Since it was kind of a slow day, I went ahead and wrote my monthly article for my writer's group, instead of waiting until the last day of the month like I usually do. The assignment this month was to write something about the subject of celebrations. I wrote about kids birthday parties. I'm amazed at how elaborate children's parties have become. It is not uncommon for kids in Dallas to have bounce houses and petting zoos at their birthday parties. When I was a kid, I was lucky if I got a slice of birthday cake.
I have a meeting with my financial adviser tomorrow. I'm sure that the discussion will center around whether an agreement will be reached on the debt ceiling before the August 2 deadline. It's such a crap shoot. Everyone says that the congress has to raise the debt ceiling, but I can easily imagine them digging in their heals and doing nothing. How do you plan for things like this? If you start shorting things in anticipation of a meltdown, it almost guarantees that everything will work out fine and the market will go up. I'm still long, but I hate the market these days. I watched this interview with legendary gambler Billy Walters tonight on 60 Minutes. Billy told Lara Logan that he was convinced Las Vegas is a much safer bet than Wall Street. I think he's right.
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