I Guess I Was Right . . .

BREXIT hoopla is subsiding rapidly because people are realizing that it is a British thing, not a world thing.  And Europe seems to be getting over it.  Of course, many in Great Britain are still unhappy but I see where the government is not going to hold an election for the "Do Over" people.  If anything, I would think the Do Overs would lose even worse the second go round should there be such a thing.

Any way, the market is on its way back up.  I think it will recover to about where it was before.  Of course, FMOC could screw it up and something else could do it too.  I see where the price of oil will probably go up a bit as the summer driving reserves are down.  That means demand is up and that is classic "supply and demand' economics.  And rising prices in oil seems to spur the market on higher.

But there was no real reason except for general luke warm economy ala Obama we are settled in for the duration of his administration.  A group of incompetents with arcane give it away philosophy will come to an end.  As Margaret Thatcher said, "Liberals do great until they run out of your money to spend."   The gimmie days are I think are over.  There is not enough money to sustain all the gimmies.  Already the national debt is way out of control.

Perhaps the Republicans will grid their loins, and stop the leaking purse from excess spending.  And maybe we will get some reasonable tax reform.  I like the present system, as I understand it. I do not like the high rates of taxation and go great lengths to avoid having to pay excess taxes.  It is not that I dislike the privilege of paying taxes (as that means one has a real income), it is just that Congress wastes so much of it on extravagant social programs.  We need to get back to reality.

Any way, I did not panic and sell my investments.  I already had considerable conversion to cash in my IRA.  I have been selectively buying defensive stocks.  And I was pleased, that during the brief draw down, most of those stocks weathered the drop.  Did I have losses, yes, were they as bad as the market drop, no.  So I was some what prepared for a drop, just not because of BREXIT.  So we are now beyond that, I hope.