Eight years from now Democrats will still be blaming all our woes on George W. Bush. Fact: In the last two years of the Bush administration Democrats had majorities in both the House and Senate. Fact: As Commander in Chief, Obama could have declared victory in Iraq a year ago and brought the troops home. I blame Bush and both parties for starting the Iraq war. I blame Obama for not ending it, as he promised. Fact: The new health care program is not free. All kinds on new taxes were created to (partially) pay for it. Of course, like all entitlements it will soon be found to have trillions of dollars of unfunded liabilities, despite the new taxes. The stimulus bills and bail outs started under Bush (with the full support of the Democrats). But they continued under the Obama administration, including the nationalization of General Motors. Bush is gone (and not missed). Get over it. Obama gets the blame now, that comes with the job.
Congress controls the spending...not the president. The budget has NEVER been balanced by a Democrat controlled Congress. The only time we've had a balanced budget was when the Repubs controlled both houses. Since 1945, there have been 33 sessions in Congress. The Dems controlled both houses in 22. The Repubs 6 and the rest split.
It is all over but the shouting. There is nothing Obama can do about it except run up the national credit card and file for bankruptcy. Wonder how long they can keep the long-bond from imploding?
Have you recently looked at a 1yr or 3yr chart of the 10yr? However the ten-year swap spread is actually NEGATIVE or right at zero right now. One metric shows the credit market is actually incredibly sanguine and the other shows that it is about to go on multi-year run in the other direction. I'm betting on the multi-year run Could possibly be the easiest trade one has ever made if one lets it run awhile.