Friday, November 21, 2008
Stock bounce because of Treasury Secretary
For days I have been saying there are two things Obama can do right away to give some stability to the market. Of course any bounce in the market would most likely be ephemeral, but if Obama named a treasury secretary the market liked, you would see a bounce, and if he said he was not going to raise taxes, you would see even a bigger bounce. Well, he hasn't done number two yet, but he has done number one and the market seemed to like it.
Today the stock market went up 494 points because of the nomination of Timothy Geithner as treasury secretary. This is a good pick - read bloggingstocks.com Memo to Obama
Obama is planning the cap and trade scheme for the Global Warming fraud, (you know that scheme they are doing in Europe, and it has not worked) which is a tax on energy, but he can still decide not to tax capital gains and dividends or his so-called wealthy.
Now, Obama, come out and say "No New taxes."