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Strategies & Market Trends : P&S and STO Death Blow's
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To: Jeff who started this subject12/9/2002 1:28:06 PM
From: Softechie  Read Replies (1) of 30712
 
Cramer hitting on the head! New Stimulus Package Provokes Negative Response
By James J. Cramer
12/09/2002 13:08
Why isn't the market liking this new stimulus package? Because the market isn't stupid: It knows that the package is only about cutting tax rates for the rich, and that won't jump-start anything.

Look, I'm familiar with the debate about whose taxes should be cut and when. I think it is amazing that the debate always centers on which group of rich people should benefit.

The reality, of course, is that the problems in the system -- overabundance of debt and capacity in telecom, tech and finance -- won't benefit one whit from cutting taxes for the rich, middle income or poor. The tax-cutting debate is so ethereal and stupefying vs. what should be happening that we all recognize that nothing good for the market is going to come from it.

But everyone keeps talking about it and expecting it to have an impact on the market. The only part that will have any impact at all will be a shift away from the double taxation of dividends, and frankly, I still don't think that's in the bag. And that's the reason the market continues to drift in spite of what looks like good news on the stimulus front.

The wrong client's being stimulated!
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