Editorial
End the Debt Limit
Published: August 4, 2011
"As this page said in 1961 — not remotely for the first time or the last — the “debt limit does not limit the debt.” It’s an illusion of a law, instituted in World War I, to persuade gullible taxpayers that Congress is exercising responsible oversight over borrowing."
"Mr. McConnell may call it a “debate,” but what his party really did was threaten the economy with catastrophe in the blind pursuit of huge spending cuts with no tax increases. He admitted that he saw the ceiling as “a hostage that’s worth ransoming.” No president or voter should tolerate that level of disregard for the national good. "
"The 14th Amendment, adopted during Reconstruction, says the validity of the public debt of the United States cannot be questioned. Threatening the economy with calamity to achieve partisan goals does just that. President Obama should use every power at his disposal to fend off Republicans’ irresponsible threats and invite them to meet him in court if they want to resist."
http://www.nytimes.com/2011/08/05/opinion/end-the-debt-limit.html?_r=1&nl=todaysheadlines&emc=tha211
A Volatile Wall Street Ends the Day Flat
Stock indexes on Wall Street bounced around like a yo-yo on Friday, a day after they lost 4 percent of their value.
After a quick sigh of relief on better-than-expected jobs numbers at the opening, Wall Street moved lower as fears continued to hang over markets that the United States and Europe were not doing enough to counter their economic problems.
The three major Wall Street indexes were all over the map at the close, just as they were during the day. The Dow Jones industrial average was up 60.93, or 0.54 percent, to 11,444.61. But the broader Standard & Poor’s 500-stock index was off less than a point to 1,199.37. The Nasdaq index, meanwhile, was down 23.98 points, or 0.94 percent, to 2,532.41.
Read More:
http://www.nytimes.com/2011/08/06/business/daily-stock-market-activity.html?emc=na
End the Debt Limit
Published: August 4, 2011
"As this page said in 1961 — not remotely for the first time or the last — the “debt limit does not limit the debt.” It’s an illusion of a law, instituted in World War I, to persuade gullible taxpayers that Congress is exercising responsible oversight over borrowing."
"Mr. McConnell may call it a “debate,” but what his party really did was threaten the economy with catastrophe in the blind pursuit of huge spending cuts with no tax increases. He admitted that he saw the ceiling as “a hostage that’s worth ransoming.” No president or voter should tolerate that level of disregard for the national good. "
"The 14th Amendment, adopted during Reconstruction, says the validity of the public debt of the United States cannot be questioned. Threatening the economy with calamity to achieve partisan goals does just that. President Obama should use every power at his disposal to fend off Republicans’ irresponsible threats and invite them to meet him in court if they want to resist."
http://www.nytimes.com/2011/08/05/opinion/end-the-debt-limit.html?_r=1&nl=todaysheadlines&emc=tha211
A Volatile Wall Street Ends the Day Flat
Stock indexes on Wall Street bounced around like a yo-yo on Friday, a day after they lost 4 percent of their value.
After a quick sigh of relief on better-than-expected jobs numbers at the opening, Wall Street moved lower as fears continued to hang over markets that the United States and Europe were not doing enough to counter their economic problems.
The three major Wall Street indexes were all over the map at the close, just as they were during the day. The Dow Jones industrial average was up 60.93, or 0.54 percent, to 11,444.61. But the broader Standard & Poor’s 500-stock index was off less than a point to 1,199.37. The Nasdaq index, meanwhile, was down 23.98 points, or 0.94 percent, to 2,532.41.
Read More:
http://www.nytimes.com/2011/08/06/business/daily-stock-market-activity.html?emc=na
