I know this might not be news for some, but based upon recent events, you cannot draw any other rational conclusion. Without question, the media is biased mostly left of center politically. You must realize this when investing, and vet media sources for your information.
Listening to the politics and media is dangerous for any investor. Beware of the outside influences when creating your investing strategy.
President Obama’s budget is set to come out this week and will propose a limit on how big you can grow your retirement account. While the article on the The Hill talks about Mitt Romney’s rather large IRA, in reality the size they are talking about is much much smaller.
Republican candidate Mitt Romney picked Representative Paul Ryan as his vice president this past Saturday. Paul Ryan has been focused on the economy, and choosing him shows Romney is somewhat serious in reforming the economy, entitlements, and taxes. Paul Ryan hasn’t been afraid to admit we have a spending and entitlement problem in this country.
The socialist in chief has spoken. Now I know that is somewhat of a cheap shot, but really, what was the president talking about with the speech he made last Friday? I’ve come to no other logical conclusion that President Barack Obama believes in socialistic ideals.
Steve Wynn, the founder Wynn Resorts (NASDAQ: WYNN), spoke yesterday on their quarterly conference call. The average investor does not listen to them. Most quarterly conference calls are a snoozefest, but not this one where the fireworks were going off. Its been known that Steve Wynn, who voted for Obama, despises President Obama’s policies. Unlike other CEOs, he has the integrity to call it as it is. I’m not sure if other CEOs are scared of this administration or want to keep a low profile. Its been said the tall poppy always gets cut. If you haven’t listened to Steve Wynn’s rant, I suggest you do so now.
Who said this the following quote?
President Obama gave a speech today related to the stalemate in Congress and the artificial debt limit (see my previous post A US Debt Limit that’s Unlimited?!?). Obama once again went on his typical class warfare and stated the rich need to pay more taxes. Even though he’s late to the negotiations party and wasn’t involved in the initial discussions, he will finally get involved. So -10 on the class warfare rhetoric, but +1 for finally acting like a leader.
In the past few years, I’ve come to the conclusion it does not pay to be responsible. I’m about as honest as they come, I don’t lie, cheat and have some high code of conduct and ethics. This is not only for myself, but what I expect from others. I’ll give a few anecdotal examples from my own personal life, and a few government leaders playing out in the press. The wifey and I did not over-leverage our house purchase in 2005, and we’ve maxed out our retirement savings to ensure we have a decent retirement. Unlike others is society we’ve been responsible with our finances, yet others get bailed out for their financial stupidity.
November 2nd 2010 is Election Day here in the United States. By some accounts it’s considered a very important mid-term election. Regardless of your political beliefs and whom you vote for, I suggest you go vote. Too many people don’t vote and don’t realize how fortunate we are living in the United States. There are too many countries where voting does not exist, and they are ruled by tyrants. If you don’t vote, you have no authority to complain about our elected officials. Even if you disagree with my viewpoints, vote for what you believe to be true for you.
I’m so proud of our Congress and more specifically our Senate. Before they went away on recess for the November 2010 elections, the Senate had the timeto vote on a very important bill. Was it to keep some or all of the Bush tax cuts of 2001 and 2003 that are set to expire at the end of this year? No. Did Congress repeal the 1099 tax form mandate in Obamacare that all businesses must adhere to in 2011? No. Was it to something related to immigration reform? NO.