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 !