Views on the election:

Good: It shows America itself and the rest of the world that anything is possible. Having traveled 75,000 miles for my film, around the world completely, America is in need of a new positive image for friends and foes alike in other countries. Additionally, it gives people a chance to channel energy toward new productive ends. People are very excited. That is a good thing.

Bad: Too many Americans seem to believe that even after they have trusted their economic life to buy and hold and no money down real estate purchases, decisions they freely and irresponsibly made, that Obama can fix it all for them. Obama is not scary to me (unless my taxes go to the moon), but the expectations people have for fixing their wallets through a belief in Obama is down right scary. My fear of a massive new government sponsored “bubble” to lift all boats should be your fear too.

Lastly, least we forget, the most powerful person in America is Oprah. Now if we can just get Oprah to use her microphone against buy and hold, after so successfully using it to promote a President, we will be onto real progress. In lieu of that, if everyone just read The Fountainhead, that would be progress too.

17 thoughts on “Politics

  1. question… would the lack of “buy and holders” help or hurt the trends that lead to big profits?

  2. I will remind everyone, that Obama was speaking at a gathering and there was an African American in the crowd whose turn had come to ask Obama some questions. The young man had a lot anger in him about problems in the black community and he asked Obama what was he going to do about solving those problems. In essence he was saying your black and we are black so help us. Obama stated you can vote for someone else, run for office or go to Harvard study hard and attend law school and run for president! Point being what are we going to do for our community economically besides thinking he is our economical savior. I am in college, I will be admitted to law school and will keep participating in being a leader not a follower.
    That is my view on the election of Obama.

  3. What about the people who aren’t brave enough to trade? So far as I know this is the only major industrialized nation to tax savings interest. One of the reasons so many people spend themselves into oblivion is there is no point to saving.

  4. I highly recommend books about Thomas Pain.
    His life story is an explanation of how the USA became the greatest economic power on earth through his drive for independence and freedom. We shall not forget.

    William, a Canadian.

  5. Let ’em buy and hold. Somewhere in that flawed strategy there is something good for trend followers.As w.c. fields said….”Never give a sucker an even break OR SMARTEN UP A CHUMP.”

  6. All I know is that Obama has Warren Buffett on his team and he plans to put the middle class at the center of his economic policy. Now if he could only get George Soros then he would have the dream team for the middle class and the economy.

    I think my economic policy is going to follow Jimmy Buffett and sail to the islands.

  7. never thought I would see someone right “obama is not scary to me” and try to get them to read The Fountainhead in same post.

  8. Mr. Covel,

    I would suggest you read “Rules for Radicals” by Saul Alinksy. It is Obama’s Bible. It was dedicated by Alinsky to Lucifer. You think he’s a good image for America? You might want to look at how many millions voted against him AND how he was elected due to the press endorsing him in nothing less than a 5th Column move. America got a radical Marxist that played plays with swindlers and domestic bombers over a war hero.

    Obama is a Marxist and he is no good for America or the markets. And I think the guys I knew that worked for Rich Dennis would agree.

    Where is the real problem? The youth vote was 66% in favor of a Marxist. But they don’t know what one is. They soon will find out. As Alinsky wrote, one must accept that if they try to institute “change” [it is also Alinksy’s favorite word] they might face destruction. I’ll post again when the S&P hit 500 around mid-2009 and ask how good you feel Obama has been for America.

    We got rolled by Chicago politics and a disgraceful liberal press. I wonder what part of Chris Matthews’ body got a shiver on election night?


  9. Mike stop crying, central banks and trading institutions affect equity markets, not politicians… Grow up please.

  10. Derrick…thanks for adding such insight. It must have been terribly troubling to you to have spent the energy to have come up with such wisdom and advice. I appreciate the time and effort.

    Obama will not affect me negatively. By the time the S&P is under 500 I will have added more than $1 million to my net worth. My family will not suffer as I see what is coming. Other will suffer greatly until America see what Marxist tendencies bring to a nation.


    P.S. Note to Mr. Covel: I traded (and drank) with Sully and Mike Reidy in the NY markets as well as “Big Mike” who mainly traded on the CSCE. That should be enough to prove my comments about knowing Rich Dennis and the C&D crew.

    P.P.S. Note to Derric and his “politcians don’t affect equity markets.” You might want to do some reading on the Hoover policies that exacerbated The Great Depression. Of course, you may do as you please. But the most expensive cost we have in America today has been shown to be ignorance. And I think we are down about 20% since the “central banks and financial institutions” started helping.

  11. MR, I always trust people for who they say they are until I learn something different! So RD is anti Obama?

  12. Mike ! Sensitive are we ? I AGREE with you too. I am net short US equities also, I just don’t believe Obama, Bush, or any other politician has enough “pull” to influence my equity positions in a meaningful way. If you study the history of the “fed” and it’s policy, you know that the expansion and contraction of credit creates trends in prices of all asset classes. Peter Schiff speaks:

  13. MC wrote: “So RD is aanti-Obama?”

    How could I answer what RD thinks, so why would you ask?

    I stated:

    “And I think the guys I knew that worked for Rich Dennis would agree.” I stated that because you felt that Obama had an upside. You really need to read “Rules for radicals” to see that we have to hope that rich democrats keep him in check.

    The guys I knew at C&D were conservatives and clearly capitalists. None would be voting for a Marxist who will blame the capitalist. What RD would say could be anything now. People who have a lot of money can become liberals via guilt. Just look at the Hollywood nit-wits.

    I’ll be back at S&P 500 to sere what has been posted.

    Derrick, I’ve been married too long (as Sam Kinnison would have said) to give a rat’s ass about whether you think I am “sensitive.” But if you wish to fantasize, feel free…LOL


  14. Ok Mike, Ok… LOL. So let’s get off politricks for a second. What are you doing with your profits ? Are you putting them into other currencies, buying silver, gold, or any other hard assets ?

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