ZULAUF: OWN GOLD, TREASURIES, NO DEBT & GET OUT OF EQUITIES
Felix Zulauf was profiled in this week’s Barrons and the bearish fund manager is now beginning to sound downright apocalyptic. The problem is, he’s had the macro picture nailed far better than most others. He recently told the magazine:
“I predicted in the Midyear Roundtable (“Buy Low, Stay Nimble,” June 13) that the stock market would go to a low in the fall. The next few weeks will be extremely volatile. I expect the market to go below the latest lows in September. The central bank will come in to provide liquidity, but timidly at first because the Fed was bashed for QE2. After the fall low, equities will recover part of what they lost into the turn of the year and then fall again. Economies around the world most likely will be in recession next year.
Once the S&P 500 falls to 1000 or below in the first half of 2012, the Fed will come in and try to support the system. Eventually the ECB [European Central Bank] will try to do the same thing in Europe. The damage in Europe will be greater, as Europe’s financial system is even weaker than the U.S.
…Confidence in our currencies, policy makers and central banks is going down the drain. That will be reflected in a rising gold price. I have long said this isn’t an environment for investing in stocks. Hold cash in the form of short- to medium-term Treasuries. Own a lot of gold, and don’t have debt.”
I can’t say I totally agree. Zulauf is known for saying that high inflation is the ultimate endgame here. I think it is more likely to end in another deflationary sinkhole like 2008 as opposed to a hyperinflation scare. And while I continue to believe the US economy will muddle through, I am increasingly concerned about the situation in Europe. Their leaders are so far behind the curve that you just can’t help but think back to 2008. Add in the emerging market slow-down and we’re getting what has the potential to become a pretty potent and nasty mix.
Source: Barrons
I think that high price inflation and intermittent debt deflation are quite compatible.
I agree with a lot Zulauf says. Deflation can cut off the foodsupply and then the price of food can go through the roof.
Gold? You don’t keep yourself safe by piling into a bubble. I’d rather take my chances with stocks, even though it will be (as usual) a bumpy ride.
max, to characterise gold as a “bubble” is juvenile. You have neither given the breadth nor width of this supposed bubble and so are not really saying anything of any value. It was said gold was a bubble at 1000. a decade long movement cannot possibly be a bubble. Its bull market may end would be a more correct statement in order to convey your opinion.
Gold is overbought, Yes. But it will go down much less than other commodities, thereby increasing the purchasing power of gold.
Just buy a put when you buy gold. Cheap insurance.
I’d rather take my chances with stocks, even though it will be (as usual) a bumpy ride. Max
The bumpy ride (volatility) is probably because of the leverage a government backed counterfeiting cartel allows.
I don’t get those people that say that fiat currencies are going to melt and at the same time advise against having debt.
Surely if we’re headed into high inflation one should have lots of debt..
We’re heading for Hyper-Deflation !!!!
I agree with Semantic. With UK inflation cruising along at 4pc and a tracker mortgage barely scrping 1.5%, I’m not about to pay down the house much less sit on cash. Theres more than one way to skin the debt cat and the deflation/inflation argument is too polarised.
The question is, will incomes keep pace with inflation in a relative sense? For most people, the answer is no and they will be forced to live in the deflationary economy like it or no as no easy credit will be forthcoming.
For those for whom the answer is yes and then some, gear the heck up up and start mainlining some of the sweet liquidity the central banks are going to be shovelling out till their last gasp. As this largely describes the condition of the top 10%, the overall policy will continue top be “let them eat cake” as long as the fabric of society will stand it.
Depends on what timeframe we’re talking about when using a term like “ultimate endgame”. To me that says, the final story, the way things are before everything blows up for the final time and we start completely fresh with a new system. If that’s what Zulauf means, then I agree with him (as does Foss), we go through deflation first but ultimately the only way “out” is a global race to the bottom.
To explain my quite negative view of things (and where it may differ from CR’s) is that I don’t believe the current malaise is simply an economic problem due to numbers being mismanaged in the ether. I see fundamental problems, the most significant being a decline in the availability of high-quality energy per capita, necessitating a declining average (global) standard of living.
I know a lot of scientists and engineers. The general outlook is bleak. Solutions can be found, but the time taken to implement them exceeds the time available to avoid a crunch. More problematic, the political will required to implement required changes doesn’t exist.
I agree with your long-term analysis regarding the fundamental problems (declining ERoEI, ressources etc.), but I don’t see sustained general high inflation, deflation or a system reset in the foreseeable future. Too many interests to prevent this with heart and soul (which buys time).
