Obama, "I guess I underestimated the selfishness of some of my fellow Americans."

Obama, "I guess I underestimated the selfishness of some of my fellow Americans."

Obama said, "Look, it's an all volunteer force," Obama complained. "Nobody made these guys go to war. They had to have known and accepted the risks. Now they whine about bearing the costs of their choice? It doesn't compute.." "I thought these were people who were proud to sacrifice for their country, "Obama continued "I wasn't asking for blood, just money. With the country facing the worst financial crisis in its history, I'd have thought that the patriotic thing to do would be to try to help reduce the nation's deficit. I guess I underestimated the selfishness of some of my fellow Americans."

After bad press, including major mockery of the plan by comedian Jon Stewart, led to President Obama abandoning his proposal to require veterans carry private health insurance to cover the estimated $540 million annual cost to the federal government of treatment for injuries to military personnel received during their tours on active duty. The President admitted that he was puzzled by the magnitude of the opposition to his proposal. After all these funds were needed to cover ACORN activism, GM union pensions, all those welfare kids required so welfare mothers can have plasma TVs and eat steak while… oh yes, the active soldiers get food stamps because they can't afford to live on their pay. If that is Obama's definition of selfishness then Obama is one sick puppy!

World Markets:
This week we will take off a few days. We expect generally a good week for the equities markets. The indicators should not indicate a declining economy but rather a slower growth rate.
Economic Calendar

Last week
The US markets bounced about 6% and world markets rose about 4.5%. It was a good week and did you notice that Jim Cramer was on vacation. Let's hope he takes off this week too.

Even "GE/MSNBC/Pravda/Mein-Kampf" seems to be starting to distance itself from Obama lately. Americans need to vote all the bums out.

Wholesale Inventories May up 0.1%… virtually unchanged… good

This week
Jul 13 8:30 AM Trade Balance May
Jul 13 2:00 PM Treasury Budget Jun

Jul 14 8:30 AM Retail Sales
Jul 14 8:30 AM Retail Sales ex-auto Jun
Jul 14 8:30 AM Export Prices ex-ag. Jun
Jul 14 8:30 AM Import Prices ex-oil Jun
Jul 14 10:00 AM Business Inventories May
Jul 14 10:30 AM Crude Inventories 07/10
Jul 14 2:00 PM Minutes of FOMC Meeting

Jul 15 8:30 AM Initial Claims 07/10
Jul 15 8:30 AM Continuing Claims 07/03
Jul 15 8:30 AM PPI Jun -
Jul 15 8:30 AM Core PPI Jun
Jul 15 8:30 AM NY Fed - Empire Manufacturing Index July-
Jul 15 9:15 AM Industrial Production Jun
Jul 15 9:15 AM Capacity Utilization Jun - -
Jul 15 10:00 AM Philadelphia Fed Jul

Jul 16 8:30 AM Core CPI Jun
Jul 16 8:30 AM CPI Jun -
Jul 16 9:00 AM Net Long-Term TIC Flows Apr -
Jul 16 9:55 AM Mich Sentiment Jul

Market Outlook July 12, 2010
The market bounced about 6%. The market could go 6% more before stiff resistance but volume is low and only a few big operators are making the market. A few could also stop the advance.

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