Good Morning All,
Welcome to the Reagan legacy, you must remember now, how the free market would provide wealth and jobs for everyone if it could only be liberated from the bonds of REGULATION, how the eighties became known as the greed decade wherein business schools, then and since, placed their emphasis on courses about balance sheet alchemy in lieu of economic history and ethics. These are those years folks (as Sarah would say) but stop worrying about them because they will soon be over, the pendulum is swinging back toward a more sane world and we are truly headed toward positive change.We are also witnessing the end of the "oil Presidency" but even as we do oil stocks have overdiscounted the next week, let alone decade. I leave you one example; Petrocanada will trade at less than 3 times earnings this morning and that is a current balance sheet number that does not include its oil and gas reserves or any other assets. It is one among many. As someone said this morning , "if the market went down as it did yesterday for another 10 days it would be worth ZERO".Look for a two to five hundred down opening followed by a mid morning turnaround that runs to a positive close....hopefully on huge volume.
If any of you caught the McCain Wisconsin rally on CNN you might have thought you had been taken back to the 1950's, except in color. The tone and tenor of the right wing talk show hosts has long bordered on lunacy but when it is encouraged by a major party candidate it becomes scary as hell. The racist rant is rising and when combined with the McCarthyist "guilt by association" program that has typified recent Sarah speeches we must be truly frightened for Obama's safety. This campaign is fast becoming one in which the party of hope is fighting the party of hate.
Bobby Kennedy was fond of saying that "20% of the people will be against everything all of the time", the problem in America is that 20% is heavily armed. There will be an ugly start to a day that will end on a very positive note.
Welcome to the Reagan legacy, you must remember now, how the free market would provide wealth and jobs for everyone if it could only be liberated from the bonds of REGULATION, how the eighties became known as the greed decade wherein business schools, then and since, placed their emphasis on courses about balance sheet alchemy in lieu of economic history and ethics. These are those years folks (as Sarah would say) but stop worrying about them because they will soon be over, the pendulum is swinging back toward a more sane world and we are truly headed toward positive change.We are also witnessing the end of the "oil Presidency" but even as we do oil stocks have overdiscounted the next week, let alone decade. I leave you one example; Petrocanada will trade at less than 3 times earnings this morning and that is a current balance sheet number that does not include its oil and gas reserves or any other assets. It is one among many. As someone said this morning , "if the market went down as it did yesterday for another 10 days it would be worth ZERO".Look for a two to five hundred down opening followed by a mid morning turnaround that runs to a positive close....hopefully on huge volume.
If any of you caught the McCain Wisconsin rally on CNN you might have thought you had been taken back to the 1950's, except in color. The tone and tenor of the right wing talk show hosts has long bordered on lunacy but when it is encouraged by a major party candidate it becomes scary as hell. The racist rant is rising and when combined with the McCarthyist "guilt by association" program that has typified recent Sarah speeches we must be truly frightened for Obama's safety. This campaign is fast becoming one in which the party of hope is fighting the party of hate.
Bobby Kennedy was fond of saying that "20% of the people will be against everything all of the time", the problem in America is that 20% is heavily armed. There will be an ugly start to a day that will end on a very positive note.
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