(snip)"Gartman predicts Democrat win, advises investors to get out
Posted: January 04, 2008, 11:50 AM by Jonathan Ratner - Market Call
Calling Democrat Senator John Edwards a “dangerous man,” Dennis Gartman predicted that the Republicans will lose in the U.S. presidential elections regardless of who they run in November."(snip)
(snip)"“Sen. Edwards wants to do away with all of the Bush tax cuts; wants to raise taxes on investments, and wants to increase taxes materially upon the so-called ‘rich,’” Mr. Gartman wrote in Friday’s edition.
Fellow Democrat Senator Barack Obama of Illiois also want to repeal tax cuts on the rich and has suggested hiking the 15% dividend tax, he added.
As for Senator Hillary Rodham Clinton of New York, Mr. Gartman noted that her tax increase plans are less onerous than those of her counterparts.
Democratic congressman Charles Rangel, who happens to support Ms. Clinton and is chairman of the House Ways and Means Committee, wants a tax surcharge on all annual income above US$500,000, as well as higher taxes for dividend, Mr. Gartman said. While calling him a “likeable guy” with admirable wit, Mr. Gartman labeled Mr. Rangel’s economics “Marxian.”
“If Edwards is a dangerous man, Mr. Rangel is a loaded guided missile aimed at the U.S. economy,” he wrote.
So don’t be naive and expect anything but widespread tax hikes when the Democrats take more control of the House, Senate and even the presidency, Mr. Gartman said, adding this will be done “under the dangerous guise of balancing the budget.”
Expect damage in the capital markets, he added.
“Getting out while the gettin’ is good is reasonable and wise.”"(snip)






Bookmarks