The underlying U.S. economy is still struggling ahead alone without assistance from anybody, unfortunately. At the same time, the U.S. stock market is being whipped daily by the headlines, mostly out of Europe. We have become headline-dependent. Yesterday, there were no bad headlines, and it was a good day to own stocks.
One of the many, many reasons I’m proud to be an American is our undying optimism. I know, it is hard to see, especially during these times of national malaise, but it is there. Take away the headlines, and the stock market wants to rise.
Now, how do we get rid of those depressing headlines? Give it time! Despite the childish wrangling of both last night’s debate and the Presidential address tonight, this malaise will pass. Just ask Jimmy Carter! Remember him? Do you remember the depths of Watergate? Do you remember the Democratic Convention in 1968? This too shall pass!
I keep thinking about the Turkish president’s comparison of democracy with streetcars, i.e., when you get to your stop, you get off. Of course, I’ve finally decided . . . that dog won’t hunt!