-- Posted Wednesday, 3 August 2011 | | Disqus
Rick’s Picks
Wednesday, August 3, 2011
“Phenomenally accurate forecasts”
Were we perhaps too hasty in condemning the debt-ceiling bill? Evidence surfaced yesterday that it may not be such a bad piece of legislation after all. First, stocks took their steepest dive in recent memory, sending the Dow Industrials 266 points lower. It was like watching a little brat who enjoys setting the curtains on fire and torturing toads get a good spanking. Then we came across the news story “Tycoons Laughing All the Way to the Bank” linked at the blog of one of our oldest, dearest – and most politically Progressive -- friends, Glenn Klotz. “The wealthy and their huge international corporations own Washington now and do as they please,” wrote Glenn, a conscientious man of the left, though perhaps no longer an Obama supporter. “Democracy is DEAD. The Republic is DEAD. In its place is a Corporate Plutocracy.” In other words, the status quo has been nicely preserved, snatched from the jaws of a Congress that briefly appeared hell-bent on – ugh! – fiscal reform.
So, if Wall Street fears the bill, and the hard left thinks Obama and the Democrats have sold out to “the rich,” then how bad can it be, really? A law that we can all hate for one reason or another sounds a lot better to us than one that has pleased, for starters, Harry Reid’s most devoted supporters. And did we mention that Rep. Bernie Sanders, the only declared socialist in Congress, voted against it? That kind of news deserves to be celebrated with a shot and beer, not debated. And consider a side-benefit we’ll all enjoy once Mr. Obama has signed the bill into law: The story will be off the front page, finally – replaced by news that the polar ice caps are still melting, that politicians and movie stars are still cheating on their wives, and that the tide of revolution in the Middle East still is not going well for the insurgents.
No Actual Cuts
We’re not sure what to make of the deal ourselves, but the prospectus that appeared here yesterday by Doug Behnfield drew many illuminating and provocative responses. Perhaps the most commented-on aspect is that it really doesn’t cut spending – it simply establishes a commission to make suggestions on how to forgo spending increases that would ordinarily be rubber-stamped by Democrats and Republicans alike. “I’m pretty certain that in the months to come, the so-called spending cut will turn out to be another case of a new spending increase that wasn’t allowed to happen,” wrote Benjamin, a regular contributor to the Rick’s Picks forum. Another regular, Robert, concurred: “Didn’t you read the Bill? That’s exactly what it is. There is not a single reduction in there, only the pledge to over spend less in some far-distant future. All anchored by this Super Congress abomination.”
Once again, we ask: If there’s something in this bill for each and every voter to hate, as would appear to be the case, can it really be that terrible?
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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 indication of future results, so let the buyer beware. There is a substantial risk of loss in futures and option trading, and even experts can, and sometimes do, lose their proverbial shirts. 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 © 2011, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Wednesday, 3 August 2011 | Digg This Article
| Source: GoldSeek.com
