Loose Ends... Vol. XXXIII

A few weeks ago, city-county councilor Ed Coleman (of Indianapolis/Marion County) left the Republican Party to formally join the Libertarian Party. Coleman is now one of the highest ranking Libertarians in public office in the entire country. Some people may feel that this defection is not a good thing. I think it is debatable. Do our elected officials represent us as a member of a party? Or do they represent us as individuals? It is an interesting question. The leadership of the city-county council have decided that party is more important. Coleman has now been stripped of his committee assignments as punishment for his defection.

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The stock market continues to fall and fall quickly. We are quickly approaching my previously predicted range of 600-640 on the S&P 500. It is not happening in the way in which I thought it would happen. At these prices, Obama has decided that it's time for the market to stop sliding:

On the other hand, what you're now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it. I think that consumer confidence -- as they see the American Recovery and Reinvestment Act taking root, businesses are starting to see opportunities for investment and potential hiring, we are going to start creating jobs again.

Obama should have brushed up on his Wall Street terminology before spouting off... he meant to say "price to earnings ratio" - I'm sure that helped with investor confidence.

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In the midst of TARPs and bailouts, stimulus packages and housing plans, the matter of "normal spending" has not been in the news. Well, this week the Omnibus Appropriations Act of 2009 was the matter of debate in the Senate. The bill passed the House on February 25th, but it has stalled in the Senate - largely over pork. Senator Evan Bayh (D-IN) wrote an op-ed piece in the Wall Street Journal this week urging the Senate and/or Obama to reject the bill. We should see a vote this week.