How Will Asian Markets And Wall Street React With No Deal On The Debt Crisis?

No Deal Yet On Debt Crisis. How Will Asian Markets And Wall Street React? -- Christian Science Monitor

Washington’s self-imposed deadline to do something credible on the debt crisis before the Asian financial markets opened on Sunday passed in silence. "There could be extreme turmoil in markets," says one expert.

Washington’s self-imposed deadline to do something credible on the debt crisis before the Asian financial markets opened on Sunday passed in silence, marked only by camera crews vainly chasing rumors up and down the empty stairwells of the Capitol.

Both Speaker John Boehner (R) of Ohio and Treasury Secretary Timothy Geithner have cautioned that Congress needed to act this weekend to reassure markets. But with bipartisan deals off the rails and new partisan plans still in the works, Congress fell short of that goal.

In the Bush years, the reaction from the Asian markets often drove the timing of decisions – from the rescue of AIG and Bear Stearns to the failure to prop up Lehman Brothers in 2008.

Read more ....

My Comment: In a nutshell ..... Asian markets and Wall Street are worried