Wednesday, November 14, 2012

The Money Votes

I don't know if you've been watching the Dow averages, but it has been steadily sliding since the election.
Nov 6 close 13245.68
Nov 7 close 12932.73
Nov 8 close 12811.32
Nov 9 close 12815.39
Nov 12 close 12815.08
Nov 12 close 12756.18
Nov 14 now 12570.95

The country voted on Tuesday, the money is voting now.  Gold is currently trading at 1725.90 per ounce. You might notice that the administration is pushing for higher taxes on the wealthy.
Obama has been pressing to let the George W. Bush-era tax cuts expire at the end of the year for the wealthiest 2 percent of the nation’s households, a tax hike adamantly opposed by Republicans. But Carney suggested that even the revenue generated by letting those tax cuts end would not be enough to tame the national debt and reenergize the economy.
It is refreshing to see Carney saying that the letting the Bush tax cuts expire won't be enough to tame the debt and energize the economy. The only way to do that is to cut spending. Drastically, to the bone. Entitlement cuts by the bushel. No, he wants 1.6 trillion in new taxes. The money folks can see which way this debate is going, and they're dumping stocks.

1 comment:

Rivrdog said...

...add to that the EU situation, the Iran situation, the Israel/Paleoswinian situation, etc, and why there isn't a full-fledged "flight to quality" in progress, I'll never know.