Washington may have just swung at strike three of its efforts this year to scare Wall Street into doing its bidding. With the seemingly inevitable conclusion to the debt scare in view—a short-term deal that pushes the hard choices off to another day—another Capitol crisis has passed with investors barely batting an eyelash.
First it was the vaunted “fiscal cliff” of mandated tax increases. Then it was the sequestration spending cuts. In October it’s been the threat of debt default. All three were supposed to spell market mayhem. None has.
Indeed, Wall Street seems to have tuned out Washington and all of its doomsday prognostications, and it’s hard to imagine what if anything coming out of the dysfunctional nation’s capital that could scare the markets.
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