Americans discovered their four pillars of financial catastrophe. They are called Obama, Geithner, Rangel, and Dodd.

Yesterday American markets plummeted with the realization that our American economic administration is without a plan.

Last night Asian markets were down slightly with China down only 0.2%, and India and Japan down only 0.2% Hong Kong was down 2.5%.

At this moment European markets are down fractionally.

The US market futures indicate a slightly lower opening level but my conclusion (see below) is that America is not going into a depression and we will recover with capitalism regardless of the our

President Obama finally succeeded in terrifying Americans. Americans are now terrified of President Obama. And they said President Bush wasn't smart enough. At least President Bush and McCain were smart enough not to tear down confidence in the American economy. In comparison, President Bush was a wise man because he knew; "It is better to keep ones mouth shut and appear to be a fool than to open it and remove all doubt."

Stocks dropped precipitously and Treasuries advanced in utter disbelief that the administration hasn't got a U.S. bank-rescue plan. Federal Reserve Chairman Ben S. Bernanke says he has initiated a review of the information it provides the public after Congress criticized the central bank’s poor disclosure and control during the unprecedented expansion of its holdings.

Rangel and Dodd created all the toxic waste and said if realtors and Wall Street did not make toxic waste marketable they could not participate in mortgage lending. The housing industry either bought into it or government cut their clients off from mortgages altogether. And so Wall Street came up with a method to hedge the risks of defaults but the socialists running the Senate Banking Committee (Rangel/Dodd) kept heaping on more concentrated toxic waste until it brought down the world banks and Fannie and Freddie.

Last week's market advance was largely based on Wall Street's hope that current mark-to-market rules will be abandoned or modified. President Bush Sr. instituted a policy of forbearance to be more forgiving in previous banking collapses here, in South America, and in Asia. Doesn't anyone in the Obama administration know anything? Didn't they at least take Economics 101?
Wall Street has just concluded Americans were right on Election Day. This administration is pompous, arrogant, and clueless and so the stock market plummeted once again .

Most likely, the market will continue to trade in a very wide 25-50% range until the congressional socialists are voted out of office in 2010.

Until we restructure the banks the mortgage industry, the real-estate industry and Wall Street... the credit markets will remain cautious and tight. The restructuring needs the 1933-type banking regulations applied worldwide. The reason our regulations were removed is because America could not compete with European and Japanese banks that did not have the same fund co-mingling and margin restrictions .

The market for stocks continues to be characterized by favorable valuations and improving market cash flow and market breadth. The market action is bad because the world fears that the last bastion of economic liberty and reason (America) is becoming more socialist-Marxist. American socialist-Marxists are even publicly talking about limiting American free speech and gagging the critics of socialism. If they gagged Obama that would probably unleash a raging bull market.