The avergage global standard of living will decline because we will have nominal wages stagnating or even falling, moderate inflation in goods that are needed and moderate deflation in assets like houses (exactly what we witness since 2008), which is max pain for most people.
I can’t rule out the endgame of a deflationary depression/hyperinflation, but it will take longer to come to that point than most presume. So I’m more optimistic than you that mankind finds a solution before things start getting out of hand.
“Surely if we’re headed into high inflation one should have lots of debt..”
Yes, if it’s fixed rate debt.
No, if it’s variable rate debt.
Question?
If everyone else was buying “Cabbage Patch Dolls” would the MMT folks buy them too? What if there was a significant danger that the owners of “Cabbage Patch Dolls” would decide that US currency should be backed by them to keep their price from falling?
Beware the gold bugs. Our money system is so dysfunctional that a return to the gold standard is taken seriously.
How about some MMT articles pointing out the absurdity of gold-backed money?
The debt ceiling and austerity behave like a “quasi-gold standard”. The debt ceiling and austerity makes people believe the US may “run out of dollars” or that they have solvency concerns, when in reality this is not the case.
The only positive about the gold standard is that it limits the total amount of government spending but it does nothing to address the quality of spending which as with MMT is the greater problem.
The only positive about the gold standard is that it limits the total amount of government spending … ocean
To taxes plus borrowing plus the mining rate of a shiny metal? That is absurd.
The problem is not that government has an unlimited ability to create money but that we are required, one way or another, to use it for private debts.
I don’t want a gold standard, rather I want government to spend better.
To that end I want MMT to propose some metric to judge the quality of spending and better discipline the government from malinvestment.
To that end I want MMT to propose some metric to judge the quality of spending and better discipline the government from malinvestment. ocean
“Malinvestment” is often a subjective judgment as is “price inflation” in many cases. And what does it profit me if I own an absolutely fabulous computer by 1960s standards but live in a dump by the standards of 1910?
I agree. And there is no reason that MMT is inconsistent in theory with small government. The application of MMT in practice is prone to corruption like any monetary system.
MMT says its difficult to qualify spending quality (and it is). But I think they need to offer a better clarity on what constitutes good spending. It can be as simple as debt/GDP. And if if spending is lowering debt/GDP than government is “getting smaller” as a portion of the economy and the US is becoming more productive in terms of its public debt.
One drawback is that debt/GDP may suggest the US has solvency issues but in reality it is saying how effective government policies and spending is in creating GDP (how much debt is needed to produce $1 of GDP). I know they don’t like debt/GDP but they don’t offer any alternates and this maybe a reason in part why people incorrectly characterize MMT as “deficits don’t matter”
they don’t like the measure as it may restrict spending but are unable to offer any better measure of spending quality to show that
… but are unable to offer any better measure of spending quality to show that ocean
Imagine if the “stealth inflation tax” was abolished. Then every government worker, contractor, the military and indeed every government payee would be acutely aware of government wastefulness since it would directly affect their purchasing power and no one else’s. The “stealth inflation tax” is a way to spread the cost of that wastefulness over the entire population and thus partially escape it. But if there was no escape then government itself would have a very strong incentive to spend wisely.
But how does one abolish the “stealth inflation tax”? By attempting to measure something so subjective and easily manipulated as “price inflation”?
The way I see it is that every round of deflation brings us closer to an inflationary endgame and central planners become more convinced the answer is to print money. Confidence in a currency is a funny thing – you can have 100% confidence one day and 0% the next day. No one knows where that line is.
Confidence in a currency is a funny thing – you can have 100% confidence one day and 0% the next day. effem
The only confidence one needs in government money is that taxes are required to be paid with it.
Black markets and “alternative currencies” have been destructive to the tax base of other currencies. That maybe why the US government has forced facebook credits to become more tax compliant.
Taxes could be made unavoidable even if private currencies are allowed. The government (us ultimately) needs to understand that liberty in private money creation would benefit it too by insulating the private sector from government money mismanagement.
Even slave owners realized the wisdom of allowing their slaves as much autonomy as possible.
I never fully understood the core of the issue with tax. As I understand the objection to the income tax is that it was introduced as temporary war tax but was never absolved after the war, hence the belief that it is an illegal tax. Though what challenges exist to sales and property tax? Or are saying that all taxes unjust on a moral/libertarian basis?
