America Needs a Radical Change to Address its Anemic Economy
$DIA, $SPY, $QQQ, $VXX
Billionaire investor Wilbur Ross says Donald Trump represents the “more radical, new approach to government” that the country’s economy desperately needs.
While others in America and abroad have faulted Donald Trump’s lack of PC (political correctness), Mr. Ross says such “in your face” honesty is what has endeared him to middle-class America.
“Part of the reason why I’m supporting Donald Trump is that I think we need a more radical, new approach to government from what we have had before,” Mr. Ross said in a TV interview Wednesday.
“I think the reason why the Trump phenomenon has become so important,” says Mr. Ross, Chairman and CSO of WL Ross investment company, “is because middle class and lower middle class America has not really benefited by the last 10 to 15 years of economic activity and they’re sick and tired of it and they want something different.”
He said these classes are “sick and tired of political correctness,” calling Donald Trump’s approach to politics refreshing. “His direction will be a less politically-correct direction,” he said. “There is nothing in the direction that he is pointing that is different from the Republican platforms.”
We only get to vote for who is on the ballot and your choices are between Hillary Clinton and Donald Trump, and I find that an easy choice to make.
Wednesday, the Fed pushed back its plans to raise its fed funds rate, an expected move following a series of weak US economic reports.
After a 2-day policy meeting, the FOMC unanimously voted to hold the federal funds rate between 0.25% and 0.50%, citing weakness in recent employment data.
“The pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Although the unemployment rate has declined, job gains have diminished,” the central bank wrote in its statement.
For the 2nd time, the Fed withheld mention of global economic risks and provided no assessment of the balance of risks, implying that officials are still keeping their options open for a rate hike this Summer, but uncertainty and headwinds abroad could arise.
I do not expect an interest rate rise until sometime in Y 2017.
Wednesday, the US major stock market indexes finished at: DJIA -34.65 at 17640.17, NAS Comp -8.62 at 4834.93, S&P 500 -3.82at 2071.50
Volume: Trade was light with 877.2-M/shares exchanged on the NYSE
- NAS Comp -3.4% YTD
- DJIA +1.2% YTD
- Russell +1.2% YTD
- S&P 500 +1.4% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (-0.00)||Neutral (-0.19)||Neutral (0.02)||Neutral (0.17)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.09)||Neutral (0.00)||Neutral (-0.02)||Bullish (0.29)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.01)||Neutral (0.08)||Neutral (-0.02)||Neutral (-0.03)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (0.00)||Neutral (-0.07)||Neutral (0.11)||Neutral (-0.04)|