Courtesy of Mish.
A partial government shutdown is now underway. I am unimpressed, and so are the futures. U.S. futures are up slightly, and so are global futures in general. Gold and the dollar are flat.
Given this is the 18th partial government shutdown, there is nothing at all to be excited about this evening.
What's Affected, What's Not
In contrast to a ridiculously overhyped mainstream media summation of what might happen (Please see More Government Shutdown Hype), inquiring minds might wish to consider a more realistic assessment.
If so, please consider What's changing, what's not, in a shutdown.
Here's a brief recap:
Campers in national parks with entrance gates will have to leave, a zoo panda-cam will be turned off, the airline consumer complaint-line will be shut down (but not air traffic control), routine food inspections will be off (but not meat inspections or high-risk inspections), some SNAP services may be shut down (but not school lunch programs), there will be delays in handing disability claims, and Friday's jobs report may or may not be delayed. Servicemen will be paid, homeland security personnel will stay on duty, Fannie Mae will keep on issuing mortgages with a full staff, but the FHA which handles about 15% of mortgages will have a reduced staff.
The critical date when more serious cutbacks would happen is somewhere around October 17 or perhaps October 22 (I have seen both dates). I expect this mess to be resolved by then.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
