By: av8r On: Thu Nov 20, 2008 11:41 am
Ask your friend how he likes the way the markets are responding to Barry's published future policies.
Investors are cashing out in droves (what the heck is a drove?) in order to avoid the taxes on gains that Barry has suggested. He isn't even in office and he's caused more damage to the global markets than any other seated president.
I have a very wealthy friend who called me today to say that he and several hundred of his colleagues (partners in a large, international IP law firm) have all put in sell orders for what amounts to over 100 million dollars in stocks. By now, these orders have been executed. The Nikkei dropped another 7% last night. That's nearly 10% of the entire Japanese market in one night's trading! The cash investors are selling out. They can't make money in the market so they'll go elsewhere.
We're in a spiral that has isn't going to stop any time soon. I don't believe anyone can stop it at this point. I'm not happy, but I'm glad that we're getting the reset we need. It's going to get ugly, but in the end it should help. Barry has little chance of doing anything but watch the storm and dream about rainbows and Unicorns.