'When JPMorgan CEO Jamie Dimon talks, people listen.'  And Mr. Dimon appears confident that the government's debt ceiling will be raised - a common sentiment on the Street.  During JPMorgan's quarterly conference call earlier today, Dimon chalked up the current fight over debt to political posturing, and there really is only one rational decision.  As quoted in Business Insider, he forcefully said:

"It's imperative that the U.S. raise the debt ceiling."
"No debt resolution will cause severe market reaction."
"It is irresponsible to take a chance on a U.S. default."

WSJ's Deal Blog had more from Dimon:   “And what surprises me about the conversation at all isn’t — you can talk about all the potential catastrophic outcomes, but I — no one can possibly say, in my opinion who is semi-rational, could possibly say that there’s no chance of a catastrophic outcome. And therefore why would you take that risk?”

Possibility of Default.   With a probable debt deal, many on Wall Street are not concerned about whether the country should prepare for a default, with one hedge fund manager telling Business Insider, “Nah, it's all [political] posturing."   Another said, “Everyone thinks it's gonna get raised.  I do too, but it's scary when everyone thinks the same thing.”

Of course, there are those who worry whether politicians are rational enough to act in the interest of the market.  Business Insider's Megan McArdle and Joe Weisenthal argue that they quite possibly aren't.  

-- by Derek Mead