Thursday, October 23, 2008

Here's What's Coming, Folks

Barney Frank, on October, 20, 2008, said : "I think at this point there needs to be a focus on an immediate increase in spending which I think this is a time when deficit spending has to take a second seat...I believe later on there should be a tax increase. Speaking personally, I think there are a lot of rich people out there whom we can tax at a point down the road and recover some of the money."

Pray to heaven above! The Democrats have now been in power 22 months and this Congress has the lowest approval rating EVER registered in the history of polling.
(12%) And people, even some of my Republican acquaintances, say that Palin isn't qualified and McCain should have picked Lieberman, Pawlenty, Sanford, or Romney who Daniel Henninger of the WSJ, a man whose whose wisdom I greatly respect, called "plain-vanilla men" who would have approval from the medias "college of Cardinals", any of who would have totally killed the McCain campaign.

Businesses in the United States are paralyzed. They are worried about what will happen when the "spread the wealth" crowd controls the country. Only here in Peoria do we have a national company standing pat, few, if any being laid off despite the fact that the shareholders stock keeps spiraling downward, sinking to mid-nineties levels closing today at $36 and change from a fifty two week high of $84. A paper loss of $48 a share to stockholders who are "braving it out" as one older lady told me today. Whether or not Cat executives are "paralyzed" remains to be seen if they cancel bonuses, bonuses for what?, or take cuts in their pay in line with stockholders losses. Many of these losses are real, not just "paper" losses.

No consensus as yet whether the market, and Cat stock, has bottomed. Sure, after November 4 or "black Tuesday", a play on words, if Obama and his ilk sweep the elections and take total control of this country, public project spending will increase and the market will probably go up for a while. But eventually public spending will create a greater debt that will eventually overwhelm this country.

And some people are worried about Palin's qualifications. Give me a break!

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