Or are [you] saying that all taxes unjust on a moral/libertarian basis? ocean
Government cannot and should not be abolished overnight. Rather we should seek ways for it to painlessly shrink over time to a minimum size and scope.
“Government cannot and should not be abolished overnight. Rather we should seek ways for it to painlessly shrink over time to a minimum size and scope.”
There is no economic theory that helps one divine the proper size of government. It’s a decision that needs to be made by the governed. I personally like Mosler’s view that we should decide on the right size of government and manage tax policy to keep the economy at full employment. That would mean tax holidays and temporary tax cuts during downturns.
There is no economic theory that helps one divine the proper size of government. Dismayed
Many people would rather not work for or be dependent on government. Yet they do work for government or are dependent on it. So government is clearly too large already.
>>Confidence in a currency is a funny thing – you can have 100% confidence one day and 0% the next day.
Agree
>>The only confidence one needs in government money is that taxes are required to be paid with it.
*Sufficient* taxes are required at a time when people are losing confidence where 12T in savings is only valueable if collectable in taxes without inflationary devaluation.
Second leg down in GD 2
Read FOFOA. “We will have hyperinflation in paper money, and hyperdeflation when measured in real money wealth that
cannot be printed – GOLD. We will have both at the same time. For every debtor there is a creditor. If debt defaults, the
creditors lose. Who are the creditors? The elite of society. They will be bailed out first, and spend the proceeds to outrun
you and me in the race to preserve real wealth.
They will be bailed out first, and spend the proceeds to outrun
you and me in the race to preserve real wealth. Robert K
That’s a laugh. Ancient kings had rooms full of gold but could not prevent their children from dying of diseases that are easy (and cheap) to cure these days. What good did their “real wealth” do them?
Gold as money is a vile form of economic idolatry.
I believe we are in a deflationary cycle. I am not a doom and gloomer though. Yes I do have gold and I am staying out of the market. I got out of equities 4 days before they went down and I was happy.
I am sadden by all these looses people are enduring though. We lost what 3 trillion last month. I am so leary of doing anything right now it is in cash and will remain there for now.
I use the following sequence of events:
- (Hyper-)deflation.
- US interest rates going through the roof.
- Collapse of the US debt market(s).
- High(/Hyper) inflation.
TPC doesn’t agree with Zulauf because he thinks the US can “”print”" its way out of the financial mess the US is in because the US is a currency issuer. And therefore TPC mistakenly thinks one can hold 10 year and 30 year T-bonds for years to come.
Oh yes, the US can’t default because they can “”print”" but that would destroy the credit market(s) as well and therefore prepare the stage for US Hyper-inflation as well.
Does anyone here see a plausible scenario for a major gold correction except for it being “overbought”?
I’m currently long gold on the grounds that it should do great if we enter recession/europe blows up and sort of muddle through with a limited downside in a slow growth scenario with QE3 and (perceptions of) money printing by FED and ECB.
Any thoughts?
Swede—
RE: Plausible Gold scenerio.
My thoughts. Just thoughts I do not have a direct line to Mr. Market. He seldom calls me and when he does I don’t like what he tells me. But..these are just some “Plausible Gold Scenerios from a fellow TPC reader”. I curently own 5-8% in all our portfolios in gold.
Gold is at a Technical Juncture:
A. at one year peak cycle.
B.Unstable Optimisim on Gold today at 90(peak)
C. Banks have been net sellers for the entire bull market just starting to buy last two years…identical to 1980 Gold peak.
D. Mondey Flow not confirming Current Move.
E. This appears to be the final phase of the Gold Move. There is always a Parabolic phase…Identical to Silver.
The range here is from 1750-2100 sometime into October. The current move starting Aug. 99 lasting 12 years and up 600% so far is longer but a lower % return than the average. I would expect this not to be the end of Gold but I good correction. Again we do not have a huge weighting.
Just my thoughts…..I will say this. My clients are the perfect contrarian investment. When there scared it has always been the best time to buy. When the want to buy something..it’s always the time to sell or get out.
They ALL want gold. In spades. load up the truck…selll everything get me into Gold. For me that’s the reason we are lightining up. It’s such a no brainer easy money investment…it’s time to sell.
Thanks. Your last point is also my biggest concern. EVERYONE is bullish on gold. Much like equities in beginning of 2011. Selling att 1800..
Swede
In 2005 I was in Newport Beach with my friends from College. We were sitting around at Billy’s on the water. Place was busstling and it was a nice Saturday afternoon. There was about 14-18 of us coming and going.
