Site for Free Markets and Free People

Thursday, August 04, 2011

Market Figures It Out - Obamanomics a Disaster

The Obama market seems to have figured out that the recent debt deal is going to turn into a fiscal disaster for the U.S. Obama has spent trillions of dollars on failed stimulus and now we still have no economic growth, a possible double dip recession and massive possible tax increases to pay for it all. I am not just referring to today's market drop - we all know there are volatile days - but there is very little to look forward to from an economic standpoint.

The tiny silver lining is that if the nation's not bankrupt come next November, there might be a landslide victory for those with a mandate to cut government spending dramatically (yes, I thought that happened last November, but some didn't get the message).

The most amusing thing about this market slide is listening to people like Wolf "Mercy Rule" Blitzer, who seems completed confounded why we didn't rally at the prospect of only $7 trillion of additional debt over the next decade.