Conjecture about increased demand for U.S.-grown wheat helped push the value of wheat futures toward their longest rally in nearly 11 months, according to Bloomberg.

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The markets are down again today. The selling is not massive but it is the third drop in a row. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $121.79, -1.32 (-1.07%). The big driver to the downside today is clearly commodities. Almost every single commodity is dumping sharply. Everything from oil to gold and silver. While these drops are massive, smart investors and traders are starting to look for the buy level.

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The aggressive tendencies of the sovereign debt scourge have especially fed the voracious appetite of gold investors since this past August, a Bloomberg poll indicated.

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The democrats have proposed what’s called a millionaire’s tax— or an additional 5.6 percent surtax on everyone earning $1 million or more per year. They believe that the tax will level a system ridden with loopholes favoring the rich, and raise much needed tax funds from those that will least miss it.

The idea is largely loathed by Republicans, who argue the tax will discourage job creators and business growth, and place an undue burden on those that have been financially successful.

We’ve interviewed local economist Dr. Daniele Tavani, a professor at Colorado State University who specializes in economic growth, for his take on it.

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