Seems like the effects of government shut downs are minimal in the long run. Short term though, any traders remember the quickest movers last times this happened? Thinking defense companies right now... Thought maybe retail as well but looks like USPS will continue to work just fine.
Republican majority leader McConnell voted with Democrats (not with his party) (what the heck! President T selected the wrong man for the job or what Senator McCain should retire, give someone else a chance. Democrats are not working for the interest of America.
Yeah, if I wanted a political debate I'd have started the thread there. I'm only interested in the past economic impacts of similar shutdowns in the past.
To get back to the original topic, the mortgage industry relies on IRS income verifications for almost every mortgage underwriting package. This IRS office is shut down, so effectively all mortgage applications are on hold unless the bank's underwriters are willing to waive that requirement (and they're not the decisive, waiving types). So I would expect anything related to or requiring mortgages will see a delay that will continue even after the shutdown is over due to the backlog, think creatively about what sectors that impacts beyond the first order effects.
%% I agree with that, about 80%; a community bank, or a small or regional bank with a known customer, may not require IRS proof @ all. Actually many banks did better when they considered character+ collateral , capacity to pay. Some one with no character will rip off a bank even if he/she could pay.WFC did require a signed statement, some years ago, but that was, for self employed tax returns, no problem.