The People’s Daily says the Shanghai stock market is indicating that a “double dip” recession is now inevitable. Check it out. Among their audacious claims is that the Dow follows the Shanghai market. We’ll know in a few weeks if that’s really so.
Regardless, the U.S. economy is sputtering under the threat of massive tax increases later this year in the lame duck session of Congress. No businessman can afford to risk a big investment when he suspects his property may be confiscated by angry Democrats bent on visiting vengeance for electoral losses upon disobedient and thankless voters. Look for increasing discussions of major tax hikes on income and capital gains, a possible value-added tax, and yet another mad dash for a cap-’n-tax energy bill aimed at transferring wealth from red states to blue.
otherbrothersteve@gmail.com
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