Media commentators and Democrats have been proclaiming that the stock market will tank if the obstinate and evil Republicans push their agenda and cause the government to shut down.
Senate Majority Leader Harry Reid said in a release five days ago:
This week I have warned Republicans of the economic consequences of forcing a federal government shutdown. Already the stock market has slipped as Tea Party Republicans insist they will shut down the government unless Democrats defund and repeal Obamacare. And the dark consequences won’t end there.
Checking the stock market indices at noontime, I see these prognosticators are as accurate as would be expected. In other words, the markets are up.
The Standard & Poors 500 Index is up 13.29 points or 0.79%
The Dow Jones Industrial Average is up 67 points or 0.44%.
The Nasdaq is up 38 points or 1.023%.
The spot price for gold, by contrast, is down $38 at $1288 per troy ounce. This is the lowest gold has been in eight weeks.
Gold is usually considered a haven in uncertain economic times.
While all of this could change by 4pm this afternoon when the markets close, it seems that seeing the government shut down with such drastic consequences as the Blue Ridge Parkway visitor centers being closed isn't considered such a bad thing by investors.
As the Instapundit always says, heh!
Relying on other means of financial security should be prioritized in case of another Government shut down.
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