Gold settled at 1347.00 USD at the end of Friday trading October 8, 2010. What can be expected next week? Perhaps more settling down if the Democrats continue to gain support for the November vote. For months Democrats have been attacked by the Republican sponsored media who has continually pointed out Democratic “inefficiency” at handling the current economic crisis. This continual and seemingly unanswered tirade has made the mid-term elections a battleground for control of the Congress.
However the Democrats seem to finally awaken to the effect it has been having on the American public who is used to instant coffee, fast food and instant result and who seem to disregard the fact that it has been eight years of misgovernment that bought us here.
The Democratic response has pointed out the fact that indeed the much criticized economic stimulus plan has helped keep millions of Americans working and perhaps could be described as being “too small” to have been even more effective. The Democrats are also pointing out to Republican reluctance to back up bills like the Small Business Stimulus Plan that would help small business get on their feet. We have to point out that Democratic support of “TARP” has indeed helped finance large corporations during the crisis and has even returned a profit to the American taxpayers.
But we have to understand the Republican view on these plans as well. They point out that the government is seemingly giving money to businesses that have a high risk of failing. As a small business owner I can understand their point of view. However along with financing there must be an effort to make our nations small businesses competitive by embracing protectionist policies like raising tariffs on imports and not making it easy for American corporations to open their factories overseas in order “to take advantage of a Global Economy”. For too long I have witnessed this smoke screen set up the American Middle Class for decimation. It’s time to bring the factories home and concentrate on “American Production for American Consumption”.
Although it seems that Bush supported tax cuts for the wealthy Americans seemed to have taken a sort of backseat after the Democrats have delayed the decision to end them. Let’s remember that the decision has only been “delayed” and many Democrats are clearly pointing out at the billions of dollars being lost by continuing the tax cuts. When the time comes to “sundown” them in 2011 I am sure the majority of public support will be on the Democratic side. Many voters are worried about the amount of government spending and many groups point out the amount of seemingly wasteful projects the government has contributed funds to. But I have a feeling there will be an accounting and curbing of this in the near future when BOTH parties are pressured to streamline government spending. At this moment the American public is being made aware of the amount of questionable contributions that are being lavished on the candidate races of both parties. Worrisome is the fact that there are millions of dollars being made by foreign governments through such entities as the “American Chamber of Commerce”.
In conclusion all this “manning up” by the Democratic Party is being reinforced by the good news that there has been a drop of unemployment claims for the 3rd week in a row as well as a reported surge in sales in September by retailers nationwide. This has led to a glimpse of hope as consumer confidence seems to be increasing. For the time being we all must continue to keep an eye out to see if these improvements are sustained and then indeed we will come out of this recession.
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