So Whaddaya Think Is Gonna Happen Tomorrow?

Will the markets tank? Will the markets go up? Will there be bank runs? Will interest rates suddenly shoot up? Who knows? This is new territory for us, as a nation.

Maybe Monday will dawn and…nothing will happen. That’s what is going to happen here (grin) because it is the end of the summer. We haven’t been paid since the end of the school year. Our bank accounts are drawn down. We’ve had some unexpected expenses.

We know folks that are topping off their gas tanks and withdrawing cash just in case so that they’ll be able to get back and forth to work and buy groceries if market chaos causes the banks to put a freeze on withdrawals and ATM use.

We aren’t too worried, though, at the moment, because we have a lot of (dried) food in storage, a full pantry, and a full freezer. Not to mention an overabundance of chickens, ducks, eggs, and lambs! It is time to put the fall garden in, too.

If y’all want my opinion* as to what I think is gonna happen, I think the Obama administration and the Dems are going to continue to resist spending curbs. They’re going to continue to make lip noises about “more jobs” (in the government) while simultaneously killing jobs (i.e., the EPA’s war on all energy sources–yes, that’s deliberate). The health care mandate is hangin’ over employers like the sword of Damocles. Economic uncertainty will cause more people to cut back which will cause more small businesses to go bankrupt which will cause more people to be unemployed which will cause spending to contract even further. European banks can collapse at any moment which will, in turn, collapse ours. I do not think we’re going to be able to pay for the existing debt, let alone that incurred in the future. In other words, I expect things to get worse. Maybe not tomorrow. Maybe not next week. But soon.

Aren’t I just the little ray of sunshine today?

*and we all know what opinions are like….

From JaneDeaux in the comments section of the Market Ticker:

Politicians don’t understand this, so you need to put it in simpler terms.
It’s a shell game.
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let’s put the 2011 federal budget into perspective:
U.S. income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Therefore, let’s remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to the credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385


3 Responses so far »

  1. 1

    kcduffy said,

    Opinions are like armpits – everyone’s got a couple, and sometimes they stink…but NOT ALWAYS! I think YOUR opinion is well-thought-out and a reasonable prediction. It isn’t far from mine…in fact, it’s pretty much the same as mine…but don’t tell anyone, cuz I’m just a white female 70’s high school-graduate stay-at-home schmo, and I don’t know nuffin…

  2. 2

    swampie said,

    Well, the screechfest of blaming the Tea Party for the downgrade does not bode well for doing the Right Thing for the economy, does it?

    • 3

      kcduffy said,

      No, and the ones screeching won’t be the ones hurt the most…as usual. Got their cushy government pensions and medical care, couldn’t possibly care less about the Right Thing for the Country they’re taking it from.

      Again…my opinion.

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