Five of the eight guys all worked in the Mortgage business. They were going on about there month end numbers and deals to close. Not a care in the world.
Two years later. It was much different. We were all together again. But two of the guys got fired, one left the company, another was on his own and they were stressed and no one was eager to pay the bill at the end.
ALL these guys work at MONEX. The guy who owned the company got a job there and hired each one. Another friend who had a 2.3 million home in Dana Point. Lost it, moved home and now works another firm in Santa Monica selling Gold.
All the guys I know who sold dodgy mortgages with no docs. are all selling gold or trading it. They love the conservative talk show people.
So what ever that means…I know it’s just another bad sign.
A lot of speculators are “”long”" gold on leverage. So, when Mr. Margin calls then those speculators are forced to sell their “”longs”" and the price of gold futures WILL drop along with other assets. And a forceful rise in the USD WILL hit the gold market as well. No matter how bright prospects are for gold.
More over, gold seem to have peaked and it seems to be on the way down again, like in the 2nd half of 2008. I personally am looking for an entry point to go short gold.
The future gets scarier and scarier
doesn’t it.
Fortunately a friend told me
about a site put together
by a millionaire.
The info can help anyone prepare
for an uncertain future.
Here it is-
How to Profit like the Ultra-Rich in Times of Economic Chaos
Free Video here-
http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bid=290b868b&chan=y
Dr. Nancy..AND TPC readers.
There is NO black box. What is this “the secret” of investing?
I manage money for the wealthy..the Ultra Ultra Wealthy.
My dear friend manages is the wealth manager for..the people you watch on T.V and who own the shows. His book is 1.2 billion. and we have a client who is worth close to a billion.
SO…there’s NO FUC&^&ing black box or secrets. I’ll tell you exactly what my holdings are today. And I coordinate with my highschool classmate on what he does for his clients. He does some Private Equity stuff but there’s no F&*(ing get rich bull Shit. It’s as vanilla as it comes.
When I first met with my client who has 1 billion. He had no Fuc&&ing clue what he was invested in. Spread out all over the place. Hedge fund here..Wells Fargo Trust services. etc.
Dr. Nancy with all due respect. Stop peddling this nonsense. I have access to the ultra wealthy and my peer is managing the ultra ultra ultra ultra wealthy and theres not secret. No gimmicks. Just hardwork and practical investments.
We’v also met with someone who is NOT a client of ours but he is part of the royal family in the middle east. Were talking 25 billion. As far as there U.S investments go. They don’t have a clue. There portfolio is as vanilla as can be.
YOu’d be shocked if you saw how vanilla and crappy the ultra wealthy investment statements I’ve come across.
If anyone thinks you can pay a service and get the secret to 400% returns..then talk to Dr. Nancy…..the snake oil sailswomen
Dear Mr. F. Beard: No one ever said Gold was a pharmaceutical. Just as you will not have much success at exchanging
penicillin for a loaf of bread in a famine. Gold is not money, it is a durable wealth form that has survived every fiat throughout history as a numeraire. To my knowledge, not one fiat currency has survived in history prior to 1971. If you
are aware of one, please let us know.
If you are aware of one, please let us know. Robert K
English tally sticks were used for 800 years or so for both government and private debts is my understanding.
As for gold being a store of value, it is currently in a bubble UNLESS it is remonetized by government fiat (intentional irony).
Stores of Value: (Just to name a few off the top of my head)
Cows, Wives, Mill Stones (Africa)
Whiskey, Beads, Cars, Houses(until 2008) (US)
Children (as social security), Art (The World)
Puka Shells, Coral (Polynesia)
Sometimes the intrinsic value will amaze you:
I think there was a carved walking stick on The Antiques Road Show that went for hundreds of thousands of dollars.
We’ve already seen where margin requirements can have a huge impact on silver and gold. And according to this: http://pragcap.com/are-we-there-yet-2
Gold may not be in a bubble.
These days you can make or lose money on anything. Nothing is forever (except maybe diamonds) Ha!
F Beard…
I see your mixing it up again today. Every time I see you your in a intense conversation.
I have to hand it to Robert K. he called you Mr.
If he knew you like I did he wouldn’t dare…
Anyway…good to see you my friend on a Monday back at it. Hope you had a good weekend.
Howdy! My weekend was fine, thank you. I hope yours was too.
