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Budget Insanity, FOMC Down-Low, Oil Sands Investing and More!
Contrarian Profits (August 13th, 2009) Writes:
Government budget hits all-time insanity… record monthly, year-to-date deficits… “Cash for clunkers” helps GM, but not economy… July retail sales stage surprise fall… Fed plans exit strategy, ends bond buys… why the FOMC is still not helping you… Byron King’s crude reality: How Canada could be the next Saudi Arabia…
It’s official: Our government ran a record $180.7 billion over budget in July, the Treasury Department said today. That’s just a bit over Wall Street expectations and just under the Congressional Budget Office estimate we reported Monday. Thus the government tab so far this fiscal year is a record $1.27 trillion, not the record $1.3 trillion the CBO guessed earlier this week. Phew… what a relief.
A few more scary details:
The budget deficit is still on track to exceed $1.8 trillion by October, the end of the fiscal year. That would be four times last year’s record budget July spending rose to over ...Tags for this Post:
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Alberta, Alberta government, Australia, Bank, Bill Jenkins;, Byron King, Canada, China, Chuck Butler, Congressional Budget Office, conocophillips, contrarian profits, Department Of Commerce, Department of Labor, Department of the Treasury, drunken sailor, energy producers, Europe, Federal Government, Federal Open Market Committee, Federal Reserve System, finance arena, Fort McMurray;, France, gas usage, Germany, Greece, heavy oil, in-situ oil, Ireland, Italy, mark-to-market accounting, Market Commentary, massive open-pit oil, Master FX Options Trader, Media Attention, Obama administration, official, Oil, oil equivalent, oil output peaking, oil products, oil reserves, oil sands, oil services, Portugal, retail, retail gauge, Retail Sales, retail sales number, Saudi Arabia, Saudi Arabia, Schlumberger, Securities And Exchange Commission, Sp 500, Spain, sweet crude oil, Syncrude Canada Ltd;, Treasury, United Kingdom, United States, United States Navy, USD, Wal Mart, wall street
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