In response to:

Prepare for Fiscal Doom

Frank1802 Wrote: Nov 15, 2012 4:07 AM
Like Brown and Blair, the architects of our economic downfall, Obama appears convinced that it is possible to reduce the size of a nations debt and deficit by spending that which you do not have and borrowing the short fall. Of course like Obama, Blair and Brown failed to recognise this basic economic reality. By the way, lest you think your situation is different to ours, prior to the last election rumour had it that the Administration was eying your IRA'S and 401Ks so that they could take control of them and use any productivity to safeguard spending. Also in common is the belief that the problem facing both economies is one of Revenue and NOT expenditure.
Frank1802 Wrote: Nov 15, 2012 4:13 AM
Another common denominator is the way in which they have both, Obama and Blair/Brown, exponentially expanded the welfare and benefit systems, turning from the safety net they were intended to be to a career choice. Given the burgeoning layoffs threatened by Obama's re-election the welfare/benefits bill is about to expand even further. Do not think either that the forecast of the US becoming the largest producer of oil will save you, because unless he nationalises oil production it will still be traded on the open market, it will still be traded in Dollars and as the value of the dollar continues to fall it, and everything else increase in cost driving up the cost of everything.

OK, perhaps doom is too strong a word, but then again, perhaps it is not. 

In either event, 2013 is not shaping up to be a banner year for the economy. And it’s not just or even mostly because of the fiscal cliff.

Our financial system is not stronger now than it was in 2008 when it finally collapsed under the weight of crashing real estate prices that fell all the harder because they were ballasted by plenty of government guaranteed debt.

In fact, prepare right now for the Next Great Bailout. Because this time around, the federal...