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  • At the Intersection of Wall Street and Main Street

    1 posts, 1 voices, 508 views, started Oct 11, 2008

    Posted on Saturday, October 11, 2008


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      Here we are at a cross roads. People are debating over whether or not Wall Street should have been bailed out of the latest crisis. The choice was made and the crisis continues. Why?

      There are so many theories on why the market continues to drop. Here is one that isn’t often said...

      Heavy investors are pulling their money out of the markets for fear of high capital gains taxes which will be implemented in an Obama Presidency. What does that mean?

      If it is true, it means that money is leaving our economy in large amounts. It means that people who have money will not be spending it. It means that our economy will continue its downward spiral.

      The bottom line is that there is no such thing as trickle up economics. You can’t just stimulate the lower half of the economy and expect it to have a positive impact everywhere else. You need to stimulate the entire economy. But when your chief economic advisors are the very people who caused the crisis to begin with (via Fanny and Freddie) how can you expect anything else?

      Don’t get me wrong. I’m NOT condoning greed on Wall Street. I think what has happened over the last few years is appalling. But what we need now is a balanced view of the economy and how to fix it - not dig the hole any deeper.


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