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When debt ceiling talks imploded yesterday, Wall Street was watching.And they’re getting frustrated.
As the talks blew up, one institutional investor described Wall Street’s exasperation with Capitol Hill like this, to Politico’s Ben White:
Those of us in the market are just agog at the sheer, short-sighted idiocy of policymakers who have virtually no clue about how the world actually works.
It’s like watching a caveman trying to disarm a nuclear bomb with a club.
The armed state of the bomb can be changed in one of two ways-it gets defused or it blows up. The price of gold shows you which way most people believe this bomb will be disarmed.
White said Wall Street venom toward Washington is only getting worse at the August 2 deadline approaches, which even on a good day, when you “bring up Washington’s understanding of financial markets around Wall Street… you get rolled eyes and four-letter words.”
Of course the impasse doesn’t show any sign of abating: a Capitol Hill source told Business Insider yesterday that “a lot of members don’t seem to think that missing the deadline would be a big deal.”
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