"The voice of protest, of warning, of appeal is never more needed than when the clamor of fife and drum, echoed by the press and too often by the pulpit, is bidding all men fall in and keep step and obey in silence the tyrannous word of command. Then, more than ever, it is the duty of the good citizen not to be silent."
Charles Eliot Norton
In my opinion the bulk of the market action is being driven by tax selling, the taking of profits this year before the expected tax changes which will occur next year either with 'the fiscal cliff' or 'the grand bargain.'
The negotiations around this 'fiscal cliff' are fascinating. I am still wondering how Obama managed to box the Republicans in so thoroughly. Was the GOP just that confident of a big win in the election, or is Boehner playing hardball with the Tea Party wing of the House? One can only wonder.
Gold and silver continue to coil for a move.
Genuine reform remains a distant goal.
