Debt and guns are really the only two topics in Washington D.C. this week. The House of Representatives passed a bill that will suspend the debt ceiling until mid-May. It’s has a cute little clause called “No Budget No Pay,” but I think that’s just a side show gimmick. The real deal is the Republicans are throwing a political hot potato over to Harry Reid and the Democrats in the Senate. They are basically saying okay, your turn to come up with a budget, the debt ceiling is off the table for now. I also think there are some in both parties that know all too well how serious the economic situation really is. According to John Williams at Shadowstats.com, this is Congress’ last chance to fix the budget problems. If nothing is done-again, Williams is predicting some serious negative fallout for the dollar and U.S. markets. I’ll have an in-depth interview on Monday with him. You will not want to miss this.
Senator Diane Feinstein unveiled a new assault weapons ban. She wants to make dozens of guns illegal. It will never get through Congress, but isn’t the timing odd? The economy is teetering on the precipice of another meltdown, and she wants to take guns away from law abiding citizens. Meanwhile, zero legislation on the state of mental health in this country. Zero investigation on all of these psychotropic drugs pharmaceutical companies are handing out like cough drops, and zero prosecutions on big bankers that have committed trillions of dollars in fraud and crime against the American people. This is a crime spree that is unprecedented in U.S. history. Senator Feinstein should be spending her time trying to figure out a budget and raising a stink about crooked bankers getting off with massive crime. They illegally kicked millions of people out of their homes!!! The President did nominate a former prosecutor to head up the SEC, Mary Jo White. Watch the Republicans and Democrats put up a stink over this nomination.
The Saint Louis Fed has just anointed the latest so-called “recovery” the weakest in history. If you have been watching and reading this channel, it should be no surprise. I’ve been saying that since I’ve been on the internet. Mind you, this is with massive deficit spending and massive Fed money printing, and all we have is a “weakest recovery in history.” This should scare the heck out of everybody. There is no real recovery.
As a side note, look at Apple stock yesterday. It got killed down more than $60 in a single day. My friend, Gregory Mannarino (a former Bear Stearns floor trader), says what’s been going on in the last few years is nothing more than a giant pump and dump. He is calling for more heavy selling and shorting of the market by Wall Street. Why invest for 20 years to make money when you can short the market and make a fortune in 20 days? Look out below for all of you “long term” investors. Join Greg Hunter as he gives his analysis of these stories and more in the Weekly News Wrap-Up.
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Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.