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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Tuesday, February 2, 2010

Obama proposes 3.8 Trillion dollar budget

At this point, lets drop the word "budget" to open-house spending spree. There is no budget here. Also predicting 1.5 Trillion dollar deficit out of the 3.8 Trillion dollar spending spree. And this is PROJECTED! What if, things go afoul? Maybe a large bank fails? There is no room for error. This above all things makes be believe Gary Savage of The Smart Money Tracker is right on gold. I just can't see this level of irresponsibility with the US Dollar valuation to go unchecked. To see how bad fiscally the US is today, before this bill is passed, check out the US Debt clock. Also check out US debt compared to all the world governments combined. And any administration who makes such a proposal, I am now glad the health care bill was stopped. This bill shows there is no reality check in Washington. What is happening is all the "extra" wealth went to private corporations and the public will see living standards shrink.

I am disgusted, and the public is starting to show fringes of anger, which is good. What is needed is enough anger to curb this spending. Everyone's life savings is in jeopardy if the dollar is broken due to recklessness. And if that happens, it isn't Obama's, Geithner, or Bernanke's fault. It is ours for being passive as the groundwork was laid.

With that said, this has nothing to do with the market valuation or gold for the next 3-6 months.

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