Obama's commission chairman, Democrat Erskine Bowles, said that the government’s current spending trends “will destroy the country from within,”
Funny, I have yet to see this story on any main news program or website. I feel like this should be a top story. The chairman of Obama's national commission on debt is pretty much saying Obama's free range spending to 'spread the wealth' needs to stop or we are all fucked.
I wonder how Obama will react to this one.
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What is the impact of budget deficit on currency? Are they inversely related? How would a trader construct a trade out of this news?
Well I would short the USD, but the problem is trading off this news is tough. In a perfect world the dollar should be going down, but with the Euro having all these problems where else is there to turn. For the time being American is pretty much the most liquid and stable place, debt issues or not.
I think we absolutely need to reduce the budget, but we are not close to being in Greece's situation.
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