In Washington, the wail of voices crying "shutdown" is so loud one can hardly hear anything else this morning. But the further away you get from our panicked capitol, the less alarmed people seem to be. On Wall Street, before the opening, Bloomberg headlined that:
U.S. Stock-Index Futures Advance Amid Government Shutdown
Wall Street no doubt understands that what is happening in Washington bears the same relationship to a "shutdown" that the Affordable Health Care Act does to "affordable" health care. The words are meant to obscure and distort, not to clarify.
Eliot Spitzer, the former governor of New York who resigned in 2008 after it was revealed he was a client of a prostitution ring, has a new campaign ad for his run for New York City comptroller in which Spitzer admits he "failed. Big time." The 60-second ad, which features one news anchor saying the "Sheriff of Wall Street is back," mainly focuses on Spitzer explaining why he'd like to run for comptroller, which controls the city's budget as well as the pension funds for city workers.
President Barack Obama pledged this morning in his weekly radio address to continue to crackdown on "irresponsible behavior."
"Here in America, we know the free market is the greatest force for economic progress the world has ever known. But we also know the free market works best for everyone when we have smart, commonsense rules in place to prevent irresponsible behavior," Obama began.
Joe Biden, speaking at a campaign event in Virginia:
"Look at their budget, and what they are proposing," Biden said. "Romney wants to let--he said in the first hundred days, he's going to let the big banks once again write their own rules. Unchain Wall Street. They gonna put y'all back in chains."
Massachusetts Senate candidate Elizabeth Warren backed away from her statement that supporters of hers from Wall Street tell her she could "save capitalism." The Boston Herald reports on the Democratic candidate's walkback:
Is former Massachusetts governor Mitt Romney now the candidate of big finance and Wall Street? Several financial industry donors who gave to Barack Obama in 2008 have shifted their dollars to Romney, the Hill reports.
According to a review of fundraising data, 67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and the former Massachusetts governor in 2011.
This is a tale of two cities. Well, two streets, Wall Street and Main Street, with a stop on Pennsylvania Avenue along the way. On Wall Street all is cheery, if you don’t count the investment banks that are faced with rising costs, lower incomes, and the need to pare staffs. Investors have watched shares soar: the Dow Jones Industrial Average, the S&P index of 500 stocks and the Nasdaq are all well up on the year – by 9.3 percent, 6.8 percent and 7.8 percent, respectively, even after the sell-off that followed today’s jobs report.