ALERT: Boehner Opts for Time-Honored “Pull and Pray” Method
- Joshua M Brown
- December 20th, 2012
Dow futures plunged by as much as 260 points in the last hour before settling down to a 180 point drop from the close at 4pm. This happened on word that, like high school seniors on prom night, the House GOP was opting to approach the Cliff with the time-honored "Pull and Pray" method rather than bring Plan B to a vote.
Yes, Boehner has pulled out and the markets done like this behavior at all (EVEN THOUGH OBAMA ALREADY PUBLICLY SAID HE'D VETO PLAN B IF BROUGHT TO HIS DESK ANYWAY).
The pessimists are tweeting their fucking heads off right now about how this all coincides with the Mayan end of the world tomorrow and we're dead anyway. The optimists (or realists) are pointing to the House's failure to vote for TARP in late 2008, the attendant 777-point Dow sell-off and then the rush to compromise a couple of days later.
Could this embarrassment actually force a capitulation deal even sooner?
Will a huge market drop force these assholes to make a deal?
Obama's in Hawaii on his third hammock-dream right now, it's up the Republicans to either rally around Boehner or fail.
They did lose the election after all. Pull and pray ain't gonna work here, boys. When has it ever?
Keep an eye on the emini S&P 500 futures stream at StockTwits
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.