Obama begins reparations to his Black constituents under Pigford v. Glickman with $1.5Billion.

This lawsuit was filed in 1997 under the Clinton administration near the end of his term when Clinton was pardoning criminals who offered him large enough contributions. Timothy Pigford was joined by 400 additional African American farmer plaintiffs. Dan Glickman, Clinton's Secretary of Agriculture for eight years, was the nominal defendant. The allegations were that the USDA treated black farmers unfairly when deciding to allocate taxpayer handouts to farmers in the form of price support loans, disaster payments, "farm ownership" loans, and operating loans, and that the USDA had completely failed to process subsequent complaints about racial discrimination.

All that money was taxpayer money and no farmer actually had any right to any of it. But due to political corruption it was claimed that only the farmers that the Clinton administration favored got these taxpayer handouts. He had the black vote in his pocket so he only had to buy white farmer votes. At first the lawsuit went nowhere but then the Obama administration took up the cause. They claim they did not get their fair share of the Clinton's vote-buying funds for their Clinton votes. This court decree now facilitated by the first black president and the first black US Attorney general amounts to $3.7million for each of the 400 original plaintiffs. It sets a new legal precedence that vote buying and other forms of democrat-socialist corruption. In the future when taxpayers are mugged the stolen wealth must be split equally among the muggers or else the black muggers have the right to mug the taxpayers again to get their fair share.


At this rate, if every black American were to receive this level of corrupt reparation payment for what was (before 1830) worldwide slavery... it would cost every non-black American roughly $370,000 per man woman and child. Obviously this is the largest example of political corruption in world history.

This is just the beginning of Obama's reparations. If congress grants this first $1.5 Billion then a larger 2004 case can reinstated. In 2004, the Black Farmers and Agriculturists Association filed an additional US$20.5 billion class action lawsuit against the USDA for the same practices, alleging racially discriminatory practices between 1997 and 2004. The lawsuit was at first dismissed when the BFAA failed to show it had standing to bring the suit. A farm consists of a minimum of 10 acres in most states but most are in the west where prices are low and these small farms are about 100 acres. Each plaintiff in that case would get about $1million in addition to whatever some of them got in the first lawsuit.

Of course the lawyers will take most of the money for themselves and they are already flooding congress with lobbyists and contributions now to buy congressional approval to pay for all these reparations. Young Bayh just last week decided to retire from Congress after accumulating $13million in lobbyist contributions. Remember this is the administration that said it would not listen to lobbyists.


World Outlook
It is becoming evident that EU nations are hiding much of their national debt with transactions that keep the debt off the books. Greece and others may already be well over their heads and unable to pay interest on their existing debt if it is disclosed. Of course interest rates on new debt will soon become unaffordable and any country that offers aid will lose everything they loan. Greece arranged swap agreements with about 15 securities firms, including some payments from banks that have helped hide the country’s true deficit (Bloomberg).

Argentine now has $20 billion of defaulted bonds.

Greece is actually smaller than California or New York where government employees are already sucking the blood out of their taxpayers.

Week of Market Reports:

Monday, Feb. 22:
Ben Bernanke speech

Tuesday, Feb. 23:
Housing Prices
Consumer Confidence

Wednesday, Feb. 24:
New Home Sales

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

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

Market Outlook February 22

Lowe’s Cos. posted fourth-quarter profit that exceeded analysts’ estimates after sales at established stores fell less than the company forecast.

Treasury yields were near a six-week high as the stock rally (fear of stock market risk decreased) cut demand for the relative safety of government debt as the U.S. prepared to sell a record $126 billion of securities. It could also mean fear of government debt is increasing.

Warning; 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 up over night; Shanghai down -0.5%, Hong Kong up 2.4%, India up 0.3%, and Japan up 2.7%.

European markets are up slightly in the range from 0.3% to +0.4% this morning about half way through their day.

Today US pre-market futures are up about 0.5% at 8:30 AM EST. It is seldom a good indicator of what will happen but we are due for a small correction soon. Still inflation will stimulate inventory build-up, which will mean profits for suppliers. Suppliers should do well now.