Leftists believe in taxes but just not in paying them themselves. They tend to be scatter-brained and waste time and energy trying to nationalize and hence destroy economic sectors. They provide jobs to political hacks and people who divert corporate "PACK type" contributions to leftist endeavors as patronage. Consequently incompetence and corruption tend to be the hallmarks of leftists from Castro to Chavez to Obama.
Obama uses stimulation funds to stimulate teachers unions. Rewarding teacher unions does not stimulate the economy or improve the educational system, stupid! Rather than remove or retire poor performing teachers the leftists, many left leaning state administrations advocate four-day school weeks permanently impairing the children's education and leaving many teenagers home alone on Fridays. That type of irresponsible adult behavior toward children was considered stupid by leftists who once pretended they were for good education. But what they really wanted were strong civil servant unions in control of state administrations using biased union supporting arbitrators to pick the pockets of productive American taxpayers.
Rewarding the indigent with bigger welfare payments does not stimulate the economy, stupid! The reason most marginal people do not have two nickels to rub together even in good times is because most of them have permanent addictions of one form or another and a high percentage of their money goes to the criminals who feed their habits. Stimulating marginal people stimulates the drug cartels and the liquor and flesh merchants, stupid!
Americans are getting tired if Chinese pet foods that kill pets, Chinese building products that destroy homes, and touted efficient lighting products that have less than a third the hours of life the communists print on the labels. How about enforcing truth in advertising on imports, stupid! Stimulating communist sales to the US is stupid by exempting them from American laws is stupid, stupid!
World Outlook
Icelandic and Greek socialist demonstrators continue protests against having to repay the $Billions in bailouts. The Germans and the French were the first to violate the EU deficit spending limits by a few percent six years ago. England has its own currency so they can ignore the limits. One solution is to take Greece and Iceland off the Euro so they can devalue and have inflation independent of the rest of Europe just like England.
Week of Market Reports:
Monday, March 8
Treasury bill auction rates
Tuesday, March 9
ICSC Store Sales
Wednesday, March 10:
Wholesale trade
Thursday, March 11:
Unemployment Claims
U.S. trade deficit
Friday, March 12:
Retail sales 8:30
Consumer Sentiment
Market Outlook March 8
Here is one good reason why the homebuilding industry is not growing rapidly yet. Banks and Internet loan operators continue to rip off homebuyers by instituting usury via obnoxious fixed charges for mortgages. While the interest rates may appear somewhat lower now, the up-front costs they tack on after the initial estimates are a truly fraudulent. But the banks claim they do the borrower a favor by loaning the borrower the money to pay the extra $5000 in rip-off inflated closing and maintenance fees. Crime flourishes under this Obama administration. There are at least half a dozen Internet scams offered to each potential homebuyer. Some telephone scam boiler rooms get a fee of $400 or more up front over the phone on suckers credit card before they provide the sucker a written estimate of total cost including their fees. We looked into this ourselves and that is the situation. This is the reason the tax rebate of $9000 is not working when the buyers see just how much the mortgage companies are ripping them off.
The market is up for this year. We see the averages as possibly rising 3% to 5% more in the next few months. But the free money the Obama administration is throwing at indigents, GM, banker bonuses, unions, global warming fraud, and community activists is all money that accomplishes very little as it swirls down the toilet bowl. It must all be paid back through inflation, economic damage, and future hardships.
Asian markets were up sharply over night; Shanghai up 0.7%, Hong Kong up 2%, India up 0.6%, and Japan up 2.1%.
European markets are flat in the range from -0.1% to +0.1 % this morning about half way through their day.
Today US pre-market futures are flat at +0.08% at 8:30 AM EST.
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