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Old 02-15-2018, 08:10 PM
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finnbow finnbow is online now
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Join Date: Oct 2009
Location: MoCo, MD
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A massive deficit will be President Donald Trump's legacy, financial strategists are warning as the U.S. budget is expected to rise to accommodate the government's spending plan.

"My view is that this fiscal expansion is probably the most foolhardy escapade in modern economic policy history," Albert Edwards, an ultra-bearish global strategist at Societe Generale, said in a client note Wednesday.

While agreeing that he felt U.S. corporate taxes were anomalously high, Edwards criticized the timing of the fiscal stimulus as "utterly ridiculous" and warns it "will only accelerate the collapse of U.S. financial markets as the Federal Reserve hikes rates even more quickly."

With the current growth picture in the U.S. unemployment at a 17-year low and wages and company earnings steadily strengthening a double-dose of fiscal stimulus is the last thing that is needed and threatens to seriously overheat the economy, numerous analysts and politicians are saying...

"U.S. wage and price inflation are rising briskly, putting intense downward pressure on financial markets," Edwards said in the note, adding that "the post-mortem will identify President Trump's ludicrously timed fiscal stimulus as a key trigger for the collapse."

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