The United States Does Not Need a Debt Ceiling
Chart Courtesy of MetaStock Xenith
Laws that apparently make no sense should be allowed to expire. President Clinton declared that the Glass-Steagall Act, also known as the U.S. Banking Act of 1933 was no longer appropriate in 1998 after the Federal Reserve approved Citibank's affiliation with investment banking firm Salomon Smith Barney.
President Obama is right when he says that the debt ceiling needs to be raised so that the bills Congress has already approved can be paid. But isn't it a better outcome if the president simply declares that a World War I bill setting a debt limit is no longer appropriate in the 21st Century global economy?
At the time of publication the author held no positions in any of the stocks mentioned.Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV