In case you were wondering why the stock market had huge increases on Friday and Monday, look no further. It was not the impact of announcing the appointment of New York Fed President Tim Geithner to be Treasury Secretary. It was the carefully scripted leaks by Obama’s advisors over the weekend that Obama is moving away from his soak the rich campaign rhetoric and will not increase tax rates right away, instead allowing the lower rates to expire in 2011.
My friends at the Club for Growth posted a piece today with the relevant quotes from the weekend talk shows. You can read it by clicking here.
While I prefer a leader whose shoes stay put in policies I believe are good for growth, jobs and wealth I am happy to see these shoes moving in my direction at least for now.
Keep walking, shoes.
JR
