Weekly News Wrap-Up 10.28.11
By Greg Hunter’s USAWatchdog.com
Stocks soared this week as the EU agreed on a deal that will address its sovereign debt crisis. The Dow was up nearly 340 points to 12,200, but is the debt problem really fixed? NO WAY!!! There is just too much debt to deal with. Any solution will need mountains of freshly printed currency. That’s why gold and oil were also up big this week. Meanwhile, the attention returns to the U.S. and the so-called super committee in Congress that is supposed to cut $1.5 trillion in spending. Good luck with that as the stalemate will continue between Republicans that want the spending cuts and the Democrats who want tax increases. Mandatory cuts kick in later this year if no deal is reached. New consumer confidence numbers are out and are pretty ugly right along with new plunging median home prices. All these stories and more from Greg Hunter in this installment of the Weekly News Wrap-Up.