It has been a challenging week for the stock market as the the Eurozone debt crisis has continued to heat up. It appears the Euro’s future is in the hands of German Chancellor Angela Merkel. Currently she is not willing to form a fiscal union with the other countries in the Eurozone, one in which Germany would become liable for the debts of the other Eurozone countries. We will continue to monitor this story closely. More
I also want to take this time to wish you a Happy Thanksgiving! We all have so much to be thankful for and I want to thank you for your trust and for your business!
In late July the debate over Congress raising the debt ceiling dominated news coverage. Of course Congress kicked the can down the road by forming the “Super Committee” consisting of six Republicans and six Democrats who were going to come together and find an agreement that would put the U.S. on firmer fiscal footing…or so we were told. The Super Committee is now running out of time for an agreement but the story is not getting the coverage it did in July as most of us just don’t believe the two sides are capable of making any real progress. Here is the latest: More
Last Thursday the stock market soared as the latest resolution from Europe regarding the debt crisis there was announced. If you are beginning to feel like Bill Murray in Groundhog day you are not alone. The stock market has celebrated European resolutions on multiple occasions over the past eighteen months only to find itself without a true “fix” at the end of the day bringing about the need for another European summit months later and more resolutions. The bond market was unimpressed with the announcement last week as Italian and Spanish bond yields have continued to climb higher signaling concern. More to come on this subject…