Friday, December 09, 2011

Like watching paint dry

Nearly thirteen years ago on December 21, 1998, the S&P 500 index first crossed above 1200. Today it's hovering around 1250. Lately the S&P has been reluctant to pick even a medium-term direction - for the past 15 months it's been stuck between 1100 and 1350.

Trend lines blah blah blah 1175 yadda yadda 1250 whatever.

Thursday, December 08, 2011

The President opposes Capitalism

In between some token nods to innovation and hard work, the Teleprompter allowed the 44th President of the United States to boldly proclaim that free market Capitalism doesn't work and has never worked. I'll let readers draw their own conclusions.

"The market will take care of everything", they tell us. "If we just cut more regulations and cut more taxes, especially for the wealthy, our economy will grow stronger. Sure," they say, "there will be winners and losers, but if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And," they argue, "even if prosperity doesn't trickle down, well that's the price of liberty." ... We have to admit it's [a theory] that speaks to our rugged individualism and our healthy skepticism of too much government - that's in America's DNA. ... But here's the problem: It doesn't work. It has never worked.