-By Warner Todd Huston
“The debt deal was a bad deal…”
We were told that the country was about to collapse like the Weimar Republic or the Soviet Union, even, if Washington didn’t get that darn debt ceiling hike done. Yet, even as President Obama was signing the very bill that was supposed to save our faltering economy, the DOW tanked closing down 512 points.
I had a chance to talk with Fox Business Network’s Eric Bolling about this mess and, hoping for some happy news, found that Bolling was not so optimistic about the near economic future of our great nation.
Here is our exchange:
Warner Todd Huston: The DOW is now down over 300 (at the time of our conversation). We were told that the whole world would fall apart if we didn’t get this debt deal in Washington. Well, we got it, but we are still seeing a crashing DOW. Why is that?
Eric Bolling: I have been saying for months that Obama’s economy was going to dip back into recession. Most analysts disagreed; now it has happened. Obamanomics is failing right in front of our eyes with massive overspending of our means and an anti-business environment, it was just a matter of time before this happened.
WTH: Is this all based on the continuing bad jobs outlook?
EB: Yes, businesses aren’t hiring, debt is a huge burden, and we’re nowhere near out of this mess.
WTH: Is there any indication that the debt deal has had any affect on the markets?
EB: No. I said before the deal that it was a bad deal. We have a spending problem and this debt deal did nothing to address that
WTH: We are still being told to expect a “double dip recession,” aren’t we? Do you think that is in store for us?
EB: We are in it… just look around… don’t pay attention to the technical definition… it doesn’t matter
WTH: Any other statements on the markets as they stand?
EB: Make sure your tray tables and seat backs in the upright and locked position… we’re expecting turbulence ahead!
Well, folks, looks like the future ain’t so brite!
FOX Business Network (FBN) will present a special live edition of “The Willis Report” on Sunday, August 7, at 9 PM/ET. Host Gerri Willis will enlist a panel of experts to monitor the opening of international markets and offer insights on what to expect for United States markets in the week ahead.
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“The only end of writing is to enable the reader better to enjoy life, or better to endure it.”
–Samuel Johnson
Warner Todd Huston is a Chicago based freelance writer. He has been writing opinion editorials and social criticism since early 2001 and before that he wrote articles on U.S. history for several small American magazines. His political columns are featured on many websites such as Andrew Breitbart’s BigGovernment.com, BigHollywood.com, and BigJournalism.com, as well as RightWingNews.com, RightPundits.com, CanadaFreePress.com, StoptheACLU.com, AmericanDaily.com, among many, many others. Mr. Huston is also endlessly amused that one of his articles formed the basis of an article in Germany’s Der Spiegel Magazine in 2008.
For a full bio, please CLICK HERE.