By Mike Myatt, Chief Strategy Officer, N2growth
What a ride…but as with all rides they must inevitably come to an end. With any political race, as is the case in any competitive endeavor, there must be winners and losers. While I know that most of you who frequent this blog were not overly enamored with the candidate Barack Obama, the votes have been cast, the election is over, and the candidate is now President-Elect Barack Obama. Those of you who know me understand that I enjoy vigorous debate, and I’m not even opposed to a bit of bombastic contentousness in the spirit of supporting values and positions held dear. That being said, I’m also an old soldier who understands chain of command, and that come inauguration day, our nation will have a new leader and Commander-In-Chief. While I’m clearly not happy about the outcome of the election, I will now cease my opposition, and lend my support for as long as it is earned. We all must now hope for great things from our new President, but we must also hold him accountable to uphold the standards of the office he holds and the country he represents. May God Bless America…
I wasn’t sure Congress had the intestinal fortitude to do it, but the House did step-up and reject the proposed Bailout plan today…Much to the chagrin of Nancy Pelosi, Harry Reid, and Barney Frank, the majority of Republicans and 95 Democrats actually listened to the American people and said no to the Bailout. My hope in our elected representatives (at least some of them) has been temporarily restored. The Republicans have an alternate plan that will be put forth later this week that will more closely represent the “workout” I’ve described in previous posts than the Bailout that was killed earlier today. With your continued phone calls and e-mails to your representatives inside the Beltway we can avoid a disastrous Bailout and actually force Wall St. to pay for their own mistakes. Don’t give up the battle…For those who are fearful about the markets reaction today, I’ve outlined a few thoughts on the following page for your consideration…
Will today’s meetings in Congress produce a Bailout, or will the end result be just another cobbled together train wreck in the making? Is the Bailout a prudent step forward for our nation, or is it just another band-aid solution forestalling the inevitable? So, will Congress agree to a deal today? If so, will it be the right deal? Will it work? If not, what will be the market ramifications? In today’s post I’ll provide you with my thoughts on the aforementioned questions, as well as put forth some economic observations and alternatives for your consideration…
