We’ve had some thrills and chills over the past 24 hours with JPMorgan’s acquisition of Bear Stearns and the Federal Reserve Board cutting interest rates on a Sunday night. Since I’ve been involved in covering financial markets for the past 25 years and like to put my two cents in, a lot of people have been asking me lately about the prospects for the U.S. economy.
Here’s my bottom line: This year won’t be that bad because Jupiter in Capricorn will be opposing the U.S. Sun ( “Born on the Fourth of July”) and will be moving in the same sign as Pluto, also in Capricorn for part of the year. What this means to me is lots of government benevolence — or welfare for Wall Streeters. That’s why we’re getting tax rebates when we need tax hikes and why the Fed is coming up with programs to stop the subprime bloodbath by allowing investment banks to borrow directly from it, a privilege previously extended only to commercial banks.
Don’t worry, folks. Oil and gold may be skyrocketing and the dollar will be tanking, but Uncle Sam has deep pockets.