It’s dawning on wall street that George W. Bush may be the first president since Lyndon B. Johnson who believes that we can have a guns-and-butter federal spending policy without creating a serious inflation spiral, if not outright government bankruptcy…
For the longest time, because Bush is a Republican, we on Wall Street simply didn’t believe that he could be a reckless spender. We knew only two paradigms: You either spent less and cut taxes or you spent more and raised taxes. Both courses at least presumed some sacrifice at some time. Not Bush’s plan. He’s gone on both the biggest spending binge and the lowest taxation course in U.S. history, which, alas, will produce gigantic liabilities down the road. Of course, he’ll be back on the ranch by the time his successor will have to deal with his inflation and currency debasement. Our only hope that financial disaster won’t strike sooner lies with the Chinese, who actually fund our deficit by buying our Treasuries—$242 billion worth, or 12 percent of all foreign holdings. If the Chinese decide to be good communists and stop buying our bonds, the Feds will have to raise rates to attract new investors and the reaper will be at our doorstep with interest rates more akin to those of South than North America. Right now, it’s not a problem. But in a year or two or maybe less, I perceive that the government will throw a bond auction and nobody will show, including the Chinese, until rates shoot up dramatically…
What if that happens? What if our fiscally clueless president really does keep spending at a rate that far exceeds what our government can take in at these low tax rates? What happens if the president’s acolytes and the Pollyannas in Treasury keep believing that we can grow our way, fairy-tale-like, out of this jam? You can bet that when you cash out your nest egg of nice U.S.-based mutual funds and solid common stocks, your dollars will fit nicely into a wheelbarrow designed specifically to cart worthless currency to the bank.
And that is from one of the savviest traders on Wall Street. Another big commie, pinko who thinks Bush is clueless, a reckless spender, completely fiscally irresponsible, and leading our great nation into a financial collapse the likes of which has never been seen.
But again, take it for what it's worth. The guy, like everyone else who's ever dared to criticize The Greatest President Who Ever Lived, is obviously biased. He's obviously filled with such irrational, emotional, Bush Bashing hatred.
I mean, the guy is just a multi-millionaire stock trading, financial whiz, who has benefitted from Bush's tax cuts like you can't believe--it's hard to believe a guy like him doesn't hate America. What do you expect?
What I find funny--in a dark, depressing sort of way--is that the Wall Street guys--good Republicans from Amherst and Yale--are just starting to admit that Bush is the biggest, most fiscally irresponsible disaster of a president in the history of the United States.
I know all the Red State, values votin' True Americans, who love Bush are either too damn dumb or too lazy, too obsessed with their "team" winning to come to grips with the economic devestation Bush is wreaking on our country.
But these Wall Street guys? These guys understand economics. They get how all this shit works. They know. They understand that supply side economics is a joke. In personal emails, they write "the Laugher Curve". They made a ton of money in the eighties, but, for the sake of their children, they were all relieved when the Democratic Congress reigned Reagan in before he broke the national piggy bank.
They laugh obscenely at the rubes in the Red States who put silly ribbons on their cars, while Republican economic policies break their unions, export their jobs, destroy their communities, and ring up trillions of dollars worth of debt with these Red State rubes as the only co-signers who will be around to pay the bill.
But, still, at some point, they must want to keep their phoney baloney jobs. They must want to keep on living in America, the America they grew up in. And it took them nearly six years to finally admit that Bush is fiscally irresponsible?
It took these guys nearly two trillion dollars of unnecessary and pointless national debt to start having doubts about Bush and the modern Republican party?
No, it didn't. It's not starting to "dawn" on Wall Street. They've known it all along. And they've made a fortune out of this looting of our national treasury at our expense. And now? When the whole thing is about to collapse?
They're like feudal barons turning their backs when the angry mobs gather outside the palace.
I really don't know who's worse--the money guys who knew better, or the idiotic rubes who keep thinking every presidential election is about faggots, and abortion, and a Pope of Pennsylvania Avenue.
The money guys, I guess I can forgive. That's what they do. They make money no matter what. Any way they can. They are what they are, and anybody with a brain at all knows that.
But these rubes? These "NASCAR" dads? These homeschooling moms? These "values voting" idiots?
I have a hard time forgiving them. They went out of their way to be willfully ignorant about the votes they cast. And, in the end, they screwed us all and didn't even get anything out of it.
Suckers. Dumbasses. Rubes.