Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Thursday, the 4th of August.
Happy Birthday, Mr. President.
Well, we are a couple of percentage points lower today in the equity markets and unfortunately your administration points the finger at the tsunami in Japan and other external issues that are stifling the economy. It is always someone else's fault and not your administration.
It doesn't matter if you are a Republican or a Democrat, this is YOUR economy and YOUR administration has to accept responsibility for it. You have spent trillions of tax payer's money on unneeded and unwanted legislation, and it is never going to help the country or create jobs.
You came into office on "Hope and Change"... America got neither.
Do you really want to help the country and ensure your reelection? I think you should turn over the billion dollars you are amassing for your reelection campaign to the treasury. I would see that as a very positive gesture and it would likely get you reelected.
You were recommended to lower the corporate tax rate from 34% down to about 27%, earlier in you administration. What happened to that idea? That would mean that millions of small companies could hire more people, plan more and do more. The program was rapidly shelved because it didn't help everybody. Mr. President corporations employ people. Corporations pay taxes. Corporations and the lack of government regulations and interference are what made America run and be a great country.
I think you're probably a very smart man and you should recognize it's time to change course on this spend, spend, spend attitude. You wouldn't do it with your own checkbook, but it seems to be okay to borrow more money and spend more money for the country under the guise that it's all going to work out.
Mr. President, it is not working out.
It's about 16 months before the election and one promise I will make… If there are no radical changes in your policies, with unemployment at 9.2% officially and unofficially closer to 16%, then your chances of getting reelected are going to be ZERO.
P.S. Please don't come on TV again to tell us your latest plan as it will probably send the markets further into a tailspin.
P.P.S. Where's Hillary?
Continue reading "Are External Issues Stifling The Economy?"