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Leigh Baldwin & Co.

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Diamonds and Dogs

Blame it on Cairo

Blame it on Cairo

Stocks gave up all the early week gains on Friday as the tensions in Egypt took center stage for traders. Earnings this month have so far been quite solid with no major surprises and stocks have been mostly steady until Friday's drop. This week Washington admitted that the debt in 2011 will be about $1.5 Trillion with a T. To make this even grimmer, this debt represents 10% of our Gross Domestic Product (GDP). That works out to $7500 per citizen. Put another way, one trillion seconds ago, or 32,000 YEARS, Neanderthals roamed Europe. Only politicians can talk in terms of trillions. To make matters worse, it is now reported that for every $1 spent by the US government, the government borrows 40 cents. Scary stuff and unfortunately it is not a matter of freezing government spending as the President suggested during his prime-time state of the union address, it is now time for dramatic cuts in spending
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