Not a chance taxing the rich could bring the budget into line. It would be like trying to fill Lake Michigan with pebbles. Wouldn't even be noticeable Further, Kerry would likely create enough new government projects to consume any new tax revenues, and then some.
Nope, we're not going to have a balanced budget for another ten to 15 years, at best. Truthfully, any way, "We're farked."
What do you make of the SOX chart? We're gonna pierce the 100 day tomorrow with weakening RSI. Does it look like we could get a reversal tomorrow?
I'm thinking maybe drop 475-480 tomorrow then finishing well off the lows. Its just that the past week or so, it's felt way too easy to be on the short side. Most longs probably getting nervous about here. I didn't see much bottom fishing today near the close which would more than likely have been J6P, I think they tried it yesterday near the close and this morning. Tomorrow they panic and sell to the professionals who are waiting there to pick them up for a 5-8% bounce. Then sell they'll sell 'em back to the suckers.
Sound possible? Or should I go out and shovel more snow?
Thanks to all who sent me PM messages about my friend's son. He unfortunately died several days after his accident, and his funeral was on Monday.
At the service his brother read the following quote, which in his opinion reflected his older brother's attitude.
ATTITUDE by Charles Swindoll
"The longer I live, the more I realize the impact of attitude on my life. Attitude, to me, is more important than facts. It is more important than the past, than education, than money, than circumstances, than failures, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company ... a church ... a home. The remarkable thing is we have a choice every day regarding the attitude we will embrace for that day. We cannot change our past ... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the string we have, and that is our attitude ... I am convinced that life is ten percent what happens to me and ninety percent how I react to it. And so it is with you ... we are in charge of our attitudes."
I love that quote...very true IMO!
Thanks again for all of the messages from "the Island" posters... they were greatly appreciated.
Wrong. Bush's tax cuts for the very rich are 900 billion. That would go a long way toward balancing our budget. That's almost two years of Bush deficits and three times the cost of the war. Why would you say it's just a drop in the bucket?
Kerry and Biden offered a bill that the very rich give up 1/3 their tax cut to pay for the war. Bushies rejected it without debate. Why?
Also, that doesn't include rich estate tax cuts, dividend cuts and capital gains cuts. Add them all together and they're worth trillions of revenue. Why do you think the government is so broke now, and getting more and more broke. 2005's deficit is estimated to be a whopping 850 billion. That's way too much for anyone to argue it's acceptable. That's twice the GDP of India, the second biggest country on earth.