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.
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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.