Criminal socialists run Washington.

Criminal socialists run Washington. They redistribute wealth from red to blue states and from productive people to people with no work ethic.
Ever notice how criminals never take responsibility for the decisions they make and the problems their actions caused.

That is true also of the democrat-socialists. Obama is the first person ever to call a recession a depression in order to panic the financial markets and win an election. His partner Barney Frank forced banks to "help" minority neighborhoods by giving them mortgages even when they had no work ethic and were on the dole.

Obama corrupt socialist Chicago politics brings national political corruption to new highs never seen in America before. Trillions of dollars are virtually untrackable. There is no place the public can go to see who is getting federal dollars and who is paying it back.

Representative Maxine Waters (D-CA) builds wealth by aiding firms her husband invests in.

Democrat Barney Frank if the father of wealth redistribution to criminals who defraud Americans by lying and saying they have the means to afford government backed home mortgages. Barney ran the biggest corrupt scam from his Washington office and brought down the American economy with the help of Obama crying that it’s a Great Depression, the sky is falling."

Representative Charlie Rangle's only charity is himself. He pressures firms to make contributions to a monument to his ego.

Socialist-Democrat Obama builds family wealth by favoring his wife's employer.

Most of the Washington's taxpayer money goes to the "blue" states that vote these corrupt people into office.

Now every socialist blames Bush for the results of their own corrupt activities. Ever notice how criminals never take responsibility for the decisions they make and the problems their actions caused.


http://www.crewsmostcorrupt.org/summaries/mwaters.php

Barney Frank corruption disgusts Americans just a $600,000 omission of income in one investment alone while he was a Congressman. Senator Dodd agreed not to run for office the moment his corruption investigation began. When will Obama go on trial? It costs Americans $2Million/year to get his clerk wife a salary of $375000 per year. Clerks usually get about $37,500 per year but they gave her a big title too.

Market volume has been uniformly very low since around the time Obama was elected. It could be that most investors are still disappointed and stunned by the speed at which Americans are losing freedoms with laws that are planned to go into effect after the socialists are thrown out so that the disaster will happen on the next watch when the taxes and redistribution of wealth go into effect. Then they will once again blame others for the problems they create. But the new Congress needs to show the socialists that their deceit will not work by first replacing the heads of the new social welfare offices and eliminating their support staff.

Bernacke to loosen American credit further to avoid a slowdown.


World Markets:
China markets stock recovered 11% thus far from June lows. European and American markets penetrate the upper resistance levels but will they stay there?

Corporations have cash but are also bulking up by selling corporate bonds to replace older more expensive debt at record low rates… allowing them to reduce the cost of their debt load. This will cause their income to rise substantially.

Corporate spending of their massive accumulated cash reserves is beginning to surge. That will come in two forms. Corporations that think they are undervalued will buy some corporate stock back. Secondly, corporations will upgrade their data processing to improve employee productivity. That will improve hiring and inject a lot of cash into the economy. Corporations had been sinks for cash all last year but will soon be a source of cash for economic expansion. That will more than make up for flat consumer spending and will in fact trickle down into consumer spending.

Good quarterly earnings reports came out and better reports will come. But fear of Obama National Socialism has people buying treasuries and not stocks. Socialist Obama and his socialist in Congress are feared to be attempting to make the Federal Government bigger than the private sector. It already employs more people than the top 500 corporations combined.

Economic Calendar
Last week
GDP-Adv. Q2 +2.4% good, it is anti deflationary.
Chain Deflator-Adv. Q2 +1.8% good it is anti deflationary or good
Employment Cost Index Q2 dropped from 0.6% to 0.5%, good
Chicago PMI Jul rose from 59.1 to 62.3 which is good
U Michigan Sentiment - Final Jul rose to 67.8 from 66.5, good

Construction Spending Jun increased 0.1% after decreasing -0.2% last month. And home prices are rising to boot.
ISM Index Jul fell to 55.5 from 56.2. Anything over 50 means manufacturing is continuing to expand.

Today
Aug 3 8:30 AM Personal Income Jun
Aug 3 8:30 AM Personal Spending Jun
Aug 3 8:30 AM PCE Prices - Core Jun
Aug 3 10:00 AM Factory Orders Jun
Aug 3 10:00 AM Pending Home Sales Jun
Aug 3 2:00 PM Auto Sales Jul
Aug 3 2:00 PM Truck Sales Jul
This week:
Aug 4 8:15 AM ADP Employment Change Jul
Aug 4 10:00 AM ISM Services Jul
Aug 4 10:30 AM Crude Inventories 07/31
Aug 5 8:30 AM Continuing Claims 07/24
Aug 5 8:30 AM Initial Claims 07/31
Aug 6 8:30 AM Nonfarm Payrolls Jul
Aug 6 8:30 AM Nonfarm Payrolls - Private Jul
Aug 6 8:30 AM Unemployment Rate Jul
Aug 6 8:30 AM Hourly Earnings Jul
Aug 6 8:30 AM Average Workweek Jul
Aug 6 3:00 PM Consumer Credit Jun


Market Outlook Aug 3, 2010

The stock markets penetrated the 100-day moving average line where investors need to decide if it starts the next stage up or consolidates again. Recently each advance has shown improvement and each retraction has been weaker so upward momentum is building. A breakout this week is now more probable. You know it is a breakout if it does not retreat immediately.

Fed Chairman Bernanke plans to loosen credit more even though there is no double dip.

The cash infusion from corporations will soon let loose a bull market and a fresh expansion of the economy.
We expect a bigger rally to also follow if the corrupt socialists are voted out of office in November. Then Obama socialism can 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 and no new taxes.

World Markets
Asian markets were up slightly last night. Shanghai down -1.7%, Hong Kong up 0.2%, India up 0.2%, and Japan up 1.2%.

European markets are flat in a range of about -0.5% to 0.2% this morning about half way through their day.

US pre-market futures are flat at about -0.1% this morning.