Shakespeare wrote: “kill all the lawyers”, but lawyers are harmless compared to libertarians. While libertarians are champions of freedom and free-enterprise, they have also provided the ideology necessary for the multinationals to erase our national borders.
Without libertarian economists, it would have been much more difficult to fool the American people into thinking that free-trade with low-wage countries like Mexico, China, and India would be a good thing.
It is the libertarian economists who made it possible for 42,000 factories to be exported, and for millions of middle-class Americans to be converted into food-stamp recipients.
If you want to contribute to restoring the American Dream, fight the “libertarian globalists” like Steve Moore.
These people are already totally discredited. It is now only a matter of spreading the word. They told us that throwing open our borders to trade and immigration would lead to untold prosperity, and that clearly has not happened. In fact, the exact opposite has happened with a “Mad Max” era of history beginning in cities like Detroit and Camden, New Jersey.
Of course, free-enterprise and small government have always been American ideals, and should remain so. But trade policy and immigration policy must be made for the benefit of American citizens, not for the benefit of the “global economy” or to suit some rigid ideology.
As an ex-libertarian, I have read all of Ayn Rand’s books from cover-to-cover multiple times. I understand all of the arguments. And the libertarian scheme may have even worked if there weren’t billions of starving people in the Third World.
But there are.
The economic logic of international labor arbitrage now demands that companies offshore operations in order to survive. If your competitor has moved his production to Mexico and now has $2 per hour labor costs, you must follow suit in order to stay competitive. If you don’t, you are dead.
This nation made a political decision to de-industrialize. We must now rescind that decision.
That was a killer gap this morning, still going. Exhaustion?
g
its what i have been looking for all along
3 0f 3 to upside blast
point of recognition
SPX target of 2300+
soooooo easy
Phil – do you have a chart with your counts and projections?
Almost a double on SPX, that should get somebody re-elected.
randall….
this is prettty much what i see for the intial wave up to SPX 1600
http://caldaro.wordpress.com/2010/09/26/spx-bull-market-projection/
p
Is that 2300 before or after the gaps are filled?
2TH
sold more TBT this am
bought 10 yr notes
all in long on stock market ……no stop
g
i do NOT want to see todays gap filled until we burst above 1600
randall
tony has this wave as 1 of 3 of 3 up
i think it is 3 of 3 of 3 up
if tony is correct you will get a chance to get on board cheaper
if i am correct there will be an immediate upward acceleration
p
That’s rather ambitious (1600), but I wouldn’t doubt it.
2TH
bought back 1/2 TBT on this plunge that i sold into surge this am
g
the prior spx peak was around 1580
i just round it off
i look for bears to give up when we get above the twin spx peaks………..then we will get a DOOZIE of a correction!!!
nice rise of xlf, which i;m still keeping, but the above bullishness has me worried -ng-
zsl is again down but not getting creamed, no position for me…
after
sentiment is a poor timing tool..
in wave 3 of 3 the bulls are right..
look for absolute FROTHING at the mouth to appear before top
joe schmo will be pouring money in at the top ..he has just now stopped pulling his money out!!!
after
re ZSL
wait for gld to show if it really is in a diagonal triangle 5th wave
silver will have a hard time going up if gold is going down
Phil, thanks…zsl is over 10 now, couldashouldawoulda -g-
Normally, SPY would try an EOD bounce here but with that daily waazoopie gap, may try and fail.
StockCharts showing SPY with a wick on the backside with no gap. (!)
G, yes I agree with your 3:32.
After,
Couldashouldawoulda. I got pretty damned close to a fill. To bigga spread.
Gone all day, back to say thanks to Phil for the link and commentary.
When Democrats and Republicans gleefully joined hands at year end to pour liquid nitrogen on the federal deficit, I suspected it would not be long before cash = trash and every asset class would see a moon shot.
Govts will flood the streets with deficit spending and our Federal Reserve will exhort and finance the operation – with loads of credits and paper money.
Seems like everybody wins…right?
Randall, “most people” don’t own stocks or precious metals, so they are not going to participate in the rising tide of the mania described. The chasm between the haves and the have nots is going to get mighty, mighty wide if this continues.
P–nice moves on the TBT. If you weren’t on vacation last week, I’m guessing you made some sweet coin trading the HUGE bond market swings.
Phil are you expecting 1290 tomorrow?