Weekly News Wrap-Up 7/29/11
Greg Hunter’s USAWatchdog.com
The debt ceiling impasse is a monster story and, once again, it tops our Weekly News Wrap-Up (WNW) on USAWatchdog.com. I have been saying for more than a week Congress is going to miss the August 2nd deadline for getting a deal done to avoid default. Yesterday did not change my mind. The two parties are as far apart as ever. The U.S. will not default on Treasury debt, but many bills are not going to be paid. The big worry is a credit downgrade, and that will surely spike interest rates. Other stories in the WNW: the real amount spent on the 2008 meltdown to prop up foreign and domestic banks and companies, more houses showing up in shadow inventory of the banks, and why gold is not in a bubble.