Call (866) 878-2881 to learn more about our investment strategies.
We are providing a link to the third party's website solely as a convenience to you, because we believe that website may provide useful content. We do not control the content on the third-party website; we do not guarantee any claims made on it; nor do we endorse the website, its sponsor, or any of the content, policies, activities, products or services offered on the website or by any advertiser on the site. We disclaim any responsibility for the website’s performance or interaction with your computer, its security and privacy policies and practices, and any consequences that may result from visiting it. The link is not intended to create an offer to sell, or a solicitation of an offer to buy or hold, any securities.
Click the link above to continue or CANCEL
Commentaries & market updates.
Another One Bites The Dust
Another One Bites The Dust
The falling dollar has finally brought down another Treasury Secretary. First it was Paul O’Neil, who was ousted because his inconveniently candid remarks, thought to have contributed to the dollar’s decline, seemed to run counter to the Bush Administration’s supposed “strong dollar policy.” His replacement, John Snow was brought in to pledge his support to the mythical policy and to talk up the sagging buck. No such luck, and back to the bull pen we go. One potential candidate is former Texas Senator Phil Gramm. Perhaps the administration feels the “strong dollar policy” would be more effective if delivered with a southern drawl. If Mr. Gramm does in fact get the nod, currency traders will likely dismiss his remarks as being “all hat, no cattle.???
The reality is that when the message is so blatantly hollow and contradictory, the choice of messenger hardly matters. By ousting Snow, the administration hopes to tear down a straw man, disguised as a snowman, just in time for Christmas. This type of form over substance maneuver is one of the few options available to defend an all-form-no-substance policy. It remains to be seen just how big a diversion this sleight of hand creates, or how much time it buys the administration before it reaches into its frayed hat for yet another rabbit.
Sign up for our Free Reports & Market Updates.