Americans don't want to be governed by the corrupt left or the right. They are, "Mad as hell!"

Americans don't want to be governed by the corrupt left or the right. They are, "Mad as hell!"

Scott Rasmussen polled Americans and found:
Americans want to govern themselves again with Washington in a supporting, not a controlling roll. But incumbents have millions of dollars to spend to recreate their new image with white whigs and tricornered hats.

In Connecticut with a $2billion deficit the socialist democrats slipped in (over the governors veto) a $6million grant of state taxpayer money to go to subsidize leftists in the next governor's race.

Obama gave away the stimulation package primarily to unions, government workers, and people of his own race.
It is unlikely that Obama will ever give an accounting of the spending due to the extensive administration corruption that they must hide. It is likely the trails of corruption will be shredded and burned before 2012.

We are left with Obama's planned tax increase in January for everyone who works for a living

World Markets:
The world continues to recover but Obama racist National Socialism is destroying the viability of American businesses and the incentive for lazy and unionized people to work. Private corporations with 50% pensions are going broke so government workers can retire with 90% to 100% pensions.

Economic Calendar
We are seeing manipulated Obama government statistics again with wide data scatter and correction as big as the reported changes.

Last week:
Obama disappointed the nation again with the report that unemployment rose 500K last month. President Bush inherited the burst Dot-com bubble recession and when he had unemployment dropping 50K per month he was ridiculed by the socialists. When he introduced tax cuts to help small business people grow employment he was ridiculed again because the socialists said he was helping "rich" people not the lazy, the unions and the federal workers who were said to be "poor" people.

This week
Aug 24 10:00 AM Existing Home Sales Jul
Aug 25 8:30 AM Durable Orders Jul
Aug 25 8:30 AM Durable Goods -ex Transportation Jul
Aug 25 10:00 AM New Home Sales Jul
Aug 25 10:30 AM Crude Inventories 08/21
Aug 26 8:30 AM Initial Claims 08/21
Aug 26 8:30 AM Continuing Claims 08/14
Aug 27 8:30 AM GDP - Second Estimate Q2
Aug 27 8:30 AM GDP Deflator - Second Estimate Q2
Aug 27 9:55 AM U Michigan Consumer Sentiment


Market Outlook Aug 24, 2010

Banks that have not learned their lesson and continue to be stung by mortgage fraud should be liquidated. It seems incredible that some banks still give no-doc mortgages and allow criminals to collect up to $250k and walk away to Canada or Mexico. The WSJ reported one was seeking citizenship and asylum in Canada.

What is technically wrong with this market is that it still needs to break again above the 20-day and 100 day moving averages. The May meltdown frightened a lot of people. It was not caused by a fat finger mistake. The automatic market system is flawed and unstable. It could happen again because like the Japanese car auto-acceleration problem, the SEC has no clue as to what actually caused the instability. And under Obama the SEC has another brain dead democrat-socialist appointee who has no time to investigate and fix the problem.

Hedge fund greed is driving away small investors who don't like Wall Street betting against them.

We expect a rally to follow if the corrupt socialists are voted out of office in November. Then Obama socialism could be stopped in its tracks. The imperatives are no new taxes, no new federal programs like Obamacare, and cut state and federal do-nothing jobs. State and federal government job cuts are needed to cut taxes and give the lazy government sleepers their own Mao cure, "No work, no pension."

World Markets
Asian markets were down last night. Shanghai up 0.4%, Hong Kong down -1.1%, India down -0.5%, and Japan down -1.3%.

European markets are down in a range of about -0.6% to -1.1% this morning about half way through their day.

US pre-market futures are down -0.6% to -0.8% this morning at 8 Am.

The Obama-Barney Frank-Christopher Dodd worldwide recession still has Americans losing jobs. Barney Frank-Christopher Dodd forced banks to loan to people who could not make the payments and Obama campaigned negatively and called the recession a Great Depression to scare the world into a depression and win the election. The only thing we have to fear is fear itself, which consists of Obama and the democrat-socialists.