Will History Repeat Itself ?

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Here is an interesting article regarding some of the eerie similarities between the politics / stock market back in 1937 and the politics / current stock market of 2010. Don Luskin, the column writer is a frequent guest and contributor on CNBC’s Kudlow Report. If he is correct and history does repeat itself then we may be looking at a BIG drop in the stock market some time in the near future.

I think that Peter Orszag’s (Obama’s Former Head of the Office of Management and Budget) approach that he outlines in his op ed piece a few weeks ago in the New York Times is the most appropriate way to handle the Bush tax cuts. 

Having recently read a book on Hebert Hoover and the Great Depression, I am reminded that one of Hoover’s biggest mistakes was worrying to much about the deficit / debt and raising taxes when he shouldn’t have. I hope President Obama doesn’t make the same mistake.

I caught Peter Orszag’s interview with Charlie Rose www.charlierose.com awhile back and he talked about some troublesome issues which are coming our country’s way as early as 2015. He touches on it briefly in his op ed where he says that the only way out of this mess is for us to raise taxes sometime in the near future. I can already hear the Republican’s screaming that President Obama is a “Tax and Spend Liberal” if the economy does recover in a couple of years and he decides to tackle the deficit. 

Being a recent retiree it looks as though the first few years of my retirement are going to be anything but a smooth ride, more like one of the old wooden rollercoasters that Bob calls a headbanger – hold on tight !

The Browns (Finally) Win One

I’m happy to see that the Browns got off the schneid yesterday.  They won their first game of the season, beating the Bengals at home 23-20.  As they have done every game this season, the Browns got a lead, but this time they managed to hold on for the win after Cincinnati came roaring back.  When crunch time came, the defense got some pressure on Carson Palmer and forced a punt, and the offense — led by the stout running of Peyton Hillis — got a crucial first down and ran out the clock for the win.

We shouldn’t get carried away with yesterday’s result.  After all, the Browns are 1-3.  From what I’ve seen of their games this year — and the Columbus CBS affiliate has twice shown the Bengals rather than the Browns when their games have aired at the same time — the Browns aren’t going to score points in bunches, and they are prone to getting burned through the air.  Even more irritating, they seem to commit dumb penalties at key points in the game, like yesterday’s unnecessary roughness infraction that allowed Cincinnati to get a late TD.  Still, a win is a win.

When you are 0-3, your principal goal is not to be 0-4.  The Browns accomplished that goal.  Four other NFL teams didn’t.  Next week Atlanta comes to town, and the Browns will be working to keep the ball rolling.