There’s reason to be nervous, but not now.. at least not next year anyways.

Stocks are going to go through the roof if they manage to deal with this cliff thing, otherwise it will be postponed.

Look at what happened to stocks when the Fed opened the spigot around 98ish as Tepper mentioned in the vid. They bolted upwards.

This time the Fed has said they will add until the unemployment rate is 6.5%. This is like sitting at the bar and a 10 walks up to you and starts making out, out of the blue.

His Socialist mates in the OECD- who are constantly promoted as that great benchmark for us to emulate- will be proud.

TP,L, R2M, RP – your idol has done you proud.

But without such aspirations, theres nothing to restrain them now. They are abandoning their version of prudence and their mates love it.

BUDGET SPEECH
2012‑13

DELIVERED ON 8 MAY 2012 ON THE SECOND READING
OF THE APPROPRIATION BILL (NO. 1) 2012-13
BY

THE HONOURABLE [sic] WAYNE SWAN MP
DEPUTY PRIME MINISTER AND TREASURER
OF THE COMMONWEALTH OF AUSTRALIA

…

The four years of surpluses I announce tonight are a powerful endorsement of the strength of our economy, resilience of our people, and success of our policies.

Bwahahahahahahahahahahaha!!!!!!!!

Obviously, according to Wayne, the people just weren’t resilient enough…

The Government’s fiscal strategy

The Government’s fiscal strategy is designed to ensure fiscal sustainability while providing the necessary flexibility for the budget to vary in line with economic conditions to support macroeconomic stability.

The medium‑term fiscal strategy has remained unchanged since 2008‑09, the Government’s first budget.

The Government’s medium‑term fiscal strategy is to:

*achieve budget surpluses, on average, over the medium term;
*keep taxation as a share of GDP below the level for 2007‑08 (23.7 per cent of GDP), on average; and
*improve the Government’s net financial worth over the medium term.

Following its response to the global financial crisis, the Government committed to ensuring a timely return to surplus as the economy recovered to grow above trend by:

allowing the level of tax receipts to recover naturally as the economy improves, while maintaining the Government’s commitment to keep taxation as a share of GDP below the 2007‑08 level on average; and
holding real growth in spending to 2 per cent a year until the budget returns to surplus.
With the budget returning to surplus, the Government remains committed to allowing tax receipts to recover naturally as the economy improves, and to maintaining a 2 per cent annual cap on real spending growth, on average, until surpluses are at least 1 per cent of GDP and while the economy is growing at or above trend.

http://www.budget.gov.au/2012-13/content/bp1/html/bp1_bst3-01.htm

That medium-term is getting awfully long…has macquarie dictionary been contacted?