Dave in Denver writes:
"The declining state of the economy, as I've been explaining for a while now, is starting to finally manifest in economic and financial reports. As most of you know, corporate earnings for the 3rd quarter have been pretty dismal, with lots of earnings "misses" occurring.
"Second, the Government released its "income statement" for the month of October, the first month of the Govt's Fiscal Year 2013. It showed a $120 billion deficit, substantially higher than was expected and estimated and higher than October 2012's $98.5 billion. Here's the LINK The Government is saying "technicalities" led to a higher deficit. But the OMB didn't seem to know about those technicalities when it projected a $113 billion deficit a couple of weeks ago. Where were these seasonal "technicalities" last year? I smell an accelerating spending deficit coming, which means more printing! ..."
Click through for the rest and for an insteresting chart.
Via Hal
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