Tuesday, January 06, 2009

Peter Schiff 1/6/08 on Kudlow

Discussion regarding Obama's statement to reporters today of 'Trillion-Dollar Deficits for Years to Come'

"President-elect Barack Obama predicted Tuesday that the nation could see "trillion-dollar deficits for years to come," but said the country needs to continue spending taxpayer dollars to get the economy back on track."

Obama, speaking to reporters at his Washington transition office, said he didn't want to get into specific budget numbers because his proposal is still being worked out with lawmakers and has yet to be submitted for debate. But he expects a trillion-dollar deficit before the next fiscal-year budget is even proposed.

1 comment:

jerry said...

I don't get it? How could there be any way working Americans can buy stocks? So far, there has been $14 trillion lost in stock and home equity wealth and additional personal wealth? Unemployment rates are rising, the JP Morgan Global Manufacturing PMI is down to 33 from 58 in 2004. This says the world has slowed in making stuff to export. Retailers are sell at no-profit prices; car dealers are closing because no one can afford to buy!! There is actually plenty of available credit, but no one can afford to borrow. So, these talking finance heads are just bobbling.

Buy at these bargain basement prices? Go out and feel secure enough to take risks? Can someone tell me what Kool-Aid they are drinking?

If the economy is good enough to go out and buy stocks, then why are we headed toward a $1 T stimulus package?

These finance talking bobbleheads are rich players. They are gamblers and are in the game every moment picking up a low valued stock and then selling in a few days, or maybe hours later or so to make their 5% or so gain. That is NOT what working Americans do.

They are too busy doing their shift, getting dinner ready, cleaning up, spending an hour or so with their kids before everyone tucks in in order to get up and do it again.

I am sick of the propaganda spewing talking bobble head machine. Where are the truthtellers?

Oh, they are writing blogs and gathering data to post. I forgot.