Well, the president is on vacation at Martha’s Vineyard, and here I am, not on vacation. I talk constantly and no one listens. I think I am helping the economy. I deal with all kinds of unreasonable people (and that’s my family just for starters), and … OK I don’t have the Secret Service, or Air Force One. I have car one, which moves at some speed. So what’s the difference? Oh, he’s the president and I’m a putz!
With all of the uncertainty, the Republicans, the Democrats and the president’s surrogates are all focusing on politics. But if we are as a country to make any real progress, we need to put aside political issues and do what is right for the country. Of course, that is not going to happen. The Democrats believe that the way to reduce the budget deficit is to spend more and more. The obvious fact that more spending increases the deficit seems to be lost on Democrats. And the Republicans, while wanting to reduce spending, refuse any tax increases. (At the Republican presidential debate last week, the candidates were asked whether they would approve of a plan with $10 of spending cuts to $1 of tax increases, and unanimously, the candidates rejected that.) In order to have a $1.4 trillion impact per year on the federal budget, obviously, there has to be tax increases. The question is, what kind of tax increases? Taxing the rich is convenient, but does not generate nearly enough money. I have already written extensively on my recommendations. You can review them at arnoldsramblings.com if you are so inclined.
I have a question. Michael is starting to lose weight because he is hungry. We are seeking suggestions as to how to monetize Arnold’s Ramblings. I will give you the salient facts. According to our Web host, we have about 75,000 unique hits a month, and that is on top of the thousands of Arnold’s Ramblings we send and are passed around. So, based on these numbers, our total readership is about 100,000, give or take. Please help Michael — he may ultimately become thin!
The DJIA should rally significantly soon, and go back to around 1,200 on the S&P.
Gold should be correcting, but may hit $2,000 first.
Oil is now in a new trading range, between $80 and $90. Oil will have to go through one way or the other to determine a true direction.
The dollar has been trading quite well, and should continue to rise, unless QE3 is announced, and then the dollar would fall.
Interest rates are ridiculously low and should rise. When S&P downgraded U.S. debt and rates fell, that did not make any sense.
Real estate pricing is still falling.
The economy is still weak, but could have a short-term rise into the fourth quarter of 2011, and possibly into the first quarter of 2012.
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