Forget Wall Street, Occupy Congress
Please enjoy this free sample of our premium content featuring Matt Horween. To get all of RealMoney's premium content free for a limited time, please register here.
NEW YORK (RealMoney) -- I sympathize with the people demonstrating in the Occupy Wall Street movement, but I think that they are demonstrating in the wrong place and against the wrong people.
They should change the name to Occupy Congress and get 2 million people to go down to the D.C. area, where unemployment is low and deficits high and where Congress hardly does any real work and lets the lobbyists decide. Real estate values in and around the Beltway have held up pretty well. So have wages. I wonder why all the states and cities should be cutting wages and the federal government and Congress are not cutting their own pay.
|I sympathize with Occupy Wall Street, but it's targeting the wrong place and the wrong people. It's time to Occupy Congress.|
Wall Street is just a first or second derivative of Congress. Even after the mortgage debacle the federal bank regulators didn't catch the robo-signing problem. The states' attorneys general and private attorneys were the first to find the problem.It will take time for the housing market to heal because Congress is not going to do anything about it. Eventually the states will settle with the banks and by 2013, we may be done with foreclosures. But it is possible that the foreclosures will not clear until the end of 2013. We have a big election coming up and the tax issue and debt ceiling will roll around again. We have an out-of-control deficit with a super committee of Lilliputians trying to eke out $1.2 trillion of savings over 10 years, while last year's deficit was $1.3 trillion. In D.C., it is all a game to Congress and the president and ideology is what they practice. A priori knowledge is a big thing too. Pragmatism and listening to the 88% does not feature. The 99% who are protesting must include many people who like the way Congress does its job, because the public opinion polls consistently show that only 12% approve of Congress. Maybe Congress and the rest of the D.C. crowd sent the Occupy Wall Street people to Wall Street to divert attention from what they're doing. Housing Market
Digging deeper into real estate, let's look at why housing in many areas double dipped.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV