Quote from Pa(b)st Prime:
That's not the 'underlying" precept of my argument at all. If you don't see the electorates penchant for benefits as a destructive fiscal exercise then you should buy this little break in ZB.
Just like Lehman wishes they'd have a big bonus pool this year the market has denied them. Just as American's want their big benefit pool the credit markets will deny them. Tax increases and other revenue enhancements are the short term funding gap equivalent of lipstick on a pig. Over the LONG HAUL there will NEVER be enough revenue to pay off the cost of our rising retirement obligations.
If I was without market view perhaps I'd be more conciliatory toward Obama voters. Instead I have an EXTREME market bias. I expect a chart of ZB to look much like a chart of Citi in 2 years. When that happens it'll be a world so new for the Federal government that there'll be rioting in the streets.