Of course, all week long the main distraction for the market was America's next move with respect to action in Syria.
I don't see bombing the place as having an economic impact on the nation, but there feels as if a heavy psychological toll has already taken place. What had to look like low-hanging fruit a week ago is yet another albatross around the neck of our Commander in Chief.
No boots on the ground, no oil shocks, no military retaliation ... no problem, right?
As it turns out there is still no appetite for war, even one fought with cruise missiles and drones. While some pundits will say this is the aftermath of failure in Iraq the truth is we haven't been so lucky in war in a long time. Moreover, where's the credibility when doves became hawks because they now have all the toys at their disposal? Calling it "my army" certainly didn't help the president's cause, and then belatedly inviting Congress in on the deal only made matters worse. It remains to be seen what happens with Syria and what our involvement will be.
It does feel as if what's happening with foreign policy is just like domestic policy. A "my way or the highway" approach has left the nation bitterly divided and plodding along at a tiny fraction of our potential. What we have left in the aftermath of poor governing is apathy for as far as the eye could see. Indifference among the populace on virtually all aspects of life coupled with real apathy among young people in particular taking a toll. Usually wide eyed and optimistic now looking to chill in their parents' basement for the duration young Americas have finally dropped in and tuned out.
We don't have to fight a war even with remote controlled drones and missiles launched from sea, but we better get back into fighting mode before it's really too late.
The headline on Main Street will be unemployment rate dips to 7.3%, and it will be charged by the sycophants in the media, but people reading those headlines will know better- especially the 313,000 that dropped out of the labor market last month. These dropouts swell the total to nearly nine million in less than five years- a mass exodus of people giving up on the American Dream, but what are they embracing?
Make no mistake, there are several narratives from this morning's news on jobs and the biggest could have implications and an impact on America for the next decade. A nation where people are encouraged to toss in the towel while vilified for trying to go the extra mile produces fewer innovators and job creators and induces animosity that threatens wealth as much as redistributes it and sends that wealth to find friendlier confides.
Moody's Puts Puerto Rico on Downgrade to Junk Review Citing Very High Debt, Pension Obligations, Chronic Deficits; Exodus Underway | Mike Shedlock