The Wall Street legend, Art Cashin, who serves as Director of Floor Operations for UBS Financial Services Inc. was interviewed today on CNBC and provided his view of the market. During the on air interview, he once again stated his belief that another stimulus package would be a waste of time and money, because the first package was "part illusion, part hoax." He further stated that the problems in the economy have not gone away and " the fire extinguisher is empty." He believes that the current stock rally will be short-lived but did not predict whether the pull back will be minor or a severe drop.
These comments are part of a growing chorus of the business community who are becoming more vocal in their opposition to the policies being offered up by the Obama Administration. The White House should take note and abandon its wreck less course. Somehow I doubt that they will listen. That's the problem with placing our economy in the hands of a group of academics and politicians who have never spent a day in the private sector. Ladies and gentlemen, our financial future is at stake and this is a battle of Theory vs. Reality. I'm pulling for Reality!
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