A New Crisis – Hardly

The theatrics in Washington continue daily. It’s almost as riveting as the recent Casey Anthony trial for some people. My, how bored we have become, that watching soap operas has become the nations past time. This purported crisis will pass, as have the 71 other crises regarding the raising of the debt ceiling in the past three decades. It’s a stupid game and apparently the players, on all sides, share the mantle of stupidity. It may go down to the wire this time, just to show the people that they were seriously thinking about not raising it. Fat chance!

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It’s the mother of all charades. Not raising the ceiling by or near the deadline would send shockwaves that would knock the participants out of office. Look at your 401K plan today or your portfolio. Now, pull out the statement from March of 2009 – you’ll see what I mean. If you enjoy watching your net worth shrink by 30% to 40% overnight, then go ahead, call your Congressman and tell him to vote NOT to raise the debt ceiling. If you really want to see a run on the bank where you have your cash (since you think it’s smarter than having it in the market) then call your Congressman and tell him to vote no.

If you’re employed and want to lose your job…you know the drill. If you’re retired and really don’t care about the job market, be sure to make sure you have no relatives with a job when you call to vote NO, ok?

This all sounds dire. It is if you are thinking that the Tea Partiers are right this time. Of course they’re right! But, that doesn’t mean we all follow over the cliff. This joke of a government has been spending money long before the current President took office. And the problems we are facing with entitlement spending that is out of control and Democrat and Republican pork barrel projects and special interests will not disappear overnight. Politicians aren’t in office to represent you – they are there to be re-elected. And, you don’t get re-elected, it seems, if you have a backbone. It’s a rule – in order to enter the hallowed doors of Congress, you must leave your backbone at the door!

How long will this fiasco continue. Well, if I were to bet, I would say it would be 11th hour theatrics or even a day or two after the deadline. The bond market will tell you what’s really going to happen. Right now the bond market is letting out a huge yawn even with S&P and Moody’s threatening a debt downgrade. What a joke – the debt should have been downgraded years ago. That it is still AAA is actually an upgrade from where it should be!

Sit tight, watch it play out. If you’re thinking your money is safe just because you’re sitting in cash or gold or even because it’s under your mattress, you’re wrong. If this situation is not resolved soon, none of what you have will really matter much unless its in a can with a long expiration date – make sure that opener is handy and working though!

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By April 2012

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Best regards,

Kevin Raymond