These last two weeks have brought about a string of bad news on the market, with the Dow Jones falling 512 points yesterday...much of this has been psychological, though on top of real problems like a loss of industries to other countries.
The budget deal was reached, with both parties looking bad. This does not inspire confidence. Bad news causes more bad news and few are betting on a rally.
Ron Paul voted no on the compromise, which was a sensible move. But he is not in with the GOP hardliners who just wanted a tax break. He has real ideas about cutting silly things like the government borrowing from the government which is a big part of the debt...common sense does not prevail, why not?
He barely gets mention in the press. What does get mention is the warmongering scare tactics of Arthur Herman and Peter Brookes, who tell us in the Post that we need more money for the Pentagon...which lost $2.4 trillion - not million, not billion - trillion - by 10 September, 2001. Find the money lads and we can balance the budget; why ask for more money for an institution that cannot account for such sums? And that was before billions more got 'lost' in Iraq...
Michael Barone, in the same Murdoch rag, tells us that the GOP has no one with the high-level experience in foreign or fiscal matters that some contenders in the Democratic fields of 1968 and 1972 had. This clever wording avoid mention of Ron Paul - who is both on the House Banking Committee, and the House Foreign Affairs Committee...Barone makes it sound like none of the candidates have such experience, who really remembers the CV of the '68 and '72 Dem candidates?
With this much self-serving and selective information, or disinformation in the press, it is possible that a candidate WITH financial and foreign experience will be overlooked. The very tone of the Post's rants add to the gloom. But might that not be part of a Murdoch strategy? Kick the people when they are down, and then buy up shares cheap?
With or without help from the press, we are in for more selloffs on Wall Street, the summer is usually a time of slow trading and losses, so we have another month of this. Not that the usual September rally is a given either, so we may be in for many months of it all. The best thing for the economy would be to get some good news, and having a candidate with the experience of Ron Paul, however he does not, in Mr Barone's opinion - measure up to the unnamed and long-forgotten Dem candidates of yore, who by the way both lost to Nixon - would possibly bring a measure of confidence; both in his ability, and in his honesty. That last a rare trait in a politician these days. Actually both seem to be rare traits; ones we need, and can get in with Ron Paul.