EDITORIAL: We can't afford this government

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Written by Steve Meyers

Friday, 20 August 2010 08:14

Whether by design or incompetence, the Cloward-Piven Strategy lives. Named after two leftist professors at Columbia University, the scheme calls for overwhelming government obligations to the point of collapse, therefore providing an excuse for a radical government takeover of the whole economy. Three news stories yesterday show the Cloward-Piven day of reckoning is creeping perilously closer.

First came word that new jobless claims last week jumped above half a million, a number so large that one economist said "it looks like the economy ran into a wall." Second came a Congressional Budget Office estimate that this year's federal deficit will be well above $1.3 trillion for a second straight year and remain above $1 trillion next year as well - causing as much debt in three years as government built up in the previous 219. READ MORE

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Ron Rebner

|2010-08-20 09:17:26

We cannot tell too much from volume because of options expiration. It is running high, especially on the NYSE. A/D is running at 4 to 1 negative on the NYSE and about 2 to 1 on the NASDAQ.

Ron Rebner

|2010-08-20 09:34:40

The $ rally is on top of the very poor economic enviornment. The gap between the current and future economy and the stock market is starting to be filled but, it has a long, long way to go.

Ron Rebner

|2010-08-20 09:48:06

Steve. With options expiration today, do you think the big boys will be able to keep this market up? When is the settlement of the options, at the end of the day? Thanks.

SteveM

|2010-08-20 09:50:35

At the end of day. Take a longer term view. It doesn't matter if they keep it up today, the direction will be lower in the weeks to come.

Ron Rebner

|2010-08-20 10:02:30

Agree 100%. Just curious about what you were thinking given they like to hold the market up for their benefit.

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