Economic Understanding, and Its Handmaiden Fiscal Responsibility Arrive in Washington

[haha]

From Alan Abelson's column today-

"To be fair, investors had a full plate of news to weigh that may have distracted them from any purely sentimental gesture, such as President Obama's remarkable revelation that China might grow tired one of these years of lending us money (who knew?). And that, he posited, might pose a serious threat to our ability to continue to happily live beyond our means. Wow! And just to show he means to do something serious about it, he plans to limit this fiscal year's federal budget deficit to a mere $1.84 trillion, instead of the $2 trillion widely expected."

No Pig Heaven - Barrons.com

[unclemick]

Well now - those fools among us who retain a stubborn belief in the 'no free lunch theory' but posessing no good crystal ball are still waiting for the piper:

whether inflation, big tax increases, and/or credit default(think Europe and old war debt) -or combinations thereof.

I still remember elements of my 1965-1985 period give or take.

Whoopeee!

heh heh heh - oh well maybe this time it's different - but I doubt it. .