Summary: Hey Santa, you didn’t build that! Topics Baseline budgeting – mechanized not legitimized The unreal-estate recovery Hey Santa! You didn’t build that! Charts Baseline budget shows under the fiscal cliff scenario, spending cuts only account for $9B (1.8%) of the deficit reduction. The remainder comes from tax increases. (Source: Robert P Murphy) Stocks, silver, and crude oil return double digits for the 12-month period ending in Oct. 2012. Video Links Tom Woods: Scared of fiscal cliff (not really) CBO.gov: 2012-2022 Budget update (pdf) Bloomberg: Home Prices in U.S. Rose More Than Forecast in October
