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Except for the stock market, which soared on news of another rate cut, the US economy looks worse and worse–deflation, unemployment, and the lowest Federal Funds Rate ever.

Consumer prices fell at the fastest rate on record in November, while home construction skidded nearly 20 percent to its lowest levels in 50 years, according to government data released Tuesday.

Maybe I am overly pessimistic, but I don’t even expect stock prices to stay high. Tomorrow will likely be dominated by cautious profit-taking.


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