http://bit.ly/ty1yt
- - -
NEW YORK (Reuters) - Technical analyst Robert Prechter on Monday said he
sees the United States losing its top AAA credit rating by the end of 2010,
as he stuck by a deeply bearish outlook on the U.S. economy and stock
market.
Prechter, known for predicting the 1987 stock market crash, joins a growing
coterie of market heavyweights in forecasting the United States will lose
its top credit rating as the government issues trillions of dollars in debt
to fund efforts to bail out the economy.
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The fallacy of the current discourse is that Obama is not trying to bail out
the economy, as everyone blindly assumes. He's trying to tank it. He's using
these phony digital trillions to create a massive nanny state under the
control of unaccountable "czars" -- a massive kleptocracy that only
benefits, politically, from economic hardship, and aims to institutionalize
it for the benefit of a particular political party.
The wise thing to do now is to cut both government spending and taxes, and
reign in the runaway costs of federal entitlements, which are the real
problem, not "health care" in the abstract. But we are massively increasing
deficit spending and setting up a situation where only massive confiscatory
taxation for the next two generations and/or hyperinflation can get us out
of the hole. This is what he *wants*.
Obama should have put the shovel down and stopped digging the hole the
spendthrift Republicans were digging. Instead he bought a supersized
Catapillar earth mover, and has dug straight down in overdrive.
Nobody forced him to do this. It is based on his implacable left-wing and
deeply ideological beliefs--easily discernable from his life story and long
history of associations. He acts like he listens, says all the touchy-feely
things, including endless apologies and admissions of failure, but he does
the predictable thing every time, and one often recalls his own words in his
books about how he successfully lied to his mother about his cocaine
addiction.
The disingenuous way he characterizes opposing opinions ought to be a clue
("some say we should do nothing"), as should his obvious lies be a clue to
his character ("I have no intention of running [fill-in-the-blank]"---even
as he moves aggressively to run [fill-in-the-blank]); but history will
record that he is the most partisan, most divisive, most narcissistic
president we've had in a long, long, time---George W. Bush for all his
well-known flaws will look good compared to this guy before all is said and
done.
And he's going to destroy this economy, not fix it.
- Bob
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