Ali Velshi | BIO
CNN Senior Business Correspondent
Despite what will likely be the biggest point loss this year, and the biggest point drop in history, markets are not the big deal here. This is about the credit markets, which are seriously frozen, imperiling the ability of companies to raise short-term cash to pay their bills.
You can’t see this happening in real time in a box on the corner of your screen. We have very clear indications of it, both anecdotally, and through the measure of dreary markets and LIBOR. But we’ll really only know about it when it’s too late – when companies cant make payroll or close down shifts at plants.
This underscores a fundamental lack of understanding of financial markets in Congress.
This is not Armageddon, and this, too, shall pass. But because of the failure in Washington today, more people will lose their homes, more businesses will fail, and more people will lose their jobs.
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