Good Morning. Futures are up slightly and it is the eve of yet another unemployment day. Meredith Whitney did a great interview with Bloomberg TV this morning. The interview is long, but very worthwhile. Basically she said that banks are on life support and will be for years to come, investors should run, not walk from buying common equity in financials because they have no protection, and she questions why the few remaining “good assets” are being thrown into the toxic receptacle which is a “bad bank.”
The ADP employment number just came out and it is the 24th consecutive decline. The number was a decline of 522k jobs vs. over 600k last month. I would imagine that we will have a choppy day as we get closer to Friday’s number.
I’m thinking if anyone should be supporting a flat tax, it would be this administration.