“The boom, not the slump, is the right time for austerity at the Treasury.”
John Maynard Keynes, 1937
Light volumes and the markets were in the profit-taking mood on the back of JPM's slam on metals.
Anyone who was surprised in the least by the Super-Committee's inability to reach a deal should not be allowed to roam about without a chaperone, as they might hurt themselves.
The whole point of the Super-Committee was to fail. It's failure is a useful tool for the politicos in the Beltway. It allows them to put military spending cuts on the table and point fingers at each other until next November.
