Wednesday, November 9, 2016

David Stockman: "The Jig Is Up: America’s Voters Just Fired Their Ruling Elites" | Zero Hedge

From the article: 
America's voters fired their ruling elites last night. After 30 years of arrogant misrule and wantonly planting the seeds of economic and financial ruin throughout Flyover America, the Wall Street/Washington establishment and its mainstream media tools have been repudiated like never before in modern history.

This is the good news.  Then comes somes seriously bad news.

For months and years to come, the Imperial City will be ungovernable and the nation will be racked with fiscal, financial, political and even constitutional crisis. By kicking the can in a ruinous direction for decades, America implicitly opted eventually for the bleeding cure.
To wit, the giant stock market bubble will now crash. The stock-price obsessed C-suites of corporate America will now panic and begin pitching inventory and workers overboard. We will be in an official recession within 6 months. The Federal budget will plunge back into trillion dollar annual deficits very soon.
Accordingly, Washington will descend into permanent warfare over the debt ceiling and an exploding $20 trillion+ public debt. Any notion of a Trump economic revival program—-even if it could now be confected—will be stillborn in the financial and fiscal chaos ahead.
And most important of all, the almighty Fed will be stranded high and dry—-out of dry powder and under political attack like never before from angry politicians and citizens alike.
The jig is up.

http://www.zerohedge.com/news/2016-11-09/david-stockman-jig-america%E2%80%99s-voters-just-fired-their-ruling-elites?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

Some have tried, for years, to point out we can't exist indefinitely in a deficit state.  Eventually it will not be able to be sustained.  Stockman says we are there.  Facing the truth is the good news.  The truth is difficult is the bad news.