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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (12174)12/23/1997 8:18:00 AM
From: Tommaso  Read Replies (1) of 94695
 
Looks to me as if very little will happen today.

In my entire life I have never seen such complacency about the state of the United States economy. To make the familiar comparison again, the closest it's ever been before must have been about 1928 and maybe a few intervals during the "Gilded Age" of the later nineteenth century. There was more arrogance in the 1950s and 1960s, when we had a big trade surplus and a large fraction of the world's gold, but less complacency because the Depression was fresh in the memory of the majority of adults.

In the local newspaper's editorial section economics is a forgotten topic, except for vaguely humanitarian notions of cutting sales taxes as regressive--a view unsupported by either monetarist or Keynesian economic (Keynes thought governments should raise taxes during prosperity). I favor sales taxes because they are to some extent avoidable. If you don't need it, don't buy it and you pay no tax. Or you buy something at half price and pay half the tax. Reckless spenders pay more taxes.

But as some of us on this and other threads fear, the country may be sleep-walking into deep financial trouble--and many people may wake up to find themselves much less wealthy than they had believed they were.

But not today. The dream goes on for today. Or so it looks like to me.
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