Yeah, I like to mix it up sometimes – Iron sharpens iron, so one man sharpens another. Proverbs 27:17
F. Beard-
Your hilarious…
I never thought I’d see a screaming monkey quote Proverbs.
Boy you picked a good one too..”iron sharpens iron”…I’ll remember that the next time my 6 month year old Baby Boy cries when I put him down…
That is not a screaming monkey. Those are Momma, Papa, and Baby Otter.
Again Mr. F. Beard: It appears that tally sticks were not a fiat currency, but merely a mnemonic device, like the peruvian
“quipu” or a book of accounts for what was due between one party and another. That is entirely different from a symbolic
unit which passes between individuals in full settlement of trade.
I seem to recall that the British government’s BOE stock was purchased with a tally stick. Sounds like money to me.
Ah! A fiat with a single unit! The monetary “velocity” would be tremendous, eh? approaching c squared, in a nation the
size of great Britain.
The tally sticks could be any denomination.
Hi again, Cullen, this is the newcomer Craig!
Funny you should mention all the fearmongering and gold-hoarding again, because guess what Goldline has to say…
(And for the record, I only took an interest in Goldline and all these other gold vendors after this whole thing started a few years ago. I happen to be subcribed to their free emails.)
~
“40 Years After Abandoning Gold Standard, U.S. Sees Historic High Gold Prices”
40 years ago today, President Nixon removed the United States from the gold standard, thereby eliminating perhaps the single greatest restraint on unbridled government spending. On the anniversary of this historic 1971 decision, the United States is suffering from the ill effects of a fiat currency and massive deficits. The dollar’s value has dropped from $100 in 1971 to $18 today. The federal deficit now stands at over $14 trillion and, for the first time, our country’s credit rating has been downgraded due to the government’s inability to live within its means.
At the same time, gold has become an alternate currency for investors here and abroad. Central banks are net buyers of gold and investor demand has grown. Last week, gold prices reached a new record of $1,795 per ounce on the New York Spot Market. Several analysts have forecast new records, including Citigroup, which issued a report in late July stating its long term price target for gold is up to $2,500 per ounce. “On a worst case scenario for Euro sovereign debt and US fiscal problems, we believe gold could repeat the extent of the 1970-1980 gold bull market…” said Citigroup analyst Heath Jansen.
For more information on the 40th anniversary of America’s abandonment of the gold standard, you can read a special Q&A with Goldline CEO Scott Carter at the following link:
http://www.goldline.com/gold-market-blog/40-years-end-gold-standard-20110811
~
(If anyone wants, I can send them the whole thing.)
Like I’ve said before, I’ve become fully skeptical of all the inflation and hyperinflation scares as we’ve still seen none of that, and especially suspicious of gold vendors. Gee, if paper money as we know it was REALLY about to become worthless, then how come all these gold vendors accept it as a form of payment and are desperately trying to sell you their own gold? How come they’re not hoarding all the gold for themselves?
Hi Craig,
I’ve proposed holding an arm wrestling tournament where the winner gets all of the dollars that hyperinflationists don’t want to own anymore. We can’t raise any money though so no tournament yet. I’ll keep you posted though.
Cullen
I like Felix, I really do. But essentially he’s saying Coca-Cola, Procter and Gamble, Intel, Wal-Mart and other blue chips will all be sporting single digit P/Es and yield in excess of 5%. While stocks can yield more than bonds, do we really need a 1982 redux to find a bottom?
To whom it may concern; Hyperinflationists and deflationists both want dollars. The difference is that the latter plan to
hold them, while the former wish to only hold them until they can exchange them for real tangible wealth items which the
deflationists wish to sell to them, hoping to repurchase at a lower price in the future. In the end, both are happy with their
transaction, but both cannot be right, except in equilibrium. Happy equilibrium to you.
Kind of a semantic point though, no? The hyperinflationist only accumulates dollars so they can get rid of them. Ultimately, it’s still a rejection of the fiat currency.
I agree as what all investors and these so called rating agencies are forgetting is the 60 to 100 trillion of unfunded liabilities, that Bill Gross pointed out over the last 6 months. House of cards economy; I believe he said…. How true.. As long as world governments continue with there failed stimulus and don’t allow the free market to flush the bad debt, we will continue to see this manipulation within the market.
