Late Friday, the White House released its updated forecast on economic growth for the next few years. You may not be surprised, but they lowered their forecast for this year and subsequent years. These forecasts are largely symbolic, but the key is the admission of slow growth for many years to come. The positive spin is interest rates stay low resulting in America paying $770 billion less in debt services. Such silver linings become excuses or cover to add on even more debt.

Currently the Atlanta Fed sees 2Q GDP at 2.4%, which is lower than their mid-June estimate, but inflation is running hotter. This could mean it’s going to be hard to have our cake and eat it, too.

It’s a bet on the Internet of Things, which will be huge. I’ve been in many of these names, and while it’s been too early for most individual investors to absorb the ups and downs, the fact is, Soft Bank paid a huge premium because it’s a smart company. The morale of the story is it’s time to consider your long term goals in a manner that matches the long term thinking of successful companies.

We are going to keep our powder dry this morning.