Today the stock market is rallying. And it must be because investors love the way President Obama is dismantling Republican Socialism. Between January 2001 and January 2009, the U.S. was under the control of Republican Socialism, the idea that the purpose of government is to enrich the top one percent. How does it work? Cut taxes on the rich; fight wars that put money into the pockets of defense contractors; cut wages; get people hooked on debt to make up the difference; deregulate Wall Street and when they crater use taxpayer money to pay bonuses to the bankers who created the mess while keeping their banks from failing.
But maybe there's another reason the market is rallying -- investors are scrambling to cover their short positions in financial stocks in the wake of a letter from Citigroup (C) CEO Vikram Pandit, who said Citi is going to be profitable in 2009.