Dear TPC: All fiat is held for only one purpose: use at a later date. The confidence that the consumption deferred in the
present can be matched in the future is a constantly shifting image in the minds of the holders of fiat, or any other symbolic
wealth proxy, gold included. To give a practical example, people with a knowledge of history have learned that, in time of
war, when a population defending itself against an attacker runs out of its conventional money, whether fiat or gold, it will
not surrender, but will continue by any means necessary to defend itself, and pay for that defense with promises of some kind dated in the future. These promises WILL be accepted by the public, in view of the alternative: subjugation. So, a war
always leads to the production of currency which is not matched by the production of real tangible wealth. This mismatch
is what becomes price inflation in real wealth terms. A prescient (and perhaps unpatriotic) individual who knows this will
take some precautions, such as converting his currency to some wealth asset which the currency will not command in the future. I do not regard that as a semantic distinction, but perhaps I am missing something?
Eitherway,deflation,inflation,….end result the purchasing power of the fiat paper money is declining that can be seen, felt, year after year.
The country imports everything at a discount to the rest of the world. That alone would escalate prices in the USA,if the dollar lost its status.
Worse still ,if a group of economies big enough’ to replace the US FIAT CURRENCY as the’ Newbasket backed by gold. PRICES Guess that would be painful .THINK OUT OF THE BASKET Want some Zim dollars they may be a good bet.
Not necessarily. Your comment implies that our standards of living have been on the decline and will continue to decline. Where’s the evidence of this?
If the USA government has in recent years created an extra 4T in deposits for the citizens of the USA by creating an extra 4T of savings wealth for mainly US citizens you can imagine that for now there will be little evidence of a change in standards of living even while many trillions of saving wealth in the form of house values is wiped out and only a few million extra citizens are unemployed. It all works until it does not. The wealthy bond holders only have wealth if there is tax demand for the governments created money so if your spending increases and your taxes do not rise it will only work for so long. Nobody believes you guys can grow out of the problem and the MMT solution is just to spend more, where currency repudiation via hyperinflation is not regarded as a big deal in MMT while simultaneously any suggestion that MMT does not treat inflation seriously is met with puzzlement and claims that is not a correct view of MMT.
There is also the basic reality that if the government just spent 1T and the bonds are still with the goverment you now have 1T of new deposits and reserves floating around which might just possibly lead to price distortions somehow somewhere. Back in 2007 or so when Citi got a recapitalisation from the arabs of 5B that was like ‘wow! a huge amount of money’. Now we have people looking at 1T and saying nothing happened? It was just an asset swap? Gold rising is just market confusion?
So I guess we’ll wait and see if your hyperinflation pans out, right?
Even slightly higher market driven interest rates would cripple the US economy at present so that it would go from inflation to deflation. Todays battle is deflation and will remain so for a while to come.
Cullen, signs of a lower standard of living. Great increase in Food Stamps. Also majority of couples with children are now unmarried. Much lower prices of Chinese goods masks reduced purchasing power. Renting instead of owning. Inability to pay for college education. Income gap too large and growing. Poor can not find doctors who will treat them under Medicaid. Etc.
I guess from the above comments that nobody supports gold going to $2,500 or $5,000?
Cullen, his outlook sounds about right to me.
But I still don’t get the gold thing. For example, if the China-India income hypothesis is correct, their incomes sure as hell aren’t going to rise in the kind of environment he’s predicting. So who’s going to have the capital available to keep a rising bid under all of Felix’s gold?
We’re in a deflationary world. That means money (and truly sovereign debt) trumps most things. At some point, gold will have to adjust to that reality as well…eventually…imo.
Old Beth Ann Bovino (Economist) is saying bring on QEIII (Start the Printing Presses) to help the economy again like QEII bringing $4.50 gasoline. Hopefully QEIII will bring $8.00 gasoline and this will make us all feel real good. All the nuts out there are looking for the fix, they forgot to tell you 75 million baby boomers stopped buying mcmansions and SUV, they are retiring, started two years ago. Lets raise taxes on the younger group, this will make them wanting to spend. No one is telling us that we need a forest fire before we see green shoots. Lets keep pumping money into Wall Street so Washington can get their kickback.
Old Beth Ann Bovino is saying bring on QEIII (Start the Printing Presses) to help the economy again like QEII bringing $4.50 gasoline. Hopefully QEIII will bring $8.00 gasoline and this will make us all feel real good. All the nuts out there are looking for the fix, they forgot to tell you 75 million baby boomers stopped buying mcmansions and SUV, they are retiring, started two years ago. Lets raise taxes on the younger group, this will make them wanting to spend. No one is telling us that we need a forest fire before we see green shoots. Lets keep pumping money into Wall Street so Washington can get their kickback.