The Fiscal Cliff turned into a can kick on tax policy. Yes, they averted some nasty tax increases for many Americans, but there were zero spending cuts. In fact, the legislation added $4 trillion in debt!!! I’d say President Obama won round one, but not by much. I have to give a little credit to Democrats and Republicans for the compromise, but this is still the “blame game theater.” Now, Republicans are going to demand cuts and hold the debt ceiling over the President’s head. This is going to be much nastier than the last round. The big losers are the American people because, while there is some closure on tax policy, there is now an even bigger impasse looming on spending cuts. The Democrats and the President do NOT want to make them, but they want the debt ceiling raised by at least a trillion bucks. If Congress can’t get it together in a meaningful calm, measured way, there exists the distinct possibility of debt downgrades from the ratings agencies, a dollar and Treasury bond sell offs, a spike in interest rates and a government shutdown–all at the same time. This street fight is far from over. By the way, don’t you find it odd that neither party will talk about the $85 billion a month the Fed is printing during this big budget negotiation? This is propping up the banks and the government to infinity.
The minutes from the Federal Reserve’s latest meeting last month were released this week, and many members were talking about ending QE or money printing in 2013. To that, I say–no way! According to Jim Sinclair, the Fed couldn’t end the money printing “. . . without ending the economic world for decades to come.” Sinclair is very bullish on physical gold.
Speaking of the budget, New Jersey Governor Chris Christie is mad Congress didn’t rush through the $60 billion aid package for Hurricane Sandy victims. This is the height of hypocrisy for a “conservative” Republican. Where are we supposed to get the money? Raise taxes? How about print it? Governor Christie is “conservative” until he wants the rest of the country to go on the hook to bail out his state that’s more than $280 billion in the red.
Finally, Current TV was sold to Al Jezeera. Glenn Beck tried to buy it, but they turned him down because they don’t like Beck’s political views. The Wall Street Journal reported, “Other suitors who didn’t share Current’s ideology were rebuffed.” What a weasel move by Al Gore and company!!!
Join Greg Hunter for his analysis of these stories and more on 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.