Main Bites Dog: Wall Street Talks, Washington Acts
Wall Street constantly complains about how Washington incessantly debates issues instead of acting on them. That's why its almost comical to watch the current situation as Wall Street continues to debate whether there is or will be a recession while Washington has already enacted legislation to deal with it.
That's the only conclusion you can come up as you listen to every economic and financial guru argue about the recession equivalent of how many angels can dance on the head of a pin. An actual, statistically verified, recession somehow seems important to them. In the meantime, policymakers inside the Beltway have already decided that confirmation by NBER or someone else isn't needed.
Remember this the next time someone says that the market reacts instantly while Washington fiddles.