Atlanta Fed's Lockhart is the first Fed talking head on the wires today advising the general public to, gasp, spend: "A less consumption-dependent economy will help rebalance the country's external accounts—the trade and current accounts. It's unlikely and even undesirable that there be a drastic shift away from consumption, so less American consumption will not fix the global imbalances.[sic]" In other words: 1) max out your credit card 2) .... 3) profit.
No Inflation? In 1996 Slick Willie Raised $42.5 Million In Campaign Receipts; In 2011 Obama Plans To Raise $1 Billion....
A curious factoid: back in 1996, Bill Clinton rasied a total of $42.5 million in campaign receipts. In 2011, Barack Obama is expected to raise up to $1 billion to run his reelection campaign. A nearly 25-fold increase. Ironically, the 15 year CAGR on the price for the presidency follows the price of silver almost tick for tick. Coincidence?
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