After the Shutdown: The Debt Ceiling

By James Surowiecki, The New Yorker - October 1, 2013

The U.S. markets had been closed for several hours when Congress, at midnight, let the government shut down, but, even so, they already reflected how things were going in Washington. Stocks were down, continuing a slow-motion slide that’s seen the S. & P. 500 drop on eight of the past nine days. It’s hardly been a momentous decline so far—the S. & P. has fallen about two and a half per cent from its all-time high, and is still up for the month—but it seems clear that markets are getting a little queasy about the shutdown.

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