MARKET MADNESS.....Where Do You See the markets Heading, Now That We Have A "Deal"??

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Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

MARKET MADNESS....Where do you see the markets heading, now that we have a "Deal"???

HANGING BY OUR THUMBSI got up early today, just to see if we were still among the living! The living markets, I mean. Do we have a chance at NOT being downgraded and becoming a second rate country in the world of finance? Are we going to survive in this chaos created out of of overspending and a lack of austerity in these most difficult and complicated of times?

I wanted to see what the overseas markets were doing and if they responded well or poorly to our weak attempt to rescue ourselves and our financial reputation at the final hour?

We pulled something off, it appears.....The overseas markets are doing quite well! European markets are humming.....All Asian markets were ahead this morning and our futures appear to be on the upside as well.

Was a default avoided??? Apparently that's what the hope is! A downgrade however seems to be inevitable

 

Now, this is what it appears is going on:

  • We have a 2 party agreement that there will be another "committee" set up to determine just how the spending cuts will be accomplished--whether we will decrease defense spending 50% and how, reform entitlements (social security, medicare, medicade) and how, and where revenue will come from for the next 2 years.
  • Debt ceiling has been raised by $2.4 Trillion
  • The question remains as to whether the US AAA rating will be lowered or not...looks like it will happen in spite of the "Deal" 

So, do we really have a "Deal"....what happens if this whole thing never really comes together??? What happens to markets around the world if we wake up next week and the deal never stuck?

I don't even want to think about it!!! How about you?

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Rainmaker
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Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Well Paula, now they have to deliver the votes with the raise of the debt ceiling...it still is shaky in my mind and I will wait and see...it will impact all our lives no matter what for sure until both parties can be reach some strong compromises in reducing the debt long term...

Jul 31, 2011 11:07 PM #1
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Ginny: Boy! I don't know if this was wise to set aside all the big decisions until theyhave this "Committee"!

I almost wish they had just come up with something that works now instead of later....

Aug 01, 2011 12:13 AM #2
Ambassador
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Paula, when I first heard the news I heaved a sigh of relief, a deal was struck! Then I listened carefully, we are not there yet and there is concern that the house won't pass it.

I heard a man in the gas station the other day who was almost to the point of hysterics with all this. He was so stressed, as we all are, but he was very vocal about it. He wasn't blaming any one side, he was spreading the blame equally, he just needs to survive! As we all do.....

Aug 01, 2011 12:54 AM #3
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Andrea: I think these idiots don't know how to make the big decisions! I think they are just doing what they have always done and the effects could just be that we go into another recession and then what??? They are major manipulaters who only know politics and nothing else! I am afraid that this is the time when they just tried to prevent a major meltdown in the financial markets and we get to stew about it for another period of time--until they do nothing again! I am so exhausted from all of it!

Aug 01, 2011 01:30 AM #4
Rainer
134,329
Jean Singleton
Keller Williams Capital District - Malta, NY
Specializing in Your Special Needs

Who knows!  Even when we THINK we know - do we really know?  I don't know! :-) 

Aug 01, 2011 11:45 AM #5
Rainmaker
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Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...A Local Expert in all The Hamptons

Jean: Very funny! :) I keep thinking that we are going to hear the whole story and it never has come forward--when we have finally settled down and find out the whole story---we are all going to be surprised! (I'm afraid!)

Aug 01, 2011 12:03 PM #6
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Rainmaker
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Paula Hathaway, REALTOR, LBA

...A Local Expert in all The Hamptons
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