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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (3665)8/1/2002 12:05:37 PM
From: mt_mike  Read Replies (2) of 89467
 
They absoluteley painted the tape. How many last hour 200 point rallies can you have. Most people are blind to this fact. In my office in the last week I get 2 or 3 people stopping by my office to ask me if I saw how the market finished and telling me that a strong last hour rally is a good sign.
That GDP report yesterday all but confirmed that we will not recover this year and are headed for another recession. Add the dismal consumer confidence number and manufacturing report this morning. When the next round of layoffs start, probably by late fall even then the economists will get it. Steve Roach has been correct all along and he sees a double dip.
Maybe increased government spending in a prolonged war with Iraq will save us. I doubt it though. Maybe Bush should just try and exercise a little fiscal restraint.
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