CHARLESTON, W.Va. -- Two months ago in this column, I wrote about the toll the October government shutdown and budget brinksmanship in Washington had taken on the economy.
That column also featured a quote from analysts at IHS Global Insight who said another shutdown and budget stalemate early next year could finally reverse the nation's already fragile economic recovery.
"Another debt ceiling showdown in January could be the straw that breaks the camel's back," IHS analysts said.
Reading only that, one might have thought Wall Street traders would have rejoiced with stock-buying fervor when markets opened Wednesday morning.
Nope. The Dow closed down nearly 130 points.
Why? It's because the market's not caring so much about the economy. Instead, traders are worried about being cut off of their $85 billion monthly supply of easy money courtesy of the Federal Reserve's quantitative easing policy.
"This deal is great, it's a positive, but also a negative because it could prompt the Fed to taper (quantitative easing) sooner," Jeffrey Kleintop, chief market strategist at LPL Financial, told Bloomberg Wednesday.
Alexander Friedman, chief investment officer at UBS AG's wealth-management unit, told the network that while the economy is likely to improve in 2014, without QE, "It's probably not going to be the same sugar high we've seen for the last five years."
Sounds like Wall Street needs a fix.
Perhaps President Barack Obama should reconsider nominating Janet Yellen for the Fed and nominate Walter White instead?