Is the simmering anti Wall Street sentiment just a moment or is it the birth of a movement? Well for now I think it is the former. The groups are loosely organized and have eschewed a formal political agenda but we all better fasten our seat belts!! With income gaps, underwater mortgages, a whole lot of grievances, and job prospects, the conditions are there for a lasting coalition. Look for the protests to grow and spread. It really looks as though next year is going to be a clash of cultures; Tea Party vs Occupy Wall Streeters. This is really about Washington not Wall Street, and I predict we will actually have a showdown of sorts as to the size and shape of Government. This whole movement is not about capitalism what's really going on is a clash over the haves and the have- nots. The ultimate success of the movement is to find a dance partner. Look for other liberal groups to emerge and look for unions to get involved.
The GOP is going to retreat with regards to increasing taxes. Their united stand against raising taxes is going to crumble. Look for some favorite deductions to get eliminated and believe me look for corporate taxes to get reduced!
We will have a rocky 2012 in the stock market and there will be more 401K and IRA pain to come with it. The only way to fight these trends is with tax free financial vehicles. One of my favorite products for tax free accumulation is an Indexed Universal Life Policy. Just like annuities you participate on the upside and you will never lose any principal. How does 9% interest sound to you? Give me a call and we can talk.
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