I am Amazed at our Own Stupidity

Do not be fooled by false promises. Our economy depends upon it:


1."McCain has vowed to wipe out earmarks, which are targeted funding for specific projects that lawmakers put into spending bills. As governor, Palin originally supported earmarks for a controversial $398 million Alaska project dubbed the "bridge to nowhere." But she dropped her support after the state's likely share of the cost rose. She hung onto $27 million to build the approach road to the bridge.

Under Palin's leadership, Alaska this year asked for almost $300 per person in requests for pet projects from one of McCain's top adversaries: indicted Sen. Ted Stevens. That's more than any other state received, per person, from Congress for the current budget year. Other states got just $34 worth of local projects per person this year, on average, according to Citizens Against Government Waste, a Washington-based watchdog group. The state government's earmark requests to Congress in her first year in office exceeded $550 million, more than $800 per resident. Palin actually reduced the state government's requests for special projects this year in the wake of President Bush's demand for a cutback in earmarks.

Alaska also has become so accustomed to largess flowing from Congress through Stevens that most of Palin's earmark requests this year - such as studies of Alaskan fisheries, grants to combat drug trafficking, and rural airport upgrades - simply keep ongoing programs going. Among her requests was $150,000 to pay the travel bills of state and fisheries industry representatives on the boards that implement North Pacific fisheries agreements"

All is not as it appears. McCain and Palin say they are change agents, but there is no HISTORY of their EVER wanting any changes to how things run.

2. If you are not worried about the bail out of Freddie and Fannie you should be. The cost will be over 200 billion, and this is done after NO financial reviews have been in place for the past 8 years, and the Govt itself led the subslime lending.

For the many Republicans that believe Obama will raise taxes, get smart. Your taxes were just raised, as there is NO money to fund this, and it will occur with whatever new administration we have, and more deficit. There are many ways taxes are raised.

Of course, the market took this with real euphoria, and hit Dow tops at 11,610. Sometimes I am amazed at our own stupidity.

It is NOT good news, and there is NO funding to pay for it.

However, for the many traders that held call inventory, the day was sweet:

Like I said on Friday, "something is building on a come back". I said that because I was trying to feel the breath of the market. I don't know if I got it but none of the tools told me that. I got saved on the 610 call. Just sold 40 contracts for over 8k at $2.1 a contract. My average cost was 1.55 so when I saw the bid at 2.00 I jumped in and made 20% on my investment. I don't care about anything except what I felt on Friday and had peace until I saw the futures on Sunday. Its some kind of higher intelligence. That world is becoming more familiar on every correct and incorrect interpretation. WOW, Thank you Floyd. Please be well. :) Got to use the tools first then go fly the jet, and don't crash flyboy. TP

"Nice trade, Floyd. I held both the calls and profited in the end 24%. You were just a few days early. As you teach, it is amazing to see what triggers the market at times. Imagine a bail out as being good! " JAE