Well, there was more bad economic news today. What a shock.
The Wall Street Journal reported that October’s federal budget deficit was a whopping $176.36 Billion. That’s the worst ever October deficit. As a percentage of GDP – 9.9% to be exact – it’s the worst since 1945.
The Journal also reported that the Federal Housing Authority’s capital reserve ratio has fallen below a mandated level. Translation: We’re probably going to have to fork over a couple of billion bucks to bail them out.
Three more banks have failed. The AP reported that the total number of bank failures this year is 123. But not to worry, the FDIC only expects to pay out another $100 billion or so over the next four years. Hey, if they run out of money they can always print some more, right?
Exactly on target for B.O.. When he implodes the system, it will be his opportunity to declare capitalism failed and erect his system of equality, that he and his politicos just so happen to control.
The stock market rally has no foundational underpinnings for its recent resurgence. Only by the creation of jobs that ultimately empower the individual through liquidity, will there be economic stability. The President’s minion’s favorite term “jobless recoveries” are a fallacy that do nothing but stroke the believers with code words and hype. There is no such thing that can strengthen capitalism. One of our country’s foundational cornerstones is personal property ownership; something that the statist is repulsed by and is unattainable using the track the administration is on.
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