Not that I'm a big Al Franken fan, or even a small Al Franken fan, but I've been cribbing his book ("Rush Limbaugh Is A Big Fat Idiot") title a lot lately. I agree wholeheartedly with his book title - Rush Limbaugh IS a big fat idiot.
Anyhow, lying on the couch in a medicated semi stupor last night (chest/head cold seems to be breaking up a bit) I once again landed on Kudlow and Company. His premise is that stocks are and should be going up since the economic woes are over and we can all go happily back about our business. More to the point, the masters of the universe can go back to raping and pillaging and making shitpiles of money.
This goes to show you how in touch these guys are with people. Everyone I know is freaking out about gas prices, trying to lessen the shock of weekly grocery bills and hoping like mad that their jobs don't evaporate. I don't know too many people who are about to get foreclosed on, but I would imagine that if I did know any such people they would have kept mum about that particular situation anyway.
The economic crunch is far from over for the average player, and I'm betting all in that it's not over for corporate America. Banks are going back into the ditch when people start defaulting on credit cards, consumer products are going into the ditch as people rediscover generic brands and cut back however possible, and durable goods are going to go straight into the crapper. What does that leave? Energy. The whole sector is going on a rocket ride even now, as Shell and some other biggie announced record profits today. The near term is all energy. It will be the biggest story of our lifetimes. Oh, and the reason that OPEC isn't opening the taps even more right now? They can't.
Interestingly, while leafing through the NY Times Magazine on Sunday (the article on rating agencies and subprime is a must read), I noticed that the ads for REALLY expensive property were significantly more dense than their historical norm. These are the $3mm and up places in towns like Bedford, Pound Ridge, Greenwich, etc. There was a $40mm town house for sale in Manhattan. Any takers out there? Just seemed note worthy that the market for places at true masters of the universe price points is becoming somewhat flooded. I guess even the ridiculously wealthy feel the squeeze too.
Oh well, another day of taking it easy and getting the cold to go away. Very excited for Saturday.