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Strategies & Market Trends : Waiting for the big Kahuna

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To: fred woodall who wrote (88554)	7/6/2009 4:14:35 PM
From: Larry S.	4 Recommendations Read Replies (1) of 94695

Fred, Your stock market savvy exceeds anything I can hope to achieve but your memory of the Carter and Reagan years are quite different than mine but then I was in my 50s and focussed on means of transmitting bits on wire pairs. I also know what a real recession is because I grew up during one. It makes me a little angry when I think about the world my Grandchildren may experience because of the path Reagan started us down. Reagan talked a good line and was clearly well intentioned but he didn't eliminate the Unified Budget as real conservatives expected. He kept it to help hide the deficits. He maximized its impact by raising the payroll tax rates to create a large SS revenue surplus. He completed the deregulation of telecom which stimulated the worst period of mal-investment the world has experienced. And he benefited from Carter's appointment of Volker but replaced him with Greenspan, who took advantage of Volker's efforts and activated the printing press In addition, if you read the Daily Reckoning, you would know that it was largely the actions of the BIS that bankrupted the Soviets. Reagan's actions helped but he receives more credit than he deserves. I recently read where, before Reagan, the contribution of the financial related part of our economy to corporate profits was only 16 percent but it is now approaching 50 percent. To me this is just as telling as our growing debt. The illusion of a good economy during the past 25 plus years have been based on borrowing. But, it isn't just the debt that must be dealt with. We have reform and take away to power of Wall Street. I agree that the game is up. But I don't blame Obama, though I don't agree with his policies, as he wouldn't be there is it weren't for the mess created since 1980. Larry

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