With his report cards firmly in the 'failing' category [3], President Obama begins his own 'New Deal' path. Starting with today's speech at Knox College (scheduled to begin at 1255ET), Obama will unveil his grand plan for "A Better Bargain." Explaining what it means to be 'middle-class in America' (who are ranked 27th in the world [4]), he notes "the success of our economy has always depende not just on the size of our GDP, but on the reach of our prosperity." Sounds to us like some more wealth transfer is on its way. As long as Bernanke can keep elevating stock prices then the wealthy can afford to vig a few points off to the plebians to keep the social unrest at bay.
A Better Bargain For The Middle Class
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Live Webcast below: