{"id":192635,"date":"2009-03-11T17:21:00","date_gmt":"2009-03-11T22:21:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/11\/economics-update-263\/"},"modified":"2009-03-11T17:21:00","modified_gmt":"2009-03-11T22:21:00","slug":"economics-update-263","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/11\/economics-update-263\/","title":{"rendered":"Economics Update"},"content":{"rendered":"

Not unexpected, but the budget deficit jumped 10% because taxes have fallen to a 14 year low<\/a>.<\/p>\n

Like I said, the solution here is inflation to wipe out bad debts, and the deficits are going to do that sooner rather than later, because we’re not going to see a this resolve itself in the US, or overseas in the near future, as evidence by the cratering confidence numbers globally<\/a>.<\/p>\n

With Chinese exports falling sharply<\/a>, 25.7% year over year, and the rest of the world seeing similar numbers, they are in no position to drive a recovery either.<\/p>\n

Consumers are vanishing worldwide, and there is no sign of a recovery in the US, particularly in real estate, where S&P is warning of downgrades of, “9,430 classes from 1,077 U.S. first-lien Alt-A RMBS transactions issued in 2005, 2006, and 2007”<\/a>, and builder loans threatening to take down banks that weren’t playing with funky financial instruments<\/a>.<\/p>\n

On the brighter side, it looks like the SEC might reinstitute the ‘Uptick Rule’ on short selling<\/a>.<\/p>\n

I’d like to see aggressive prosecution of market manipulation techniques like “naked” short selling too, but I am not holding my breath.<\/p>\n

If Wall Street were investigated by Patrick Fitzgerald, I’m pretty sure that you would see tens of thousands of prosecutions.<\/p>\n

In energy, the week economy has driven oil down<\/a>.<\/p>\n

Also, it appears that there are more stupid people than I thought, because the dollar fell as people left its safe haven<\/a>, it appears that this was largely a result of Pandit’s delusional memo<\/a> saying that Citi is going to rake in the bucks this quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not unexpected, but the budget deficit jumped 10% because taxes have fallen to a 14 year low. Like I said, the solution here is inflation to wipe out bad debts, and the deficits are going to do that sooner rather than later, because we’re not going to see a this resolve itself in the US, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038,1170,973,1016,1088,983],"tags":[],"class_list":["post-192635","post","type-post","status-publish","format-standard","hentry","category-budget","category-china","category-economy","category-international-commerce","category-real-estate","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192635"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192635"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192635\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}