Gov't Stays Gov'ting - For the first time maybe ever, the U.S government met a deadline. Lawmakers narrowly avoided a midnight triggering of a government shutdown that would have ensued today. While the deadline wouldn't trigger immediate defaults, it would have left government agencies and employees without funding until a resolution was reached. Miraculously, the Senate passed a bipartisan bill extending the debt ceiling deadline to December 3rd, 2021 with a vote of 65-35.
The House passed the bill and Presdient Biden's signed on just hours before funding would have lapsed. Joey B was ready with his freshly inked quill for days in anticipation of signing this kind of stop-gap bill, halting a government shutdown...at least for the next two months. Unless some of the 12 regular appropriations bills for FY'22 get in the next 63 days, we'll run it back soon.
Quarterly Wrap - Congratulations, kings - you survived another quarter. Although your portfolio may not have, you physically did survive, and as Buffet says: "in order to succeed, you must first survive." Let's talk about what happened. Branson and Bezos kicked things off strong with various space flights that served half as cool demos for their company's capabilities, and half as midlife / masculinity crises. China absolutely dominated the news cycle with a bunch of draconian laws that would cause Civil War 2.0 here in the States. The Delta variant really f*cked up a bunch of supply chains, whose issues we'll likely be dealing with for a while. Inflation, a fiery housing market, and a crypto trading hamster all lead us to where we are now. Heading into the final quarter of 2021, we have tapering to look forward to along with potential for even more of a spike in government spending. We hope to see you on the other side.