Even dumbbell economists believe lower deficits are bad news... but for an entirely different reason. They believe lower deficits will reduce GDP and jobs. They think the only reason the economy is doing so well is that the feds have been willing to spend money they didn't have on things they didn't need.
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A friend in Washington had promised to introduce us to Neil Barofsky, inspector general of the TARP program. You remember TARP? It was the feds' $700 billion program to rescue the US economy from a correction. Neil Barofsky was in charge of it. So we decided to go down and ask him how it turned out...
We may all be doomed! Not just you... not just us... but the whole friggin' human race may soon be on the endangered species list. Boohoo! We're going extinct. So says an article in Newsweek. (More below...)
If you're a movie goer, you've probably seen trailers for Brad Pitt's zombie movie, World War Z. Pitt plays a United Nations employee forced to deal with a global zombie pandemic of epic proportions. Hollywood is picking up on a theme we've been discussing in these pages at some length...
Not much action following the new Dow high. Not much follow-through. But no big breakdown, either. As near as we can tell, the Fed's EZ money has driven up stock prices. Investors expect more EZ money. So they think stocks will go up more.
The Dow rose another 48 points yesterday. Gold was up $24 per ounce. Nothing remarkable. Nothing illuminating, either. The newspapers and TV channels all reported the Dow 15,000 story as though it were just a stepping-stone on the way to 16,000... or 20,000... or 30,000. Heck, the sky's the limit!
An extraordinary thing has happened... Thanks to the courage of severely depressed Americans, neither chance nor intention... neither the gods nor "towel head" terrorists... pose a bigger threat to them than they pose to themselves.