Wednesday, November 28, 2012

Stock Market

Just quickly: the market was up today and many were saying it was because the President addressed the fiscal cliff, and the need to avoid it. I must say, I'm amazed. It's one thing for largely uninformed voters to be taken in, but I would have expected the big brains on Wall Street to be a little bit more savvy. 

Today we have Obama saying, "I want to be reasonable and come to a bipartisan solution." That's just him, setting himself up as the reasonable guy. It's just words. Part two is: "Well, remember I was the reasonable guy, but these guys are extremists. I was even going to overlook their racism but they won't compromise."

***Update: For those of you too young to know:

"tax hike now, spending cuts later" = "tax hike now, The End"

Whenever politicians promise to take their medicine later, they're lying. "No, but this time we really mean it" is also a lie.


tomg51 said...

So unreasonable, extremist racists are not celebrated as diversity?

BDJ said...

The market likes this news because it keeps the easy money flowing. It's a short term win for Wall Street even if it's a long term loss for America and all its citizens.

lumberjack said...

I know, right? Hardly seems fair.

Ten Mile Island said...

You can't fight the Fed.


OMMAG said...

I have no idea what that top comment was supposed to mean.

Back to reality ... Governments neither create nor manage wealth and prosperity. They can and most often do the opposite and the current government of the USA is by far the WORST in the entire history of the nation. IN spite of this:

1- There is plenty of pent up demand for opportunities to move capital.
2- The current political climate is preventing that demand from being turned into economic growth.