million people, ‘you can’t have health insurance, they will not reopen the government.’ That is irresponsible,” he said.
“It is important for [Wall Street] to recognize that this is going to have a profound impact on our economy and their bottom lines, their employees and their shareholders,” Obama said.
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By now it is clear that President Obama will not negotiate with the Republicans, nor should he. Whether you agree or disagree with the new healthcare law, it was passed, signed and confirmed by the supreme court. It’s called democracy.
Now, President Obama is basically freaking out about the stock market and the impact of the shutdown on the overall US Economy. Should he be and more importantly should you be?
As of right now my answer is NO. Here is why….
- The existing shutdown is inconsequential. The debt ceiling is a much more important one and that one is coming up on Oct 17/22. Yet, one way or another, the US will not default.
- As of right now the stock market is not even concerned about this issue.
- There is just way too much drama. The politicians and the media love it.
- When it is all said and done, there are very powerful financial interest in the US who control the politicians. If they want to maintain the US Economy and say enough, all Republican issues will disappear overnight.
In conclusion, as of right now this is an entertaining issue that I believe will resolve itself within a short period of time. The stock market thinks so and so do I.
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