Stocks on Wall Street posted modest gains overnight as reports emerged that meaningful progress was being made amongst policy makers

Stocks on Wall Street posted modest gains overnight as reports emerged that meaningful progress was being made amongst policy makers. A meeting between Obama and congressional leaders was postponed after Obama said important progress had been made in negotiations. However, the impact of the impasse on consumer confidence should not be underestimated as confidence levels plunge towards the lows of 2011 and 2009. Greg McKenna, argues the only difference this time around is that equity markets have held up relatively well. click through for the chart (VIEW LINK)