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Prepare for Fiscal Doom

Kibitzer Wrote: Nov 15, 2012 12:59 PM
The Obama legacy will not be one for him to be proud of. He is a politician who seems to care about nothing but his own philosophy. Between Obamacare and his insistence on the class warfare taxes on the "Rich" he will bring on another recession. Last week there were well over 400,000 new applications for unemployment compensation. That isn't evidence of a recovering economy. Businesses have seen the writing on the wall and are reacting to it. Obama will not admit the obvious.

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...