Lack of Earnings of U.S. Companies Scarier Than Washington Grid-Lock
I think U.S. investors believe whatever happens in Congress, there will always be a last minute deal, which is the main reason for the recent major stock market surge on nothing more than hope. The markets, of late, have not been trading on fundamentals; they have been trading on news. This is a dangerous phenomenon, when news is bad; there is no backstop to the market. It causes volatility to surge and institutional confidence to falter. In order to illustrate...
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