Scapegoat President, the coming conventions
I amÂ not talking about Bush, although he in a way qualifies as Presient Cheney really screwed things up.Â What I am talking about is the next President, whether it be McCain or Obama, who is stepping into a economic disaster which is some 28 years in the making.Â In my book I don’t see a real bottom to the economy and housing until 2013 or 2014. By a real bottom I mean a turning point where things get really better.Â SoÂ the next President will no doubt be blamed for all sorts of things and to my mind neither candidate really understands the quicksand he is stepping into at this time.Â
While I would like to see a progressive come in and change things, it appears to me that the general population still does not get it and it is not their fault.Â Greenspan did a great job of perpetuating the perpetual boom myrh and it is stuck in the public mind.Â Right now it appears that McCain in edging up in the polls,Â probably Democrats should hope he wins so that he gets blamed for the coming ills, whatever.Â In any case the culmination stock market rally should embrace the convention time periods and a short period after, then back to reality.
From a trading standpoint, commodities, especially corn have had their bounce.Â The corn growing in the Michigan sand, (asparagus land) is unbelieveable and makes it harder to find the errant golf balls.Â Corn at its highs this week bounced 41 %, while gold and oil bounced 31 % of their prior declines, probably enough.
8:25 AM CDT