RE: U.S. deficit forecast to hit $1.5-trillion
Yup, the US debt is the elephant in the corner.
I felt sort of sorry for President Obama watching him last night, decent enough guy, almost completely powerless. A Jimmy Carter reprise, but with some added color and sympathy for a modern integrated cultural world. Essentially useless and boxed-in by the big financial players, insufficient support even in his own party to get anything done after the Chicago boys made a failed play to try and take a slice out of the Wall Street, New York Dems. The Democratic house still as divided as it was when Billy Clinton walked up the middle - and it looks like Hillary might just be the gal who will do it again and put America's other First Family back in power. Hillary to contest in 2012? Can't see the Dems trying to return an American Idol candidate who is so far down in the polls. Buh-bye and a life of charitable good works ahead for Michelle and Barrack.
A redneck'd old wildcatter like me would love to see Bill scarfing cheeseburgers and chugging bourbon with his Hollywood friends again in the White House. He's smart, he's tough, he's educated and they have international credibility. But can they do anything about the debt and dollar dilemma. Only riding the thing down where it wants to go.
Gosh shucks I just don't see Sarah getting a best two out of three falls from that scrapper Hillary. Go girls! Who wants to oversee the collapse of the dollar?
Meantime, BP, is this little trader's back-and-fill for the PM chart going to tease me for a few months or do we get back in business here for gold again? Doesn't matter too much, but the fun isn't in this part of the game for me.
CG