Stock Futures Pointing Lower

Down about 136 as I write this. Yes, the stock market will have to fall and fall quite a bit because what has driven its near doubling in the past 5 years has not been the unqualified success of the endless “Recovery Summers” that we have been blessed with but rather the money that the Fed has been pumping into the system.

But anyone who’s not a politician or an economist knows there is no such thing as a free lunch, and the bill is huge and coming due.

As I said below there is no danger of a default now unless the players in Washington specifically choose to do so, as we have more than sufficient income to cover our obligations. Yes, painful cuts will need to be made but it can be done if the will is there…which in all likelihood is not given our “leadership.”

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