Used French Rifle For Sale...Only Dropped Once

Something interesting happened last week—there was an epiphany. It wasn't a Eureka moment about the shabby state of this recovery. It was deeper than that for sure. The stock market sold off on Friday over the realization that white flags are going up all over the country as people are walking to the dugout of life. While the French ditched their closest attempt at true capitalism after one term with Sarkozy, the American people were making a similar retreat from the greatness of free markets as hundreds of thousands bolted from the labor force last month. Oddly, they have something akin to socialism to make their exits more pleasant.

Time to Stop Bitching About College

I keep hearing people talk about college as a form of medieval punishment and not something that has propelled our nation higher and further. It's supposed to be an investment. It's supposed to make life easier. It is those things and more as a matter of fact. Also, it's voluntary. If people don't think it's worth it, they shouldn't go or shouldn't major in something that proves to be a financial dead-end. Or, take any course you want but don't demand I pay for it or corporate America or the oil companies or anyone else. I cannot believe that somehow the narrative is focused on government artificially holding down college cost and getting others to pay for it.

This is a welfare for the elite part of a new caste system but par for the course that has seen a bailout of banks, mind boggling numbers on food stamp, and free cell phones to help people get jobs (heard that on the radio over the weekend-people are disadvantaged in the job market without a cell phone and internet access-so taxpayers must fork over the money). In addition to all the evidence that college adds at least an extra million dollars to a paycheck over a career, they are fairing so much better in this economy than the rhetoric would imply. The better the education the greater the participation rate and the lower the unemployment rate.

Swan Song for Europe

I find it remarkable how swiftly Europeans are giving up on austerity and even saying it doesn't work. It's been a day since several European nations decided to try fiscal responsibility, but that was too much for them to stand. For some reason, they believe they can go back to spending and, in the case of France, work less and retire earlier, and somehow it makes for a successful economy.

I'm not completely surprised but still no less offended and worried that this nanny state, I want to get but not to work, mentality could drift across the Atlantic—not that it's not already here beyond the incubation phase. In the meantime, elections in France, Greece and even Germany point to success for candidates promising something for nothing.

Today's Session

I'm not convinced today is going to be a bloodbath, but the early part of the session sends a message about success coexisting with failure and the ability to thrive when people are giving up. Note we could have another tough day overall.