It's the economic nightmare scenario: foreign investors suddenly decide to invest in fewer U.S. assets and begin to sell-off those that they already own. Under this scenario the dollar would plummet, stock prices would plunge and U.S. interest rates would soar. Eventually, as the U.S. becomes unable to afford to buy all those imports, global economic growth stalls plunging the world into an economic depression.
Who dat trash talkin the U.S. economy? Why it's Alan Greenspan, that's who.
Meanwhile, Congress increased the Federal debt ceiling and passed a record Federal spending bill.
But before passing the spending bill they first attached a rider that would make it easier for doctors to refuse to perform abortions for their patients. The abortion language, completely unrelated to the spending bill, bars federal, state and local agencies from withholding taxpayer money from health care providers that refuse to provide or pay for abortions or refuse to offer abortion counseling or referrals. Current federal law, aimed at protecting Roman Catholic doctors, provides such "conscience protection'' to doctors who do not want to undergo abortion training. The new language would expand that protection to all health care providers, including hospitals, doctors, clinics and insurers.
I could not make this stuff up.
The Economic Times (India) - Greenspan joins IMF in urging US to live within its means
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