eMediaWorld – Wall Street opens lower Stock markets (NYSE,AMEX,OTCBB,NASDAQ) slammed lower as shutdown continues
NEW YORK – U.S. stocks opened lower on Wednesday as a partial government shutdown in Washington entered a second day, adding to concerns over how soon a political compromise would be reached.
The Dow Jones industrial average (^DJI) fell 53.81 points, or 0.35 percent, to 15,137.89, the S&P 500 (^GSPC) lost 7.22 points, or 0.43 percent, to 1,687.78 and the Nasdaq Composite (^IXIC) dropped 24.657 points, or 0.65 percent, to 3,793.325.
Administration officials now live in fear of a 19th-century law that could get them fired, penalized or even imprisoned if they make the wrong choices while the government is shut down.
The law is the Antideficiency Act, passed by Congress in 1870 (and amended several times), which prohibits the government from incurring any monetary obligation for which the Congress has not appropriated funds.
In shutting down the government, most memos cite the law as the reason. The Government Accountability Office says employees who violate the Antideficiency Act may be subject to disciplinary action, suspension and even “fines, imprisonment, or both.”
The result of a government shut down should be the firing of ALL politicians in Congress and the Senate, and an immediate call for NEW elections. OUT with “Career” politicians and lets get a fresh start to a corrupt system!