Alberta Soap Box 🇨🇦

Down trending Head and shoulders Pattern shows massive downturn ahead

Listening to the political pundits and politicians I get the sense that the economic crises is over or at least being managed. Then I read about Greece and Italy begging on their knees for Germany and  China to bail them out of their financial mess.

All this rhetoric from the politicians today is just a rehash of what was  said before  the crash of 1929. If we believe the baloney of the Irving Fishers of today , we are all headed for the poor house.

“Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such
as (bears) have predicted. I expect to see the stock market a good deal higher
within a few months.”
– Irving Fisher, Ph.D. in economics, Oct. 17, 1929

More political double talk from 1929 :  http://www.goldeagle.com/editorials_01/seymour062001.html

How can any reasonable person (politician) think they can spend their way out of bankruptcy. Countries like the US , Greece ,Ontario/Quebec Canada have been spending like a bunch of drunken sailors for years , promising huge benefits to the gullible public, and now its time to pay up. Unfortunately it’s not the politician that has to pay up it’s you the over taxed, tax payer.

If the chart of the DOW above is any indicator of things to come it’s just a matter of time before the house of cards falls regardless of how the politicians try to explain their Frankenstein economic policies of spending in the good times and spending even more in the bad times,  never paying down their debt.

So  (Canadians) get your wallet out. Regardless that your already paying over 41% of your wage to taxes (combined) and fees, you’re going to pay more to bail out our frivolous politicians, or maybe we can follow British Columbia’s  example and some common sense and vote down unwanted tax increases and stop pretending we can afford all of our so called free benefits.

Head and Shoulders explanation: http://www.onlinetradingconcepts.com/TechnicalAnalysis/ClassicCharting/HeadShoulders.html

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