December 26, 2011
On the failure of the Supercommittee to reach a budget agreement…
Everybody knew the Supercommittee wasn’t going to do anything. And by the way, there are no spending cuts. Even with sequestration. There are no spending cuts. It’s just reductions in the rate of growth. It’s the same old thing. Spending is still gonna up! It’s just like everything else, with the U.S. budget – it’s said to be a cut because it’s not going up as much. But defense spending, with sequestration, will still go up 16%. There’s no spending cuts here. Zilch, zero, nada. But anyway, folks, the market’s not down because the Supercommittee is gonna admit failure. Everybody knew this was gonna happen.