Their states on the brink of financial catastrophe, governors pleaded Saturday for the divided federal government to avoid doing anything that would hamper the tenuous economic recovery back home. Their message to Washington: prevent a government shutdown, abstain from spending cuts that dramatically will affect states and end even preliminary discussions about allowing states to declare bankruptcy. (CNBC News)
The country is running out of money. The country is running out of people who can pay the bills. Everybody wants something. The bottom line is that we over-promised and we did not generate to wealth to pay the bill.
We all agree we have to make sacrifices. But nobody wants to be the first one.
The tragedy is that the market will force the politicians to do the unpleasant things they are trying to avoid.
Uncle Ben, meanwhile, will keep printing money.
Editor, The Peter Dag Portfolio. Since 1977
Ranked second best gold timer by Timer Digest
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