Markets were shocked when CAT came in light on earnings this morning despite posting a healthy 37 percent increase in revenue. The profit shortfall was attributed to "inflation in raw materials and labor." Of course there was no inflation in that revenue right? I wonder if they are having trouble hedging their forex exposure again.
Markets are coiling for moves which may be large based on the resolution of the US budget impasse, one way or the other.
I think it is theater, but it is not impossible that the players might accidentally stumble over a cliff. More likely the can will be kicked down road-wise, and both sides will claim victory, although the Dems will eat crow served up by that rascally Uncle Obama. How come he never betrays the money men? Oh, dumb question, never mind.
However, out of all this, I think a credible challenge to Obama is shaping up for the elections next year, and not from the extruded corporate man, Mitt Romney, or the banjo-playing daisy mae's Palin and Bachmann.
The fat cats were begging Chris Christie to run, but he knows he is over his head as it is and the skeletons in his closet might not survive national exposure. There is Perry of course, but that strawman needs a brain like Karl Rove to pull it off.
The O-Man talks a great game, and he might pull it off again, but this time he is burdened with a track record that does not match his words.
No I think we will see a dark horse candidate, maybe a third party or even a Democrat primary challenge, take Obama on. And he has no one to blame but himself. He will most likely cry all the way to the bank, following young Timmy to Wall Street in some capacity. I think he has blown his chance to be the greeter at Wynn's Las Vegas.
