“…we believe the market knows these situations usually are not resolved until sudden death overtime.”
That’s Mike O’Rourke of JonesTrading, talking about the market’s action these days.
People are talking about the huge disconnect between how Washington feels (that this debt ceiling situation is a big crisis that won’t easily be resolved) and how Wall Street feels (meh).
Basically the sentence above is the answer. Everyone’s just convinced it will all get solved at the last second, so why get worked up?