Today on Varney & Co., they said the market is up because people and businesses are trying to realize as much income as possible this year due to the tax hammer that is coming down next year. Art Laffer said that profits may look good right now, but the whole economy will tank in 2011.
Forbes Magazine offered the same advice - take income now, and defer deductions until next year. We will be in for a real slowdown then.
That makes more sense than anything else I’ve heard/read. Thanks.