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Below is a real-time response from a retired Wall Street executive to America’s decision to maintain a bloated budget deficit. There are more reasons than just inflation that are driving up long term US sovereign yields.

KM

Hedgeye Editorial

To: Keith McCullough

Subject: Back to the Future

Good morning –

God, Keith, they make me sick.  They, being the politicians.

The People spoke…..”Reduce the size of government. No tax increases to fuel more wasteful spending.”

As a response, the current Senate minority, supposedly on principle, said no to extending unemployment benefits unless there were offsets in the disgustingly bloated budget.

But, leave it to these monkeys. We now read this morning that, in order to secure a “deal” on extending the current tax regime, there will be an extension of unemployment benefits. Of course, sans offsets.

More of the same, the same, the same. It does not stop.

Yet, merrily we sing along as we get closer and closer to the precipice.

God save my grandchildren.

Warmest regards,

Mark