Today voters in the United States will decide which political party controls Congress.
From the perspective of the financial markets, it doesn’t matter.
Regardless of whether Congress is controlled by Democrats or Republicans, the bull market in stocks is OVER. Yes we might get a bit of a rally based on the market digesting tonight’s results, but THE TOP is in for stocks.
That’s actually the good news... or the less bad news, as it were. The REALLY BAD NEWS is that the US financial system might enter a crisis in 2019.
The bond market continues to blow up with yields on the ALL-IMPORTANT 10-Year US Treasury retesting their recent highs. Bear in mind, this is happening at a time when the US is planning a $1.3 TRILLION deficit next year and will be relying HEAVILY on the debt markets to fund this.
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How the hell can we be running a $1.3 trillion dollar deficit and not go broke. So called entitlements have got to be reduced, big time and soon.
ReplyDeleteCut defense spending
ReplyDeleteIf you have ever tried to live on social security, you would not look at it as an entitlement. I paid into it since I was 16 years old, so yes I am entitled to it! It has been dipped into for dozens of things other than what it was intended for. I do agree that a lot of the welfare entitlements should be cut. The abuse of that system is sickening. That's where the cuts should be made.......not to social security and medicare.
ReplyDeleteHint:
ReplyDeleteThe Fed prints US Dollars (digitizes them into spending accounts) from thin air. It has no wealth. It counterfeits the currency every year to finance the US Empire.
The Fed buys the US Bonds because nobody else wants them. It buys them with fake money.
Welfare should not be called entitlement. It was never earned. Welfare is a privilege that taxpayers support and it needs to go away
ReplyDelete