Learn the trade here. Make it on tradeMONSTER

Options Trading News

December 12, 2012  Wed 8:23 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
The lack of sincerity in Washington was palpable yesterday. Over and over again, I could not get a single elected official, neither Republican nor Democrat, to give me even one idea for cutting spending right now. Not one.

I made tons of suggestions that could be implemented tomorrow.

Why do we have huge military bases in Japan and Europe? These are just leftovers from another era. There are whole defense projects that the Defense Department doesn't even want.

How about farm subsidies? Ethanol subsidies? Nope.

How about Medicare negotiating with drug companies? Nope. I heard from one pol that the drug companies might move elsewhere. To where? We are the only country that lets them gouge us. I heard that the drug companies wouldn't feel compelled to spend money to develop new drugs. I wanted to scream; hadn't they ever heard about patent cliffs? Outrageous.

TheStreet.com logoThe Republicans were no better than the Democrats--in fact, they were worse. When I stipulated that I am not interested in talking about raising revenues because they say over and over that the issue is spending, they still talked about raising revenues. When I insisted that they talk about what they say they insisted on talking about, they wouldn't. They simply wouldn't.

I could never get away with that level of hypocrisy. Ever. Infuriating.

I came away thinking that there is nothing the Republicans won't do to be sure that the 2 percent don't pay more, including throw people out of work and make everyone else pay, which is what's going to happen if they don't compromise.

And the president? He has no serious plan to cut spending either--but at least he is willing to give something that helps balance the budget.

I am going to repeat this so it is really clear: NO Republican offered me anything to cut spending in the near term. Not one. If you are serious about spending cuts, you have to be able to offer one.

My conclusion: Republicans aren't any more serious than Democrats are, but at least the Democrats are asking someone to help solve the deficit, the cohort that got the big break on taxes when things weren't so hot.
Share this article with your friends


Related Stories

SPX

Futures rise, halting recent slide

April 16, 2014

S&P 500 futures are up more than 0.5 percent, while the Nasdaq is up almost 1 percent. Most European indexes are up a similar amount, while Tokyo led Asia with a 3 percent rally.

SPX

Earnings, housing data on docket

April 16, 2014

Today's calendar includes earnings from Bank of America and Google, plus housing data. Economic headlines start early with European inflation, which could affect the euro and energy.

SPX

Stocks higher as earnings flow

April 15, 2014

S&P 500 futures are up about 0.3 percent. Europe is fractionally lower but has been gaining as New York's open approaches. Asia was mixed overnight, with Japan higher and China lower.

SPX

Intel, Yahoo, inflation on docket

April 15, 2014

Today's calendar includes a variety of economic headlines and corporate results, including those of Intel and Yahoo.

SPX

Stocks bounce on Citigroup results

April 14, 2014

S&P futures are up more than 0.5 percent after previously being little-changed, while European markets have reversed earlier losses and are now fractionally higher.

Premium Services

Education & Strategy

Using emerging markets as a hedge

I spend lots of time and energy pondering ways to hedge the market. Right now my instrument of choice is...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER