Leftists, those who grew up cheating, stealing, or killing... naturally think all wealth is attained that way.

Envy of others who are successful and produce even a modest living much less great wealth… has been around since men left the caves and began making tents for following herds or began building mud huts and wooden plows to harvest fields of grain. The Bible describes the situation well and envy was sufficiently destructive four thousand years ago for envy to make the list of the ten greatest abominations of mankind along with stealing and murder. Communism cannot survive without envy, stealing and murder.

The leftist liberals, socialists, and communists are groups that have taken the human flaw of envy and turned it into political parties and a state religion. They have institutionalized the breaking the Ten Commandments with envy of productive people, stealing from productive people, and enslaving or murdering productive people who do not conform. The leftists were around four thousand years ago and if given the opportunity they would have killed Abraham and his kin and stolen the tribes' flocks, tents, and sandals in the name of redistribution of wealth.

Leftists have taken the crime of stealing and made it a pillar of their economic system calling it redistribution of wealth. Go and Google "cargo cult phenomena" and see how this primitive religion works and observe how the Obama administration is very similar to a cargo cult. Ignorance and stupidity are why some people just cannot understand that wealth can be earned from hard work. Those leftists who grew up cheating and stealing naturally think that the productive people who benefit all peoples could not have done so using intelligence and hard work to get ahead. No, the leftist think all wealth is gained by cheating and stealing from others or is a gift from their gods. And so they are filled with anger when others succeed in life and they do not.

From Wikipedia:
A cargo cult is a type of religious practice that may appear in traditional tribal societies in the wake of interaction with technologically advanced cultures. The cults are focused on obtaining the material wealth (the "cargo") of the advanced culture through magic and religious rituals and practices, believing that their deities and ancestors intended the wealth for them. Cargo cults developed primarily in remote parts of New Guinea and other Melanesian and Micronesian societies in the southwest Pacific Ocean, beginning with the first significant arrivals of Westerners in the 19th century. Similar behaviors have, however, also appeared elsewhere in the world.

Cargo cult activity in the Pacific region increased significantly during and immediately after World War II, when large amounts of manpower and materials were brought in by the Japanese and American combatants, and this was observed by the residents of these regions. When the war ended, the military bases were closed and the flow of goods and materials ceased. In an attempt to attract further deliveries of goods, followers of the cults engaged in ritualistic practices such as building crude imitation landing strips, aircraft and radio equipment, and mimicking the behavior that they had observed of the military personnel operating them.

Over the last sixty-five years, most cargo cults have disappeared. However, the John Frum cult, one of the most widely reported and longest-lived, is still active on the island of Tanna, Vanuatu. This cult started before the war, and only became a cargo cult afterwards.

Yes, ignorance, envy, anger, and stupidity are the hallmark of the leftists of the current American administration. Just think how stupid it is for the nation with the greatest health system in the world to want to trade it in for something we had fifty years ago. And think how stupid it is for an American to think we owe an apology to tribal cultures of hate that mistreat women and children and blow themselves up when they get angry.

World Outlook
Argentine still has $20 billion (and growing) of defaulted bonds.

Derivative traders are signaling that the Euro’s slump to a nine-month low will continue even if European leaders bail out Greece. Most major Greek banks there have now been downgraded. Leftist Greek unions run by angry, ignorant and stupid people just struck today and paralyzed the Greek economy and tourism.

Mexico will Buy Up to $600 Million a Month as Mexico’s central bank buys as much as $600 million a month in the currency market in a push to boost foreign reserves after last year’s peso tumble led policy makers to turn to the International Monetary Fund for help.

It is becoming evident that EU nations are hiding much of their national debt with transactions that keep the debt off the books. Goldman helped Greece and others hide $billions of debt thereby hiding their high risk and putting them well over their heads and unable to pay fair market interest on their existing debt now that it has been disclosed. Interest payments on new debt have become unaffordable and any country that offers Greece aid will lose everything they loan. Greece arranged swap agreements with about 15 securities firms that have helped hide the country’s true deficit. It now appears that European economies are beginning to slump again because socialist spending programs do not work they only deepen the crisis by increasing the debt burden, which is the cause, not the cure for recessions. Leftists are so stupid they think the cause of economic ruin is what leads to great wealth. They max out their credit cards and then want to mug the rest of us because we work hard and save in order to create real wealth.

Greece is smaller than California or New York where government employees are also sucking the blood out of their taxpayers. But the ignorant American leftists used their $800billion stimulation package to protect and stimulate more government job creation while raising taxes on productive people. Is that stupidity or what??


Week of Market Reports:
Yesterday
Housing Prices rose 3.1% indicating further stabilization.
Consumer Confidence "early estimate" declined to 46% from 56.5%. That seems like a fluke.
Commercial property sales increased 70% in December indicating that commercial real estate may not be as fragile as thought.

Wednesday, Feb. 24:
New Home Sales
Ben Bernanke speech

Thursday, Feb. 25:
Unemployment Claims
Durable Goods Orders
Leading Economic Indices
Ben Bernanke speech


Friday, Feb. 26:
GDP Revision
Chicago PM Index
Consumer Sentiment
Existing Home Sales 10am

Market Outlook February 24
The markets dipped yesterday on low volume. Bank loans in December declined unexpectedly. It is expected that today Bernacke will say the FED will continue low rates for the next few months until it is clear that there is no double dip as Europe may already be seeing.

The short and interim market direction remains bullish. However, when the market rises close to the next high (in 2 to 4 months) it will likely be a critical time to take profits because FED tightening will likely be occurring soon after. After the next high point the subsequent decline will likely break the old October 30 lows and challenge even the July 2009 low. Our corrected NYSE cash flow index gave its Head & Shoulder neck breakdown sell signal on Jan 29 when the NYSE (corrected for trading volume) broke through the neckline of a head and shoulders formation and it plunged about 3% below. But that signal has a long lead time which allows us to know what is likely two or three months in advance. The reason we cannot do a Market Cash Flow Analysis (MCFA) of the other exchanges is because they use the NYSE volume; they no longer use their own real stock volume.

Asian markets were down over night; Shanghai up 1.3%, Hong Kong down -0.8%, India down -0.2%, and Japan down -1.5%.

European markets are up slightly in the range from 0% to 0.4% this morning about half way through their day.

Today US pre-market futures are up about 0.2% at 9:00 AM EST. It is seldom a good indicator of what will happen but we are due for a resumption of the up-trend soon.