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Paul B. Farrell
Sept. 28, 2010, 12:01 a.m. EDT · Recommend (19) · Post:
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Hatred is killing your profits, retirement
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The WaMu conspiracy gets life
By Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) -- "What's distinctive about the Tea Party is its anarchist streak -- its antagonism toward any authority, its belligerent self-expression, and its lack of any coherent program or alternative to the policies it condemns," warns Jacob Weisberg in Newsweek. But why not three cheers for the Tea Party Express?
Admit it, something historic is brewing. And yes, it's good for America, even the anarchy. Revolution is renewal. Tea-baggers want to take on both parties, "restore honor" and "take back the country." Bring it on, the feeling's mutual.
President Barack Obama used his weekly radio address Saturday to accuse Republicans of overlooking the middle class by creating policies that would benefit only the rich while making a pledge of his own to continue supporting the national economy.
OK, maybe most Americans just silently mimic the words, "we're mad as hell, won't take it any more." But watch out: After November the campaign's shrill rhetoric explodes into action.
Tea-baggers are kicking the revolution into high gear. Debt is sinking America. Both parties are to blame. So vote out incumbents. Spare no one. We need new leadership, another Reagan or Truman. Congress better get the message: Cut that budget, or they'll dump the rest of you in the coming Great Purge of 2012.
Unfortunately they're tone deaf. Congress cannot see past the election. All that changes in November.
So thanks Tea Party, Vegas odds must favor a Second American Revolution. Actually, the revolution is already roaring, hot, it's about time. The GOP and the Dems had more than a decade. But America's worse off. We need a real revolution to restore sanity "¦ or we can kiss democracy and capitalism good-bye, permanently.
Yes, big warning, the Second American Revolution will extract painful austerity, not the "happy days are here again" future touted by tea-baggers. For years it'll be impossible for most of America's 95 million investors to develop a successful investment or logical retirement strategy.
Why? Political chaos will translate into extreme volatility and a highly unpredictable stock market. Result: Wall Street will lose another 20% of the value of your retirement portfolio in the next decade, just as Wall Street did the last decade. So if you think you're "mad as hell" now, "you ain't seen nuthin' yet!"
Here's the timeline:
Stage 1: The Dems just put the nail in their coffin by confirming they are wimps, refusing to force the GOP to filibuster the Bush tax cuts for America's richest.
Stage 2: The GOP takes over the House, expanding its war to destroy Obama with its new policy of "complete gridlock," even "shutting down government."
Stage 3: Obama goes lame-duck.
Stage 4: The GOP wins back the White House and Senate in 2012. Health care returns to insurers. Free market financial deregulation returns.
Stage 5: Under the new president, Wall Street's insatiable greed triggers the catastrophic third meltdown of the 21st century Shiller predicted, with defaults on dollar-denominated debt.
Stage 6: The Second American Revolution explodes into a brutal full-scale class war rebelling against the out-of-touch, out-of-control greedy conspiracy-of-the-rich now running America.
Stage 7: Domestic class warfare is compounded by Pentagon's prediction that by 2020 "an ancient pattern of desperate, all-out wars over food, water, and energy supplies would emerge" worldwide and "warfare is defining human life."
What's behind our 2010-2020 countdown? It became obvious after reading the brilliant but bleak "Decadence of Election 2010" report by Prof. Peter Morici, former chief economist at the International Trade Commission. He sees no hope from America's political parties, just a dark scenario ahead.
Here are the 10 points we see in his message:
Paul Farrell writes the column on behavioral economics. He's the author of nine books on personal finance, economics and psychology, including "The Millionaire Code," "The Winning Portfolio," "The Lazy Person's Guide to Investing." Farrell was an investment banker with Morgan Stanley; executive vice president of the Financial News Network; executive vice president of Mercury Entertainment Corp; and associate editor of the Los Angeles Herald Examiner. He has a Juris Doctor and a Doctorate in Psychology.
J.P. Morgan is firing up the wrath of former WaMu employees and shareholders who believe the deal made in the darkest hours of the financial crisis was a set-up that ultimately gave J.P. Morgan the thrift on the cheap.
11:58 a.m. Today11:58 a.m. Sept. 28, 2010 | Comments: 16
- KaiserSouza | 12:12 a.m. Today12:12 a.m. Sept. 28, 2010
"America on the brink of a Second Revolution http://on.mktw.net/9CQrNF" 11:16 p.m. EDT, Sept. 27, 2010 from MKTWFarrell
"Hatred is killing your profits, retirement http://on.mktw.net/dkQKi9" 11:27 p.m. EDT, Sept. 20, 2010 from MKTWFarrell
"'Goldman Conspiracy' helps China beat U.S. http://on.mktw.net/dnGQYL" 11:26 p.m. EDT, Sept. 13, 2010 from MKTWFarrell
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