He is right. The US Government was hijacked from the American people during the Reagan years by the big money Wall Street banking elite, who just got themselves bailed out with our taxpayer money. You have to look at President Reagan’s backround, and his handlers who funded his campaign. Reagan worked for General Electric for years. His chief of staff, Donald Regan actually ran the USA, until the President’s wife got him fired, probably because she got tired of seeing Regan giving her failing husband orders. Remember the book Regan wrote revealing how Nancy Reagan was into astrology? You think, maybe, he could have left that out of his book? If you doubt what I write is true, I urge you to watch the Michael Moore film, ‘Capitalism, a Love Story’. In it, there is a video clip of the President giving a speech announcing some new deregulation action (How did that idea work out for everyone, EXCEPT for the Wall Street elite?) during some applause, Regan leans over and says to the President, “Speed it up.” Who tells the President of the USA to speed up a speech WHILE HE IS GIVING IT? The really big Wall Street banking money, that is who. Regan ran Merrill Lynch. They probably realized that by creating a huge amount of debt, (The National Debt went from 1 to 3 trillion during the Reagan years) that they could accelerate economic growth, and get very wealthy by creating the debt. (You can live large for a while with a credit card.) Sure, it might lead to problems in the future, but they realized that by the time the chickens came home to roost, they would be very rich, with their kids eventually inheriting huge sums of money. Remember how they also started using the phrase, ‘death tax’ instead of inheritance tax? That was no accident. We are talking about people with far above average intelligence. They know that money can buy politicians and, more often than not, get their folks elected to the Congress. They know that enough cash can get their folks elected to Congress through TV advertising. They know that the masses believe whatever they see and hear the most on TV and talk radio. They learned from what happened in Germany in the 1930s.
They are now dying that, after supporting Obama, he won’t take their orders, like Reagan, Carlyle Bush, Clinton, and Baby WMD Bush did. I hear a constant stream of complaints (from multi-millionaires!) on CNBC, about how Obama is anti-business. If that were really true, all he needs to do is say that the USA was thinking about defaulting on its debt. The economy would collapse within a week, and Obama could rule as a dictator. The fat cats would have to fly away or stand in line for food handouts at the back of an army truck. Obama could have the Secret Service shoot any generals who won’t take orders, and the rest would fall in line quite quickly. Remember Stalin? Terror works. If things got too rough, Obama could fly off to some country with no extradition treaty with the USA.
It will be fun to see how these whining rich folks react, if Obama vetoes their tax cuts for the rich, once the Republicans take over Congress in November. His last two years in office will be fun to watch. Will he fall in line like the last 4 Presidents? I douby it, but the big money folks speaking circuit is lucrative, once a President leaves office.
The more I see, the more I come to believe that Paul Ferrell of MarketWatch might be right. He worked on Wall Street. He recently wrote that the greed and lack of morality of the new ruling elite will eventually crash the system. And when the USA goes down, the rest of the developed world will go down with it because of globalization. You’ll want to have some gold then, and a lot of food too, since a civil war inside the USA might erupt. I doubt that would happen, but it could. An enormous amount of wheat, corn, meat, and soybeans go out of here. I see the huge ships heading down the Mississippi River to the Gulf of Mexico loaded with grain. That gets cut off, and things could get ugly in places you would never expect today.
Finally, I liked Reagan. I think he believed that he was doing the right thing. But his backround was acting and politics, not finance. Good luck.

There are rumors of a stimulus package coming up for Japan to revive the economy and I am quite confident that markets will rally on that news along were Japan to release a new stimulus package which is now pretty much imminent to be released. If Japan issues a stimulus package and the US issues another one we will for sure rally like we did last time as the stimulus money has to go somewhere and as we all saw what happened to stock prices after the last stimulus package was released. So I believe it is possible now that we see markets fall a bit but only to rally after new stimulus packages are released by governments.

@ Bill Simpson:
Well said!

The Operative Sentence:
“Greed and lack of morality of the new ruling elite will eventually crash the system . . . ”

I have only one comment to add. The Ruling Elite are the Power Elite, who are wealthy beyond belief; their goal is Ultimate Power, and they do (and have done) whatever it takes to achieve that objective, including promotion of “fear-based” and highly inaccurate propaganda to promote wars that are totally unnecessary.

The Internet is the Great TruthTeller:
The Arch-Enemy of the Power Elite is the Internet, since the Internet exposes their real motives, their memes, their processes, and their mechanics. The Elites destroy cultures to make way for new philosophies and new memes, which are their own, in order to achieve their goal.

Go Here for further insight:
http://www.zerohedge.com/article/guest-post-purpose-behind-engineered-economic-collapse
and Also Here at the Daily Bell:
http://www.thedailybell.com/1304/The-Genius-of-Murdoch.html

That Daily Bell reference is only one of hundreds, wherein they expose the Power Elite’s memes, and the implications related thereto (go to the Daily Bell’s home page, if interested).