“The US supremacy as the top world economy will end sooner than many people believe,” CEO of Rivington Street Holdings, Tom Winnifrith told CNBC during Monday’s interview.
After Winnifrith reminded CNBC that sterling was the world’s reserve currency in 1900, but by 1948 the British Empire collapsed, he had this to say,
Today’s report from MyWay, “A deeply unpopular Congress is bolting for the campaign trail without finishing its most basic job – approving a budget for the government year that begins on Friday. Lawmakers also are postponing a major fight over taxes, two embarrassing ethics cases and other political hot potatoes until angry and frustrated voters render their verdict in the Nov. 2 elections.”
But if Congress didn’t approve any budgets, how are they going to pay themselves?
“As a last necessary task before leaving, both the Senate and House passed a temporary spending measure needed to keep federal agencies operating when the new budget year starts.”
With their House and Senate majorities on the line, Democratic leaders called off votes and even debates on all controversial matters. “It would be one thing if you have a chance to pass something, then by all means have a vote,” Sen. Joe Lieberman, I-Conn., said Wednesday. “But it was pretty clear that it was going to be mutually assured destruction.”
One foot out the door, the House and Senate convened just long enough to vote on a “continuing resolution,” a stopgap measure to keep the government in operating funds for the next two months and avoid a pre-election federal shutdown.” The Senate late Wednesday approved the temporary spending bill 69-30.
“We may not agree on much, but I think, with rare exception, all 100 senators want to get out of here and get back to their states,” said Senate Majority Leader Harry Reid, who is locked in a tough re-election fight against Republican Sharron Angle in Nevada. They also head home without what was supposed to be their closing argument of the campaign, an extension of Bush-era tax cuts for families making less than $250,000. “If Democratic leaders leave town without stopping all of the tax hikes, they are turning their backs on the American people,” said House Minority Leader John Boehner.
Recession did NOT end in 2009: HERE
Phony jobs claim: HERE
Hundreds of $ billion sent overseas: HERE
US Debt clock: HERE
Read more: HERE
Hat tip: MyWay