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Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up we’ll continue our discussion on sound money with none other than Tom Woods – a great historian and author as well as a tremendous political and economic commentator. Tom shares his thoughts on why the Founding Fathers recognized the importance of including gold and silver in our monetary system and why it’s essential for you personally to consider owning some to protect yourself against what lies ahead. Don’t miss a sensational interview with Tom Woods, coming up after this week’s market update.
Well as Congress approved a budget deal and passed a new healthcare bill, precious metals markets got slammed. Investors saw fit to dump gold and silver as the uncertainty surrounding a potential government shutdown dissipated.
But the $1.16 trillion spending bill that the Republican-controlled Congress approved has left many conservatives and many Trump supporters feeling betrayed. Conservative talk show host Rush Limbaugh railed against Big Government Republicans for selling out Trump voters.
Rush Limbaugh: If I'm the Democrats, $21 billion, $15 billion for defense that was not originally authorized, that's a small price to pay for continuing to fund refugee resettlement, continuing to fund Planned Parenthood, continuing to fund sanctuary cities, continuing to fund the EPA and not build the wall. The Democrats clearly think this is a big win and they're confident they can block Trump's agenda after this spending bill for the rest of Trump's term. There isn't anything of the president's agenda in this budget and people are beginning to ask “when's that going to happen?”
GOP leadership essentially gave Democrats everything they wanted on the spending side in exchange for Republicans getting the ramped up military spending