Here’s an issue that offers a full blend of bear market attributes: divesiveness, nationalism, alienation and anger. Back in 1998, when stocks were soaring, actions against illegal immigrates effectively ceased when it was ruled that immigration officials had to give employers a days notice before raiding their premises. With the pendulum now swinging in the direction of the bear, state and local governments are busily piling up reforms that fulfil The Elliott Wave Theorist's forecast for major changes in immigration laws. In a matter of days the issue is getting “larger, larger and larger. Today's news wire is full of stories about fast moving legislation in Washington and various state capitals and protesting high school students in Southern California that have taken to the streets. So far, the demonstrations are said to be peaceful, but they better watch out. They've also taken to the Harbor Freeway in downtown Los Angeles.
What's revealing about the outpouring is how fast it’s happening. In our February write up, “Putting the Il Back in Illegal Aliens,” we quoted one of the key anti-immigration figures in Congress, Tom Tancredo of Colorado: “I would have said to you a month ago or so, ‘Yeah, it’s definitely the case that I am a pariah.’ But it has changed. I’m respected. It leaves me speechless.” Here’s what the latest issue of Newseek says about Trancredo:
A Border War
Tom Tancredo may not be a household name yet, but he's doing everything he can to change that. As the House and Senate debate the nation's immigration and border-security laws, the four-term Coloradan has positioned himself as the loudest, angriest voice against the estimated 11 million illegal aliens now living in the United States. They are "a scourge that threatens the very future of our nation," he says.
Tancredo may be a crank, he is a crank with a large and passionate following. Tancredo was one of the first politicians to tap into the latest surge of anger. In states with large numbers of undocumented workers, voters complain that poor illegals are overwhelming public schools, clogging hospital emergency rooms and bankrupting welfare budgets. And they worry that inadequate border security makes it easy for would-be terrorists to sneak into the country. Tancredo's colleagues are listening. When he arrived in Washington, he started the Immigration Reform Caucus. The group attracted just 16 members. Today, there are 91.
Tancredo's anti-immigration campaign is also brazenly, almost gleefully, taking aim at George W. Bush and Karl Rove. The president had once hoped the immigration debate would center on his proposed guest-worker program, which would allow illegals—who fill millions of unskilled, low-wage jobs—to stay in the country for a set period of time.
Newsweek, April 3, 2006
Notice the Bush bashing at the end. This is another trend that fits in squarely with our forecast, see entries of Bush Quietly Says No Need Follow Patriot Act Oversight Measure, Bush the "Incompetent" and 14 US House Reps Want Bush Impeach Probe. The Dow Jones Industrial Average tells us the bear market is still under wraps, but these quick moving trends tell us that beneath the surface, the bear market is making headway. |
