There’s a lot of complaining these days, but very little constructive action.  Occupy Wall Street seems to be driven by a hodgepodge of naïve dreamers and malcontents, but few constructive ideas.Our economy – and economic disparity – can never be fixed until we deal with the debt.  We’ll never deal with the debt without dramatic reforms to stop underlying dysfunction in government & endemic wasteful spending.  We cannot grow our way out of the debt.  No credible forecast suggests that future rates of growth for the U.S. economy will be sufficient to close these deficits without significant changes to our fiscal policies – in particular entitlement programs that seem to run on autopilot.It’s a fundamental axiom that power corrupts.  Systemic corruption throughout all levels of government needs to be countered with dramatic reforms, not window dressing reforms.  True, effective reform that anticipates unintended consequences – not revolution & anarchy – should be the battle cry for Occupy Wall Street.Here are 8 reforms that need to be addressed if we are to have any hope of ever turning things around.  I believe they would propel the Dow Jones to 20,000 and beyond.  Three are budget related; one addresses legal reform; four deal with electoral issues that enable dysfunctional governance & corruption:

1. Balanced Budget Amendment & Federal Budget Process Reform by passing the Honest Budget Act to end budgetary trickery proposed by Senators Olympia Snowe & Jeff Sessions.  (Google ‘Honest Budget Act’ to learn more.)  By 2020, net interest payments costs will be more than 70% the size of the entire budget deficit!

2. Tax Reform.  Flat! Flat! Flat!

3. Entitlement Reform.  Focused on Medicare & Social Security – elephants in the room when it comes to consuming the bulk of our tax dollars.  Washington spends almost $31,000 per household on entitlements.  Social security & Medicare are on pace to crowd out spending on other programs.

4. Term Limits.  Term limits for ALL members of Congress & the Senate.  There’s no empirical evidence supporting the notion that ‘experience in government/politics’ holds sway over the talents/experience of non-political representatives.  I’ll take new blood any day over the hacks that would have us believe we need their expertise.  How’s that expertise working for us so far?

5. Campaign Finance Reform.  Reform with ‘millionaire amendments’ that truly equalize campaigns & cannot be vulnerable to being overturned by the Supreme Court.

6. Redistricting Reform.  A nationwide reform based on California’s recent redistricting plan which aims to eliminate gerrymandering & non-competitive elections – one of the few things California actually got right!

7. Lobbyist Reform.  Let’s clean up Washington & eliminate the influence peddling of high-priced lobbyists.  Current efforts at lobbying reform law are a sham.  We need to start over with a clean slate & develop a law that has teeth & cannot be manipulated by politicians who have a vested interest in maintaining the status quo!

8. Tort Reform.  Aim at controlling frivolous malpractice lawsuits, excessive jury awards & eliminating the huge bureaucratic logjam in our justice system.  Claims that tort reform would not reduce health care costs are patently false.  How else do you explain that Americans can save 60%+ on health care insurance by simply assuming a non-U.S. residence, even though they continue to get health care in the U.S.?  Blue-chip international health insurance companies know full well the huge costs wrought by an overly litigious America. Class action suits would remain, but much of the system needs to be completely overhauled with common sense reforms.  This is not rocket science.

If I had to pick just one reform, it would be Balanced Budget Amendment & Federal Budget Process Reform – this would have lasting & rippling effect throughout society & the globaleconomy.  Flat Tax Reform would probably deliver the fastest boost & likely send the markets soaring.  Then there’s Entitlement Reform.  Entitlements consume by far government spending.  ‘Entitlementitus’ is truly a cancer that’s killing America.

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For those of you who still want some great Saturday read’s to go along with the King is Born here is Stocks on Wall Street’s favorite Articles of the Week! Hope you take the time and read them yourself, enjoy!!!

10 Reasons the Dow Jones Will Hit 2,000

Cleaning Up the Subprime Aftermath

Top 10 Lobbying Banks Got Biggest Bailouts; Coincidence

How Optimistic is the Stock Market?

The Case for Higher Taxes

Cheap House & Poor Taxes

The Cost of Living

Debating the Value of College

Crazy Fed Rules Cost Business $1.75 Trillion

A Tale of Two Recoveries

The Only Thing That Matters

Lehman Veteran is Back in the Game

An IPO That Popped, Then Fizzled

Lessons for the Irrational Investor

Geithner & Goldman, Thick as Thieves

How David Beats Goliath

Tyler Cowen, America’s Hottest Economist

Big Banks Cash in on Commodities

How American Medicine is Destroying Itself

Small Windows in an Unfavorable Situation

Not Flashy, But Successful

When the Value of Housing Ruins the Home

India is Growing but Indians are Still Starving

Rudy Guiliani Leads National Poll

When the Nile Runs Dry

Oprah, I Hardly Knew You

How Companies Help the Planet

Welcome to “Chinawood”

Magazine Migration to Tablets Will Take Decades

Sharing Information Corrupts Wisdom of Crouds

Judd Gregg Hired by Goldman Sachs as International Advisor

Beautiful Game, Ugly Politics

Are Our Lives Vanishing Into the Clouds?

Don’t be a stranger leave a comment below and let me know what you think or send them to my Twitter. Also remember to sign up for Stocks on Wall Street’s Monthly Newsletter.

Here’s the list of this top articles I read this week. Hope you take the time and read them yourself.

Can You Get Buy on $1,000,000 Dollars a Year

How to Tax the Rich

Bold Prediction: Dow Will Top 14,000 in 2012

George Soro’s What His Fund has Been Buying

Bernanke’s Eastern Island Moment

Consumer Confidence Continues to Dip

Why McDonald’s Hamburgers Don’t Rot

20 Questions for 2011

Mistakes Made by Financial Advisors

8 Reasons Not to Day-Trade

If you have any good articles feel free to email them to me or send them to my Twitter. Also remember to sign up for Stocks on Wall Street’s Monthly Newsletter.

The Dow Jones topped 10,000 yesterday!!! First time since October 2008. Can you say we are on a rally? Only in March the Dow hit a 7-year low near 6,500 now popping 53% in a year. Big news? I think so. We have watched the DIJA go back and forth throughout this decade crossing this magical line many times. The question now is will it stay? Many folks are skeptical claiming that the bulls are running to far ahead of themselves. The markets right now are leading the pack and many people are scared that the economy is still in disarray, unemployment being the big issue. In this case, we are looking at the stock market being the leading indicator with unemployment being the lagging indicator. Throughout time the market has always traded six months ahead of a healthy economy whereas unemployment is usually six months behind. This being said the market is telling us come March we should see the unemployment rate start to fall. So with this all said, what’s next for the markets? In this case I think the Technicals are in our favor. I think 10,000 will become a support level and history backs me up. In the past, when the Dow has traded near 10,000 it has stayed there for many months, sometimes even years. Look at the graph below for proof. (The circled spots show where the Dow traded over 10,000 and for how long showing the support levels exist)

I think the Dow can trade up to 10,300 in the next month and a half being carried by both earnings reports and technicals. For one the 50 day is trading over the 200 day Moving Average indicating we are in a Bullish run. Plus with Goldman Sachs, IBM, and Google (Read this article on GS, GOOG, & IBM’s Earnings) all set to blow analyst out of the water this week, what’s going to stop the rally? I say nothing, ride the rally and don’t be too scared to jump back in the markets as if you don’t you will just miss out on the gains.