Interesting MSNBC discussion on how the wealthy voted against GOP:
MSNBC Broadcast 11/13/06
The Angry Yuppies
November 14, 2006 2:04pm by Barry Ritholtz
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Barry – doesn’t this cut against your “voting with the pocketbook” argument?
i voted for W in 2004 b/c he lived up to his tax cut promise and i thought kerry was a horrible candidate. i didn’t support republicans in 2006 b/c iraq war going horribly, rubber stamp congress, and complete disregard for fiscal responsiblity (if you cut taxes you have to cut spending as well)
enough on the politics. what about this stock market???
HD = WTF??
Yes, its the other side of the argument — but the top 10% is only, well 10%
“b/c iraq war going horribly, rubber stamp congress, and complete disregard for fiscal responsiblity” = Incompetence.
People are sick of it. And corruption. And vicious attacks on patriotism of those with opposing views.
In addition they were not voting for a tax cut like they were before since they already got it and know they’re unlikely to get more.
http://www.spiegel.de/international/0,1518,439766,00.html
Quick somebody invent something…
and which conspirator is behind this rally?? step forward
I agree with Bob, corruption.
What corruption?
It’s as if the dental work behind the MSN guy was not his own choppers.
Could you believe that? [Not an implant from a camel as reported in some blogs.]
Now you might think that I’m just misleading you because my dental work could stand the giraffe impant. But you would be mistaken: my teeth may not be Crest Paste Show Boaters, but they’re my own and skipping over the miserable showing despite the vicious election campaigns and even more vicious incumbent performance is needing a lot more attention than mere dentistry.
Not that it necessarily matters but “Yuppie anger” isn’t logically inconsistent with voting the proverbial pocketbook: Those with higher education, travel experience, etc would seem more likely to appreciate the implications of chronic deficit spending WRT economic health, value of the dollar, etc.
Not saying that that’s what happened or even that so-called “Yuppie anger” is an accurate characterization of the phenomenon — I’ve grown so weary of sound bites my tendency is to reject the message immediately even when it appears plausible — just saying is all.
If we could take a break from the politics, politics, politics could someone please explain today’s tape to me? WTF was that at 2:30? Another coupon pass being injected? Mysterious Buyer X? Blowoff move prior to the big sell-down? What was that?
emd;
HD has scored 3%+ gains on 3 of last 4 “Wacky Tuesdays”.
“If we could take a break from the politics, politics, politics could someone please explain today’s tape to me? WTF was that at 2:30? Another coupon pass being injected? Mysterious Buyer X? Blowoff move prior to the big sell-down? What was that?”
agree. the election is over. this is HUGE short squeeze this afternoon. is this the blow-off or just another in many legs up??
No you’re all wrong-their kids are getting close to 18-draft age if they reinstate one.
– The world has 3.7 trillion barrels of oil left, three times the estimates of geologists and analysts such a Matthew Simmons, of the investment bank Simmons & Co., who argue that global oil output is already close to a peak, according to a new report from Cambridge Energy Research, the consulting firm run by Danial Yergin.
WOW! 48,000 NOV 37.5 calls on HD.
Read Stephen Roach’s piece for this week. Morgan Stanley recently hosted a pow-wow for institutional investors. To paraphrase his findings from polling participants: the consensus finds the macro environment conducive for owning stocks. They are unconcerned about inflation and think the next FED move will be lower.
They are unconcerned about a potential China slowdown, bursting of U.S. housing bubble, credit blowups from all the LBO deals, protectionism, geopolitics, etc.
If they don’t care about risks and they believe inflation and interest rates are going lower, they’re going to push multiples higher. Apparently they don’t care that mulitiples are already at the high end of the historic range and margins are at historick levels. Buy ’em.
… and they were givin em away for a nickle this morning. What a great game!
How can the low of the day be .04?
See the next post as to what happened today
The wealthy know the fastest way to wealth is helping others get rich, something Republicans seem to have difficulty with.
“No you’re all wrong-their kids are getting close to 18-draft age if they reinstate one.”
The easy draft dodge will be to simply take on a lot of debt (or transfer it to your kids).
There are already a lot of military personnel who can’t be deployed overseas because they have too much debt. That is considered a security risk – presumably, they would be more susceptible to bribes.
The way young people get loaded up with credit card debt and college loans these days is, I suspect, a huge change since Vietnam and earlier drafts.