Wednesday, 7/3, Market WrapUp (there are tax revolts in the making)

Financial Sense Online ^ | 7/3/2002 | James J. Puplava

[toddst]

I think it's going to happen in the streets. Wish people would wake up but I don't see it.

The good citizens of Tennessee appear to have beat back a serious assault by the "increase taxes" crowd. I'm hopeful we'll do the same here in Kentucky. Our Democrat governor seems determined to run rough-shod over a legislature resisting state-financed elections (governors races, of course.)

[Starwind]

Yes my home page is empty.

And your agenda is, what?

I perceive the Rep Party to have moved considerably leftward since Reagan. In my mind, I am undecided as to Bush's overall effectiveness. Minimally, I believe he could be more conservative than he has been without loss of support from the left or left of center.

That said, this particular post goes to my view that the bigger problem is the Rep Party itself, most notably Trent Lott and the party leadership, which has abandoned the 'principles' of Reagan and more recently Gingrich.

I am genuinely curious as to how others feel about the Rep Party and it's leadership on fiscal and tax issues.

This post/thread is not about Bush, IMO, but is about the Rep Party.

[bimbo]

When they no longer held on to their principles, they lost their majority in the Senate.

How quickly the Republicans became big-government, tax-and-spend liberals governing the country! And the "conservatives" I talk to, all seem to think that the Republicans will ride to electoral glory on the coattails of G.W. Bush and his war on terror. As much as I would hate to see the Democrats running all of Congress, I think we are going to see the next Democrat coup - they are ruthless political experts; they act as if they have a birthright to govern; and they will have a winning issue before autumn.

Right now, their media allies are anesthetizing the conservative electorate, with confidence-boosting "high poll numbers."

[Starwind]

all seem to think that the Republicans will ride to electoral glory on the coattails of G.W. Bush

I have often asked about how long are Bush's coat tails and have yet to get an answer.

I suspect many voters may like Bush, but dislike their local Republican.

[headsonpikes]

HAPPY 4th of JULY!!!

Woo-Hoo!!

[rohry]

"I perceive the Rep Party to have moved considerably leftward since Reagan. In my mind, I am undecided as to Bush's overall effectiveness. Minimally, I believe he could be more conservative than he has been without loss of support from the left or left of center."

Okay. I'll agree with that...

"That said, this particular post goes to my view that the bigger problem is the Rep Party itself, most notably Trent Lott and the party leadership, which has abandoned the 'principles' of Reagan and more recently Gingrich."

But, you loose me here. This article is an ongoing post (every night) which discusses the economy and investments. It has nothing to do with any party. The government has rigged the market for 7 (or more) years, this has nothing to do with Republicans vs Democrats.

[Starwind]

It has nothing to do with any party.

My answer from the article (in which I believe Puplava hits it right on point):

The result was a tax revolt, which gave control of Congress to the Republicans. When they no longer held on to their principles, they lost their majority in the Senate.

[evaporation-plus]

>Market breadth was positive by 19 to 12 on
>the big board and 19 to 15 on the Nasdaq.

Love the report, but I believe the breadth was
negative, and the numbers were correct, NO?

Early in the afternoon, when the index's started to
go green, declines outnumbered advances by 2 to 1 on
both exchanges. The fix was in.......

[KC_for_Freedom]

Costa Rica is interested in US citizens relocating there. Their consulate will have the paperwork. All that is required is a stipend from out side the country which pays at least 1200 per month. (or close to that). For that kind of income you can live well, (a cook and maid to assist you). The capital city, San Jose has a modern water treatment system that makes it safe to eat most anything there. It is one of my favorite places to visit, but give up US citizenship? No way. Id rather stay here and join the anti-tax rebellion.

[arete]

Nice catch. You are right. NYSE advancing 1215 with 52 new highs. NYSE declining 1903 with 188 new lows. For the rest of the stats, go here:

Market Internals @ bigcharts.com

They are propping up the big index issues and trashing everything else right now. Today was a down day but not how the headlines read.

Richard W.

[Brad C.]

Belize is also a good location to look at. They have a citizenship program where if you do a direct deposit of $1,000 (I think) in a local bank a month and move in country, they will issue you a passport. You become a citizen of Belize, which has no taxes and a very low cost of living. It is a developing country, so don't expect Wal-marts and circuit cities.

[Dukie]

Man, I'm disappointed. Here it is the 226th anniversary of the birth of America and the ideals enshrined in the Declaration and we have people posting about abandoning ship, when the courageous course is to right the ship.

I do believe that what the spirits of Patrick Henry, the Adams, John Hancock, Washington, Jefferson, Franklin etc. hope to see.

A Happy Independence Day to All.

[Brad C.]

When in the course of human events....

I stand chastened and thank you for your comment. However, I would point out that in the last presidential election, algore received more votes then any other man has in history, including Ronald Reagan. I look around and see socialism growing like kudzu all around, while most people seem to think it is just a part of our normal life. Our government continues to find more ways to protect me from everything including myself, that I am almost out of methods of protecting myself and family, especially from that same government.

The men you mentioned, all pledged their lifes, their fortunes and their sacred honor to each other and to the nation they were building. Do you think you could find even a dozen men with that same spirit currently serving as our elected representatives in D. C.?

[rohry]

"Man, I'm disappointed. Here it is the 226th anniversary of the birth of America and the ideals enshrined in the Declaration and we have people posting about abandoning ship, when the courageous course is to right the ship."

I'm with ya!
I'll supply the ammunition...

We'll call it Dukie's Army!

[arete]

We'll call it Dukie's Army!

If there is anything that we can do to get rid of those self-interested lying weasels in Washington, I'm for it. Sign me up.

Richard W.

[fogarty]

Here's a thought we need to consider. At some point, the Republic will no longer exists as we have known it. As some point, the only only way to 'right the ship' as you say, from the disastrous course that has been set, will be to take up arms against a corrupted and vile federal government.

Are we at that stage yet?

You mention the name of Patrick Henry. I daresay Patrick Henry and Samuel Adams long ago would have taken up arms and forced the bureacrats to relinguish the powers they have entitled themselves to.

Are you willing to do that?

[Dukie]

Regrets for my delay in reply, due to our Independence Day weekend.

Brad, certainly the picture you paint may cause one to despair of the future of America as envisioned by the founders.

The challenges we face in restoring this republic are as daunting as those the founders faced in severing ties to the crown. In 1776, independence was a contentious issue, which was strongly supported by about only 33% of the colonials and only a small percentage of those engaged in the hostilities. So, I believe that there are sufficient numbers of American in the traditions of our forebearers to turn things around.

I am also convinced that, like the founders, today's liberty loving are by nature peaceful, but as Jefferson and others recognized it is not in the nature of man or institutions possessed of power to relinquish it. Regretably, the success of incumbents suggersts that it has not been the nature of the electors to unseat power. Because the electors seek plunder which the more senior in office can better deliver to their constituents. As Rome foreshadowed and as Toqueville suggested would happen in America, the corruption of the Republic would begin in the hearts of the citizen.

We need follow the example of Dr. Walter Williams making matters of constitutionality the starting point of any discussion of the exercise of governmental power and fidelity to the constitution as the essential criteria for service in official capacities. If enough of our countrymen proclaim this standard then perhaps we can avoid the alternative fearful path trod by those great men of 226 years ago.