Due to an extended workday Thursday I was unable to post. Please don't post angry comments because I missed one day, I know it was hard to go without new material when its as good as this! (You know I'm kidding)
Pretty lame week for the markets, boring I mean. The intra-day reversal was wicked pissa on Thursday, and the best commentary on the week as a whole can be found at Market Ticker:
The host of Market Ticker would like his readers to do more to alert their elected officials that things are not cool the way they are doing things, and If that blog goes away that will be a real loss and reason to be upset.
Calculated Risk has a collection of abysmal ABX charts up today, and the comments section is always a great place to learn things:
My only thought for today is about Tax Increases in the current economic atmosphere. Mish of course covers all the details today:
I think the illusions being spun to the masses are starting to lose their hold. The point of Economic Disconnect is of course to rush that process. As I read all the proposed major tax increase plans (and I'm from Taxachusetts, no stranger to spending silly money) and see California issuing bonds like they are candy, I see another coming Disconnect that should rear its ugly head in the next 5-10 years. Almost all tax increases are needed to cover various entitlement plans and government job benefit requirements. The average person that works in private industry, that paid for college themselves, does not use any of the so called services the government provides, and does not have 50 plus years of government job retirement benefits coming to them, is going to be really bored and angry when they are tapped to pay for all this stuff. I know, this has been predicted a bunch of times, but never before has so many been so indebted that even a 5% income reduction by higher taxes could break them.
Something to keep in mind about government job holders: How do you think they will vote if job cutting proposals and cost cutting measures are suggested? Looking at the jobs numbers over the last year shows that places to eat and the government is the only hiring game in most towns. Maybe as high as 25-30% of the voting public has a vested interest in keeping government jobs and benefits coming, no matter the cost to the other folks in the country. This is not a political statement, all parties are desperately guilty in this fashion. Just something to keep in mind when they come to take your wallet.
Enough financial stuff. It's Friday! Super game on Sunday with the undefeated NFL Patriots and Cowboys going head to head. New England is possibly the scariest team I have seen in watching football for 15 years, and I predict the final score: Patriots 38 Dallas 20 in a fast paced game.
Friday is fun day so a little rock blogging to get you in the mood for mayhem.
(Note: I post tunes I like, don't care about a bands political stand, criminal activity, drug use, etc so don't bother getting upset if there is some band you hate for some reason here)
Motorhead "Ace of Spades" killer bass line, wicked drums
Def Leppard "Bringin' on the Heartbreak" great vocals, great tune
Pantera "Mouth for War" one of the sickest song intros ever
Have a great weekend!