President obama had better pray for a rally, bigger than the one that's already taken the Standard & Poor's 500 average up 64% from its low this year. A continued stock market boom is one of the few things that will pump enough money intornthe economy to make a dent in the huge projected deficits ahead. It's called the wealth effect: People spend more when they think they're worth more. Rallies also pump money into the U.S. Treasury, as rich people take profits and pay tax on them.
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