Make the Capital Strike Official

One factor that distinguishes the current recession from previous ones in memory is that past recessions have been coincided with a falling stock market.  That the market has virtually doubled from its low of about 6,600 in March 2009, is something on which the finance punditocracy should comment.  But today, we have a much more important, related, fiscal fish to fry. All those dollars that the Fed has been printing have to go somewhere and the U.S. stock market clearly is one of those places.  Which is why we don't hear much of the lament one usually hears in economic downturns about "money sitting on the sidelines" of the stock market as mutual funds and individual investors await the opportune time to start investing again. No, what we hear about these days is not investor and mutual fund cash sitting on the sidelines of the stock market.  What we hear instead, and for the first time, at least in my lifetime, are the lamentations not of investors in business,...(Read Full Article)

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