Another unsettling day for stocks

The Dow fell 91 points, which comes on top of losses of 131 points in the two previous sessions. On the plus side, volume was low (it's mid-summer), and the index remains at a relatively high at 12,501. But you can just sense that a serious slide may be on the way - kind of like that scratchy throat you get right before a cold. The debt-ceiling news is simply dreadful - it's now looking like Speaker John Boehner's debt plan can't pass the House because a block of Republican zealots are unwilling to budge. Meanwhile, a new Pew poll has 68 percent of those surveyed wanting their member of Congress to compromise on the deficit debate, compared with just 23 percent who want their lawmakers to stand firm - even at risk of default.This very vocal and scary minority appears to be running the show, largely because their elders are too afraid to rap them over the knuckles a few times. I do believe that inevitably their time will run out, and that's when a deal will finally get done. But this is really bad.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Exit interview with Port of L.A.'s executive director
L.A. developers relying on foreign investors bend a few rules
Holiday shopping: On your marks, get set... spend!

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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