{"id":956,"date":"2011-08-05T09:47:13","date_gmt":"2011-08-05T16:47:13","guid":{"rendered":"https:\/\/scotshonor.com\/?p=956"},"modified":"2011-08-05T12:07:29","modified_gmt":"2011-08-05T19:07:29","slug":"joy-in-the-morning","status":"publish","type":"post","link":"https:\/\/scotshonor.com\/?p=956","title":{"rendered":"JOY IN THE MORNING!"},"content":{"rendered":"

The Obama administration spent 60% of the increase in the debt ceiling in one day.\u00a0<\/p>\n

In case you have the slightest doubt over how bad this is, read the following:<\/p>\n

Bank of NY Mellon [BK\u00a0 24.06\u00a0\u00a0\u00a0 -0.59\u00a0 (-2.39%)\u00a0\u00a0 ] announced it will start charging “large depositors” to hold cash due to a sudden increase in dollar deposits prompted by fears among its customers.<\/span><\/em><\/strong><\/p>\n

That\u2019s right; the Bank of NY Mellon has so many people depositing dollars that it is going to start charging people for holding their deposits.\u00a0 When people are choosing investment options that guarantee a loss, because they believe a small loss is better than a big loss, it doesn\u2019t get any worse than that.\u00a0 Frankly they would get a better return putting it under their mattress.<\/p>\n

The stock market dropped over 500 points yesterday.\u00a0\u00a0\u00a0Today could be better, it could be worse.\u00a0 Ultimately, a crash is evitable.\u00a0\u00a0The White House is gloating over a job report showing the\u00a0creation of 117,000 new jobs.\u00a0 However, it turns out those are primarily government jobs and the private sector lost 38,000 jobs.\u00a0 In addition, even if it was true, it would not be\u00a0enough to reduce the unemployment rate.\u00a0<\/p>\n

This may get worse.\u00a0 In a typical recession stocks lose 33% of value.\u00a0 Some people are predicting a decline even higher than that.\u00a0 We aren\u2019t even close to those numbers yet.<\/p>\n

But here is the really good news.\u00a0 This crash has been coming for a long time.\u00a0 The government has been trying to \u201cmanage\u201d the economy by smoothing out the curves.\u00a0 Instead, they just made things worse.\u00a0 A financial crisis in the United States is not a unique event.\u00a0 That has happened many times before in our history.\u00a0 It just didn\u2019t happen in our life time.\u00a0 A lot of people are ignorant of events that took place before color television.\u00a0 If they didn\u2019t see it, it didn\u2019t really happen.\u00a0 The worst crash in U.S. history did not take place in 1929.\u00a0 There were several crashes that were far worse.\u00a0 The crash in 1920 was worse.\u00a0 The difference was that in 1920 the federal government did not intervene and instead just adjusted by cutting spending.\u00a0 The economy recovered in less than a year, resulting in the roaring twenties. \u00a0\u00a0<\/p>\n

In 1929 a progressive President, Herbert Hoover, tried to \u201cmanage\u201d the crash.\u00a0 Then FDR came in and doubled down with the “New Deal.”\u00a0\u00a0The result was the great depression that only\u00a0ended with the start of\u00a0World War II.<\/p>\n

We have to experience a crash.\u00a0 It is inevitable.\u00a0 The economy has no hope of recovering without it.\u00a0 Only a real crash causes enough pain to force people to make the difficult choices and change behavior.\u00a0 Addicts do not begin recovery until they reach rock bottom.\u00a0 But the good news is that once this happens, real recovery is just around the corner.\u00a0 Remember; the deeper the crash the stronger the recovery.<\/p>\n

A lot of people fear Obama is destroying this country.\u00a0 He isn\u2019t.\u00a0 Instead, he may have inadvertently saved us all.\u00a0 He did not destroy our economy by himself.\u00a0 We have been on the path to destruction for years.\u00a0\u00a0Obama, in his total ineptitude, may have done us a big favor.\u00a0 He pushed us over the brink, into the crash that was coming anyway, and ironically his incompetence may be the best catalyst for the real change that was needed.\u00a0 It is always darkest just before dawn.\u00a0 We are headed for a big crash.\u00a0 That could be the best thing to happen.\u00a0 There will be joy in the morning.<\/p>\n

TDM<\/p>\n","protected":false},"excerpt":{"rendered":"

The Obama administration spent 60% of the increase in the debt ceiling in one day.\u00a0 In case you have the slightest doubt over how bad this is, read the following: Bank of NY Mellon [BK\u00a0 24.06\u00a0\u00a0\u00a0 -0.59\u00a0 (-2.39%)\u00a0\u00a0 ] announced … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-956","post","type-post","status-publish","format-standard","hentry","category-latest-headlines"],"yoast_head":"\nJOY IN THE MORNING! - SCOTS HONOR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scotshonor.com\/?p=956\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JOY IN THE MORNING! 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