The only thing we have to fear is the lunatic left who prefer the European big brother socialism and environmental science of Portugal, Iceland, Greec

The only thing we have to fear is the lunatic left who prefer the European big brother socialism and environmental science of Portugal, Iceland, Greece, and Spain to American liberty.

The following senators voted against making English the official language of America:
Alaska (D-HI), Bayh (D-IN), Biden (D-DE), Bingaman (D-NM), Boxer (D-CA), Cantwell (D-WA), Clinton (D-NY), Dayton (D-MN), Dodd (D-CT), Domenici (R-NM), Durbin (D-IL), Feingold (D-WI), Feinstein (D-CA), Harkin (D-IA), Inouye (D-HI), Jeffords (I-VT), Kennedy (D-MA), Kerry (D-MA), Kohl (D-WI), Lautenberg (D-NJ), Leahy (D-VT), Levin (D-MI), Lieberman (D-CT), Menendez (D-NJ), Mikulski (D-MD), Murray (D-WA), Obama (D-IL), Reed (D-RI), Reid (D-NV), Salazar (D-CO), Sarbanes (D-MD), Schumer (D-NY), Stabenow (D-MI), Wyden (D-OR)

The following senators voted to give illegal aliens some of your Social Security retirement money. They are grouped by home state. If a state is not listed, there was no idiot representative from that state. Alaska : Stevens (R), Arizona : McCain (R), Arkansas : Lincoln (D) Pryor (D), California : Boxer (D) Feinstein (D), Colorado : Salazar (D), Connecticut : Dodd (D) Lieberman (D), Delaware : Biden (D) Carper (D), Florida : Martinez (R), Hawaii : Akaka (D) Inouye (D), Illinois : Durbin (D) Obama (D), Indiana: Bayh (D) Lugar (R), Iowa: Harkin (D), Kansas: Brownback (R), Louisiana: Landrieu (D), Maryland: Mikulski (D) Sarbanes (D), Massachusetts: Kennedy (D) Kerry (D), Montana: Baucus (D), Nebraska: Hagel (R), Nevada: Reid (D), New Jersey: Lautenberg (D) Menendez (D), New Mexico: Bingaman (D), New York: Clinton (D) Schumer (D), North Dakota : Dorgan (D), Ohio : DeWine (R) Voinovich(R), Oregon : Wyden (D), Pennsylvania : Specter (D), Rhode Island : Chafee (R) Reed (D), South Carolina : Graham (R), South Dakota : Johnson (D), Vermont : Jeffords (I) Leahy (D), Washington : Cantwell (D) Murray (D), West Virginia : Rockefeller (D), by Not Voting, Wisconsin : Feingold (D) Kohl (D),
THE ENTIRE POPULATION OF THE UNITED STATES NEEDS TO KNOW THIS NFORMATION.....UNLESS THEY LIKE BANKRUPTING THEIR SOCIAL SECURITY WITH ILLEGAL ALIENS WHO DIDN'T PAY A DIME INTO IT AND ENCOURAGING MORE DRUG LORDS WHO ARE NOW SETTING UP THEIR BUSINESSES HERE.

World Markets:
The world continues to recover but Obama's racist National Socialism is destroying the viability of American businesses and the incentive for lazy, government, and unionized people to work. Private corporations with 50% pensions are going broke so government workers can retire at 55 with 90% to 100% pensions.

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

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 are called the "poor" people of the lunatic left.
Existing Home Sales July fell 27% the most in a decade. None of Obama's lunatic left economic medicine has helped create private sector jobs that are needed to pay for the tax burden the lunatic left is creating so Obama is only making things worse. Americans (who have brains) first need jobs to have confidence they can pay the mortgage. Only brainless leftists offer derelicts, welfare recipients, and drug addicts no-money down mortgages.

Yesterday:
Durable Orders Jul improved 0.3%
Durable Goods -ex Transportation Jul declined 3.8% but it looks like massive Obama administration incompetence in maintaining accurate government statistics. The month to month variation in these two orders indices looks almost like they got them mixed up.

New Home Sales Jul was at 276K down from 315K but looking again like Obama's incompetent government making up the numbers as they go along.

Crude Inventories 08/21 rose to 4.1M up from 0.8M up from -3M and -2.8 and stable numbers before that. Again, can we believe anything this administration gets its hands on. Biden (the idiot) is out telling people the recession is over!

This week still to come
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 26, 2010

The most positive thing about the market right mow is the level of bearishness that usually is not like this except at market bottoms.

I have never seen more pessimism about American government and financial incompetence than right now. One cannot even mention leadership with this administration because they run from it and still blame others for their own stupidity and government corruption at all levels. Obama is giving tons of personal grants to people of his own race but has done almost nothing to reduce the number of mortgages in default. If his ignorance results in another 10% decline in home prices, many more Americans will lose their homes and consumer confidence will plummet causing another burst of layoffs and even more mortgage defaults. The Obama administration is the most moronic administration in the history of the western world, but about on par for Indonesia and Africa his apparent homelands.

All Obama has to do to show he is not an illegal immigrant is to make public an original American birth certificate from when he says he was born in Hawaii and make public his college records that prove he was not registered as a foreign student. Only Obama can make them public because that information is not available to the public. Why is he the only American president to conceal that information. The lunatic left used to call President Bush an idiot until Al Gore's Yale records were released and showed he was a much poorer student. Thousand of illegal immigrants visit the USA each year so that their children can be born in America. Is the problem with Obama's birth certificate that his hippie mother had renounced her US citizenship and was Indonesian or Nigerian at the time? Why doesn't he release his records and show America the truth? Then perhaps we could quickly get rid of him. Sooner or later the truth will get out.

The imperatives now are no new taxes, no new federal programs like Obamacare, and to cut state and federal do-nothing jobs and coerced government arbitrated pensions by 60%. 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." We need a stimulus program that is entirely for the private sector.

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.

Banks that now have Obama's leftist lunatic friends on their boards 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. Who is on their board? Is it Barney Frank or Bogoyevitch? The WSJ reported one mortgage criminal was seeking citizenship and asylum in Canada. If he had a brain the thief would be seeking asylum in the courts of Bogoyevitch's Chicago.

World Markets
Asian markets were up slightly last night. Shanghai up 0.3%, Hong Kong down -0.1%, India up 0.3%, and Japan up 0.7%.

European markets are up in a range of about 0.4% to 0.7% this morning about half way through their day.

US pre-market futures are flat near 0.1% this morning at 8 Am. Hedge funds now wish they could stop the run they started that is now destroying their customer base.

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, Gore, Bogoyevitch and the other democrat-socialists.