See my post of February 13th. I predicted the stock market would drop below 7,000, and it has. I also suggested it may get as low as 6,500 by March 1st. The Market was closed March 1st and this is March 2nd and, as I write this, the market is hanging around 6,800 with three more hours to trade. It will hit 6,500 sometime this month, probably today or tomorrow.
Will it get into 5,000 territory? I won't rule it out. 4,000? I won't rule that out either. 3,000? I seriously doubt it will get that low.
The problem is, the more money you throw into the fires of "stimulus" and "bailout," the more the total will be, (plus interest), that will have to be repaid; Obama has made no secret of his intent to increases taxes on "rich" and "big business" in general. So, the more money he throws into the fires, the faster investors are withdrawing and/or canceling plans for future investments and business growth.
Ironically, in this process he's financially killing innumerable retirement plans, throwing now retired people into economic disaster and wiping out savings.
Obviously, he and his advisors collectively know less about the national economy than Bush and company, and we all know that the latter was a litter of economic imbeciles.
No comments:
Post a Comment