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-- Posted Tuesday, 10 February 2009 | Digg This Article | Source: GoldSeek.com
Traders have given President Obama's first press conference a tepid response, although the selling Monday night looked more like a shakedown by clever buyers than an attempt to discount bad news. The E-Mini Dow futures were off as much as 100 points as the President spoke – although not, we would surmise, because he surprised or disappointed anyone. In fact, most of the questions, even the one asked by the AP's battle axe, Helen Thomas, were pretty tame. Amidst the worst economic crisis since the Great Depression, Obama found time to address Alex Rodriquez's apparent use of steroids. While there is no question that this continues to be a serious issue for Major League Baseball, in the context of the catastrophic economic news that has dominated the headlines, A-Rod's confession could probably qualify as comic relief -- or just plan relief, if you're Barry Bonds. We're not sure we're ready yet to ascribe the trait of arrogance to the new President merely because he has been insinuating that anyone who opposes his economic stimulus package is practically an enemy of the state. If so, then Lew Rockwell would qualify as Benedict Arnold. At his web site, Rockwell was comparing Obama to Bush, post 9/11, asserting that the ex-President had come to the office feeling that he was entitled to start a war. Similarly, says Rockwell, Obama has been acting as though he thinks he's entitled to a blank check for a trillion dollars, so that he can launch his own version of FDR's New Deal. For his part, Obama denies that he envisioned spending his first weeks in office pushing a massive spending bill through Congress. Whatever he envisioned, he seems absolutely certain that more government, and vastly more spending, is the only way to address the problem. Politically speaking, he may be right, since no U.S. president could afford to be perceived as doing little or nothing, considering that the economy is in a death spiral. But we wonder how many voters share our skepticism that it will work. It is reasonable to ask whether stimulating more borrowing can possibly be the cure for a credit collapse. On this question, we are grateful for the fact that the Republicans are not simply rolling over. (If you'd like to have Rick's Picks commentary delivered free each day to your e-mail box, click here.) *** Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers' initials will be used unless express written permission has been granted to the contrary. All Contents © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Tuesday, 10 February 2009 | Digg This Article | Source: GoldSeek.com
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