re: CPI comes in hotter than expected, futures down 1%+

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It is kind of frightening how little ability there is in Washington to cut spending.

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They have all the ability in the world, they just don't have the desire.

Spending money helps elected officials in their eventual re-election efforts by giving them something to brag about to their constituents ("that new bridge I was able to get built" for example), something with which to leverage support from special interest groups ("I didn't do as much as you wanted, but I did more than my opponent would. Send me back and I'll keep fighting for you where they will work to shut you down") and funneling funds to groups and industries who will send some back to their campaign (for example: Lockheed Martin gives far more to incumbents than non-incumbents).

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It’s not going to happen though until there’s blood in the streets.

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Truer words... Sometimes I wonder if even that will do it for some of them.