One way to continually mislead Americans is to provide bad data as the Obama administration and the UN global warming sycophants are doing. Global warming is another socialist wealth distribution system that accomplishes nothing but world injustice and the tyranny of the majority who envy productive people. Ultimately Atlas shrugs but not first without the terrible price and terror of communism and fascism. Prior to the fall of European communism the economic statistics of the communists were always fabricated the way the Obama administration is doing today.
For example Obama originally reported that the US economy leaped ahead 3.5% in the third quarter. That was to make the socialists look like their porkulus package was working. Then it was revised down to 2.8% and then on Dec 21 it was reduced to only 2.2 % indicating the number had been inflated by 38% socialist/communist spin. When the fourth Quarter GDP comes out the third quarter will be revised downward again so that the fourth quarter can be quoted even higher and Obama can take credit again. Socialists Lenin, Stalin, Hitler, and on down to Breznev and Saddam all believed the ends justify the means and that truth is whatever the people can be convinced to believe.
Administration corruption is at an all time high. We know it is corruption when someone uses political connections to facilitate the transfer of taxpayer or state worker retirement funds to a group that pays the facilitator for his political services. That is to say that we know it is corruption when a politician takes money from a hedge fund for services the politician renders by misappropriating taxpayer or state worker retirement funds. But we do not discover the corruption until the fund loses the money and it becomes public. Yet the American Congress and the Obama administration has become so corrupt they see nothing wrong with a congressman blackmailing congress for hundreds of millions of taxpayer funds for a socialize medicine vote when in return for that blackmailing, the congressman gets $400,000 a year in federal job benefits and $1million in eventual retirement benefits for getting his state an exemption from some of the consequences of socialized medicine. It is both corruptions of the legislative process and teaching the voting public that corruption is ok as long as some less favored electorate pays the price. The democrat-socialist congress is blatantly buying votes to pass socialized medicine. This is an outrage.
World Outlook
Investors who mistakenly bought bonds before are now buying stocks at their highs. There is evidence that long-term rates and inflation are now creeping up. That will devastate world-wide bond holders because the faster the rates rise the faster the face value of the bonds will decline. It will put tremendous pressure on socialist governments with large indigent political hack government job sectors such as Portugal, Iceland, Ireland, Greece, Spain, New York City, and California.
Market Outlook:
This Week
Monday, the Treasury Department auctioned $30 billion in three-month bills at a discount rate of 0.070 percent, up from 0.040 percent last week. An additional $31 billion in six-month bills was auctioned at a discount rate of 0.170 percent, up from 0.160 percent last week. The three-month rate and six-month rate were the highest since October when the amounts auctioned were greater. The Fed held its final meeting of the year last week and once again voted to keep its target range for its bank lending rate at zero to 0.25 percent, where it's stood since last December.
Home resales rose by 7.4% to a 6.54 million annual rate from 6.09 million in October, the National Association of Realtors said Tuesday.
Inventories kept shrinking. Prices fell -- but the decline was the smallest in two years.
Economists surveyed by Dow Jones Newswires expected a 3.3% increase in sales during November, to a rate of 6.30 million.
The report Tuesday was another positive for the housing market, recovering from a big bust. Year over year, resales were 44.1% higher last month than the level in November 2008. October existing-home sales rose a revised 9.9%; originally, NAR said sales surged 10.1%.
The average 30-year mortgage rate was 4.88% in November, down from 4.95% in October, Freddie Mac data showed. The NAR reported the median price for an existing home last month was $172,600, down 4.3% from $180,300 in November 2008. The decline was the smallest since a 4.1% drop in November 2007.
Inventories of previously owned homes decreased by 1.3% at the end of November to 3.52 million available for sale.
The US economy limped forward at a 2.2 percent pace in the third quarter, according to government figures Tuesday that showed a downward revision of gross domestic product (GDP). This is the second Obama government revision from the original Obama bogus 3.5% rate.
Corporate profits in the third quarter were revised down but were still up from the second quarter. Corporate profits were revised to $1.174 trillion from the earlier estimate of $1.181 trillion annualized. Profits in the third quarter were up 68.0 percent from a year earlier.
Sales of existing homes grew 7.4% in November compared with 10% in October to an annualized rate of 6.54 million units, according to the National Association of Realtors.
Wednesday, Dec. 23:
Consumer Income
Consumer Sentiment
New Home Sales
Thursday, Dec. 24:
U.S. Market closes early
Unemployment Claims
Durable Goods Orders
Friday, Dec. 25:
U.S. Markets closed for Christmas Day
Market forces December 23
We estimate the NYSE must still rise 3.3% from yesterday's close to be interpreted as a continuing rally not a declining head and shoulder sell signal. That reflects both the price change and volume of shares being traded.
Asian markets were up over night; China up 0.8%, Hong Kong up 1.1%, India up 3.2%, and Japan closed.
European markets are up with the average in a range from 0.4% to 0.9% this morning about half way through their day.
US pre-market futures up by about 0.2% today at 9:00 AM EST.
We are preparing for a market decline in early 2010 that could take prices down to high where they were at the end of May seven months ago.
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