NEW YORK ( TheStreet) -- While all eyes are on the deal makers in Washington, have we forgotten why the Federal Reserve keeps its foot down on the bond-buying pedal?
The central bank, which has controlled the monetary policy of the United States sincd 1913, has little room for "tapering." The U.S. economy isn't firing on all cylinders. Sentiment indicators among investors and the average American indicate the current fiscal and governmental mess is beginning to discourage many.
As Mike Norman wrote recently in Real Money, "Even though we are without weekly and monthly government economic data, we are still getting some private stuff, such as the ICSC-Goldman Sachs' chain-store sales data, which came out last week and showed an unexpected 0.1% weekly decline.
"There was also last week's horrible unemployment claims number, which was at least partially attributable to some glitch in California claims reporting (also based on the government shutdown), but we'll see whether or not that is corrected in the release this Thursday. If not, then more cause for worry."However, one reason I'm not worried our economy will end up like Greece's is the U.S. is the world's leader in technology. From cloud computing to mobile devices, electronic gaming to ecommerce solutions, the U.S. is tops. If you combine the market capitalization of Apple (AAPL), Google (GOOG) , Microsoft (MSFT), Cisco Systems (CSCO) and Intel (INTC), you have a financial empire within a nation. After adding up the market caps of these six tech behemoths we see a conglomerate worth over $1.27 trillion. Very few nations would offer a net domestic product (NDP), let alone a gross domestic product (GDP), that rivals this sextet of innovative greatness. As I read the debate about how Apple's new-generation iPad and iPad Mini will be priced, I'm reminded that in the world of ecommerce technology I failed to include another Godzilla-sized company named Amazon.com (AMZN). With a market cap of $142 billion, this technology/online retailer sells everything from household items to the new Kindle Fire HDX. Which company or country on planet earth today can compete with King Amazon and its imaginative guru, Jeff Bezos?