President Bush, China and Alan Greenspan are all tied in together this evening.
And that's the subject of the Talking Points memo.
Another terrible day on Wall Street as corporate profits are in the tank. China is being annoying and dark clouds are gathering on the economic horizon. Everyday there are more layoffs, prices for energy and food are rising and Fed Chief Alan Greenspan seems confused and apathetic.
As you know if you watch The Factor I am blaming much of the recession on Mr. Greenspan who's tight money policies were inexplicable last fall when the first signs of a slowdown emerged. Greenspan and his group have badly damaged the U.S. economy and as usual the power brokers in Washington are loathe to criticize them.
Remember, the powerful always protect each other.
Greenspan should resign and if he won't do that he should be ordered by Mr. Bush to hold a press conference explaining the dire economic situation and what the Fed is prepared to do about it.
The declining economy has weakened President Bush in his dealings with China. Quite simply we need that market. It would be disastrous economically to begin a cold war with the Chinese.
That being said, we can't allow China to hold our servicemen much longer. This incident occurred over international waters and the Chinese have no right to confine our people. I believe a diplomatic solution will be forged but there is no question things are tense between the USA and the Chinese.
As for the economy, many of us are suffering as you know. But Talking Points has come to the conclusion that if you can afford to ride out this year there is some big money to be made in certain stocks next year. I could be very wrong about this but if you are ever going to take a chance in the market the next few months might be the time.
There are some excellent companies whose shares are very cheap. This is how fortunes are made. But be very, very careful. It is a stock pickers game and that is a dangerous game.
Once again, the Bush administration must turn things around in the next 12 months or say bye, bye. If the Democrats win Congress in 2002 say hello to President Gore, Kerry or Edwards. So expect some fairly dramatic action from the Bush people to try and stop the corporate bleeding. And that should revive the market.
In the meantime absorb the punishment and wait it out.
And that's the memo.
Most Ridiculous Item of the Day
Time now for the Most Ridiculous Item of the day.
Section 15.5 of the newly created Canadian divorce act says "conduct in a marriage should not be taken into account in the alimony decisions."
So Christine Alexander of Ontario wants some money from her former husband of 22 years David, even though Christine kind of misbehaved a bit.
In 1995, she shot Dave in the face with a rifle. For that Christine served just two years in jail.
Now she wants alimony and Dave's lawyer says he feels victimized.
I bet I also bet he thinks the whole thing is ridiculous.