Last week was one filled with populist messages by two of the most powerful men on the planet. President Obama talked of inequality and morality just as Pope Francis was making a similar message in Brazil.
They want to be great and they want to create, innovate, and beat the competition. It's this kind of drive that helps them take risks and not to rest on their laurels. It's the exact opposite of what's happening in America where becoming successful brings the same hurdles as in the past but also the extra burden of government resistance via rules, regulations and taxes and public opinion resistance.
Now that the market has entered into the short squeeze phase, flatfooted bears will speak of its irrationality as further proof it's going to end up battered. In the meantime, we enter this week with the raging bears demurring: "Look Ma, still standing."
While the media cheer the Obama Administration and Senate Democrats as they exploit the Newtown school massacre to push laws that would hamper law-abiding citizens, they won’t connect some more obvious dots to another shooting.
The money in an IRA is not “tax-preferred,” as the White House asserts. Money in an IRA is rather “tax-deferred,” meaning the government is going to get their money one way or another. No surprise there that they got that wrong. The White House is short on CPAs. They don’t even know how to do their own taxes right.
Cyprus will get its bailout money and the EU will get a bank levy up to 100 percent of deposits from the country’s largest banks. Accounts in excess of 100,000 euros in the Bank of Cyprus and Cyprus Popular Bank will fund the bailout. The levy will avoid taxing Cypriots, but will fall mostly on rich, Russian depositors.