The Clouds Are Gathering, Time To Be Fearful

Yesterday, the following clouds gathered:

1. renewed fears of populism as the administration considers launching a tax on financial institutions.

 

2. a disappointing Alcoa  earnings release;

 

3. China guided the one-year bill higher to curb lending and this morning raised bank reserve requirements; and

 

4. we experienced a different sort of market close.

My responses?

1. I remain fearful of the ramifications of populism in 2010-2011 on economic growth and on the market’s prospects.

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See Also:

• China Sneezed And Brazil, Australia, The Commodities Industry, And The US Market All Just Caught A Cold
• Obama’s Bank Tax Plan Is Yet Another Empty Populist Gesture
• Barack Obama About To Whack Banks With Deficit-Reducing Bailout Fee