US Congress Economic Word of the Week: FUMBOL!!!!!!!

I can’t believe I am sitting here typing about the US Congress putting the country on yet another economic collision course with recession. Seriously, can we do *something* to get rid of those pouting, foot-stamping tea-partiers before they drive the entire country into the ground?

A Quick Review of What Is Needed from Congress

Compromise on spending that results in short term expansion of the federal budget deficit, yet longer term cuts in spending (or increases in revenue or both) which result in reduced deficits in out years after the economy recovers.

A Quick Review of the Progress US Congress Has Made Toward Needed Outcomes

Zilch. More grandstanding and rhetoric. More pandering to the bases. More people in poverty. More people angry at the US Congress and President Obama.

A Quick Review of US and International Market Results Last Week

FUMBOL!!!!!!!!!!!!

Odds of a Solution Worked Out in US Congress and Eurozone Before Market Collapse

Zero.

I think that about sums up the political and economic landscape as we start the last week in September. Incompetence and indifference in positions of power all around the globe. Wonder where the ugliness will manifest itself this week?

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About S Wise

I teach others about the various uses of binary options as part of an options trading strategy. Learn to make money trading options and increase the performance of your portfolio without inducing excessive risk.
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4 Responses to US Congress Economic Word of the Week: FUMBOL!!!!!!!

  1. boatman1 says:

    Steve,while we need to address debt, but this is not the time i wholeheartedly agree, my friend.

    problem is, when everything is rolling again NOBODY wants to address it BECAUSE we are rolling again.

    DEFINITION of rolling again scenario:

    nobody taking the keg away at midnight to save it for tomorrow nite…….result: everyone wakes up with a headache n the beer’s gone.

    we’ve HAVE woke up n the beer’s gone and we’ve got a headache…….wash, rinse, repeat……..

    print more beer?……..they will, and i will be back here in 4 years to point out what THAT did for us.

    we humans are not as smart as we think.

    and i am betting on it…..others can bottom feed on bank stocks.

    the possiblity of ‘prescient people’ to twirl the credit and govmint spending knobs for the benefit of all, never politically, financially or even socially influenced?

    never having seen people like these in the recorded history of the planet, excuse me if i am more than skeptical.

    • Plenty of reason to be skeptical. Thing is if we can at least get the economy going so as to generate some inflation – then the fed’s policy making activities / rate setting can have some impact. Until then, we’re at the mercy of the apathetic MORONS in Congress.

      • boatman1 says:

        800 billion(cash for clunkers, etc—basically a partisan wish list) and here we are again……krugman’s answer is ‘it wasn’t enough”…….its never enough is their answer.

        they’ll do qe3 ….that’ll give us our inflation

        and as long as inflation is higher than interest rates……straighten out the squiggles in the chart and gold goes up more.

        but i know stock guys never like gold because u don’t have to pay someone to pick it.

        hey, steve, in 2012 when the dow is at 5000 i’ll pick some stocks.

        just my opinion,

        i’ll let u have the last comment, i’m here to get your view, not to be a troll…..i do appreciate the time u put in here.

      • The drop/loss in real estate values has been estimated at $7 trillion (any guess as to the debt/equity ratios on that loss? Seriously – I don’t have a number on that). $800 billion was a nice effort but a drop in the bucket in relation to the overall destruction of net worth.

        We have a massive credit side void to fill on the balance sheet. Someone has to fill that hole, and nobody outside the US government has the cache to output that much debt. The price appreciation you see in precious metals is a knee jerk reaction to the fear of inflation, only problem is there is a giant void where the money needed to create that inflation is supposed to be.

        Am I advocating $7 trillion in additional spending? No. But am I advocating finding a number where we increase the number of homes with debt/value of 80% by a reasonable %? Yes. That is where the solution lies.

        I do NOT see DOW 5000, but a repeat of March 2009 is certainly possible, particularly if Congress continues to play chicken with basic funding bills.

        fwiw, I do not think you a troll, and welcome your commentary any time you choose to share it.

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