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August 02, 2012

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HOLD ON TO YOUR GOLD! This morning the Fed Chief from Boston on CNBC advocated a policy of open ended QE. Now that is a short version of saying print money in whatever amount and for however long we need to until we get the economy growing at a rapid pace. When asked what that mean't for the Fed Balance Sheet he said that under the Fed's mandate it can print money and buy bonds and mortgage backed securities unti they all are on the Fed Balance Sheet if they want. OMG: With a President in mothballs and a dysfunctional Congress the new economic policy of the US could be a Fed in full out quantitative easing. Left unsaid was that might be necessary to get this President reelected. With a Congress and a President pushing for more spending and a Fed printing money to pay for it the future is clear: dramically rising interest rates and inflation. Forget the years of Clinton this is clearly the path we followed Jimmy Carter down the trail to disaster. The new Obama economic policy can be named the "Rumpelstiltskin Policy".

TODAY'S MARKET JUMP: I suspect a serious mis-read in the 'spike'. Unemployment actually increased to 8.3%. For many awaiting a clear Romney 'signal'to re-enter; this was it. I don't see any other reason. Nothing from Europe; Greeece actually is pushing for extensions in their supposed 'reforms'. As usual 'The Lame Stream Media' might be at it again. Maybe they had better stay with the 'Chik Fil A ' bulletins.

TODAY'S MARKET JUMP: I suspect a serious mis-read in the 'spike'. Unemployment actually increased to 8.3%. For many awaiting a clear Romney 'signal'to re-enter; this was it. I don't see any other reason. Nothing from Europe; Greeece actually is pushing for extensions in their supposed 'reforms'. As usual 'The Lame Stream Media' might be at it again. Maybe they had better stay with the 'Chik Fil A ' bulletins.

TURNING TO 'STARBOARD': As announced this AM on 'The Mike Gallagher Show'; North Carolina polling is showing a 5 pt Romney 'lead'. This following a memorable suggestion by the Governor (months ago) that a "postponement of the National Presidential Election might be considered". Shortly thereafter announcing her resignation at the end of the term.

SOMETHING GOOD? Today's numbers on job growth gave hope to a starving stock market. Up 163,000. Hopefully, it will be the beginning of a trend toward hiring. But, July is historically the second highest seasonally adjusted employment month of the year. Let us hope we begin to grow again. Unfortunately, wall Street numbers show declining revenues and increasing profits. That is a short term positive. Decling revenues have to lead to job cuts when combined with increased profits created by job cuts. In Virginia we are seeing federal contractors laying off some people associated with their Federal work. Perhaps the extension of federal budgets through the election will help minimize it.


SENATE: Here in Virginia , Bill, it is hard to get a grip on the election as George Allen is not really exciting the Republican crowd as an old politician from days gone by. A new face might have been better. However, he could very well benefit from the turnout ratio as Republicans seem hell bent on getting to the polls to make a change at the top. I know many small business owners and union workers who voted for Obama who will vote Romney this time. And, I know some Democrats who voted for Obama who do not want to vote Republican who will stay home so there is hope no matter what the polls say.

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