Friday, July 29, 2011

perfect storm (-1.01%)

It's 9:56 am est and the Dow Jones Industrial Average is down 1.o1%. We expect to see it down 5% by the close. Just for the record.

It's an avalanche of bad news.

[We've been known to be early. The avalanche continues.]

Yeah, so maybe we get a bounce if a "deal" is reached. But too much damage has been done. The world is aware that there are no spending cuts on the table and our economy is in no condition to generate tax revenue increases.

Eliminate obamacare, institute some meaningful tax cuts and incentives to job creators, and then it's off to the races. But if that doesn't happen...fuggedaboudit.


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