Thu, 05 Mar 2009 17:21:39 +0000 – By Mark JosephProducer/Author/Editor, Bullypulpit.com
My stockbroker finally convinced me to get out of the market. I was hanging on to the old adage that what goes down must eventually come up. I still agree with that, but I think it could be a decade or more before recovery happens. Why? Because, stock novice that I am, it seems to me that Obama and the markets are playing a game of chicken.
The only question now is how low will the markets have go before Obama gets the message they are trying to send him? 5,000? 4,000? 3,500? My bet is the latter. At some point a rational person would think that the president would realize what's going on and concede that this is not the time to increase the tax burden on anybody--rich or poor. How low must our passive-aggressive money men and women drive the market before our president gets the message?
Mark Joseph is a producer, author and the editor of Bullypulpit.com.