The Dow "Daily Tracking Poll" Will Soon Easily Drop Below 6500 Point Resistance Level

But it's just a tracking poll, you know. Has nothing to do with people's actual lives.

Besides, the profits and earnings ratios suggest this is a great time to buy.

Speaking of that:

For the cost of Obama's "stimulus" package and a couple hundred billion more, we could have implemented private social security accounts, paying the transition costs of this system rather than pissing the money away on studying turtle cocks. (Ah, remember the halcyon days when we thought $1.1 trillion in government spending was outsized and irresponsible? How young we were.)

Two big benefits:

A huge injection of capital into the markets, and

Millions of Americans would now have their own, owned retirement accounts, bought into the system when stock prices are near their bottoms.

Think about that last part. Investing in the markets when Bush proposed it turns out to have been a bad deal -- we would have been buying in at or near the top of the market. Now we'd be buying in near the bottom. (Only near, I fear; still, at 6500 points, the Dow blue chips have a lot of upside, and will probably go back to the 12,000 level within a decade. Not furious growth, but pretty solid.)

But Obama is rigidly ideological and won't even entertain such thoughts.

posted by Ace at 02:53 PM

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