Obama thinks that if some Americans love to work they should pay more in taxes for that opportunity.

Obama thinks that if some Americans love to work they should pay more in taxes for that opportunity. While handing out $150,000 for his wife's salary increase and $billions to indigent addicted welfare women collecting benefits awarded based on the number of their fatherless children, Obama went on record last year as saying that American soldiers should pay their own medical insurance because they loved to serve America. That did not go down well either. Obama isn't too bright. He said that shortly after he called the Boston police force stupid for inquiring why a black man broke into a Harvard professor's house. It turned out that that black man was a stupid black Harvard Professor who locked himself out of his own house and decided instinctively to break into the house instead of calling the police or a locksmith for help.

By 1824 Thomas Jefferson, the founder of the current Democrat Party, already thought the American Government was too big. He wrote to William Ludlow, "I think myself, that we have more machinery of government than is necessary, too many parasites living on the labor of the industrious."

Is it possible that if Thomas Jefferson were alive today he might call the indigent addicted welfare women collecting benefits awarded based on the number of their fatherless children, parasites? And as the founder of the Democratic Party might he also now disown them and call them the party of Marxist jackasses?

You can find these quotations yourselves if you Google books from the 1800s and use a few key words and a patriot's name.

James Madison in the Federalist Papers, Feb 5, 1788 wrote to the Massachusetts Convention, "but as a just government protects all alike, it is necessary that the sober and industrious part of the community should be defended from the rapacity and violence of the vicious and idle. A bill of rights, therefore, ought to set forth the purposes for which the compact is made, and serves to secure the minority against the usurpation and tyranny of the majority."

Thomas Jefferson to P. Dupont in 1816 wrote; "The majority oppressing an individual, is guilty of a crime, abuses its strength, and by acting on the law of the strongest breaks up the foundation of society."

In 1824 Thomas Jefferson the founder the Democrat Party also wrote (note in Tracy's Political Economy, 1816), “To take from one, because it is thought that his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to every one of a free exercise of his industry, and the fruits acquired by it."

World Markets:
Asian stocks are declining on signs of sluggish consumer demand, while the dollar steadied ahead of U.S. economic data and a likely American rejection of Obama's Marxism next week. The Federal Reserve meeting will likely determine that the FED does not have to buy debt if the socialist high spenders are thrown out of Washington next Tuesday.

Economic Calendar
Existing Home Sales Sep rose to 4.5M vs. 4.1Million sales last month. That indicates housing has bottomed on its own now only a little more than a year since MSNBC said it did. GE/MSNBC/Pravda is a shill for Marxists.
Case-Shiller 20-city Index Aug rose 1.7% from a year ago and is not inflationary.
Consumer Confidence Oct rose to 50.2% from 48.5%
FHFA Home Price Index Aug rose 0.4% after declining again last month. The housing market continues to bottom out but Obama continues to use it to redistribute wealth in the form of houses to people with drug and other problems that are still not asked about their means of support. Meanwhile Obama's half brother lives in a hut with a dirt floor in Kenya. They killed or drove out most of the Europeans there and redistributed the European's wealth. After you kill the golden goose there are no more golden eggs.
MBA Mortgage Applications 10/22 are up 3.2% after being down 10.5% last month. The adverse effects of the end to incentives to buy homes are probably now behind us.
Durable Orders Sep are up 33% after being down -1.5% last month as the aviation industry picks up business.
Durable Orders - ex transporation Aug without aviation was still down -0.7%
New Home Sales Sep increased to 307000 from 288000 last month.
Crude Inventories 10/23 jumped to 5 million barrels this week after two weeks of price increases.

Yesterday
Oct 28 8:30 AM Initial Claims 10/23 - 435K last week down from 452K, no doubt continuing Obama Marxist's fraud before elections.
Oct 28 8:30 AM Continuing Claims 10/16 - 4356K after taking away 37K and adding it on to what they had already reported for two weeks ago which was revised up the 37K from 4441K to 4478K. Undoing this Obama fraud we are up to 4393K this week from 4441K originally reported last week. More people are out of jobs and Obama lies to conceal the fact that no one is expanding their businesses while Marxist Obama harasses and taxes productive Americans who love their work. Obama thinks that if some Americans love to work they should pay more in taxes for that opportunity.

This Week
Oct 29 8:30 AM GDP-Adv. Q3 -
Oct 29 8:30 AM Chain Deflator-Adv. Q3 -
Oct 29 8:30 AM Employment Cost Index Q3 -
Oct 29 9:45 AM Chicago PMI Oct -
Oct 29 9:55 AM Michigan Sentiment Final Oct

Market Outlook Oct 29 2010

Still time left to take stock market profits when available.

The Founding Fathers knew the importance of a government of laws protecting the skilled and hard working from the vicious and idle. Unfortunately many vicious and idle liberals were elected to the House and Senate. It is unfortunate that oil wealth and drug wealth has resulted in the growth of vicious and idle populations who are mobile and are becoming illegal aliens throughout the free world, on welfare, and refusing to learn the cultures and languages of the people they prey upon. The creative and industrious people are conservatives who earn their money and the vicious and idle tend to be liberals who think they are too smart to work and were put on earth to rule the ignorant masses. Some vicious and idle people such as currency manipulator George Soros do what they do out of guilt for the illicit way they expropriated wealth and do not understand people who actually create wealth. George Soros is a convicted felon who was tried and convicted in Socialist France for manipulating currencies. He made all his wealth by destabilizing four currencies illegally in a scam that cost the world $billions. He is the biggest financier of American Marxists like Obama.

World Markets
Asian markets were down last night. China's market was down -0.5%, Hong Kong down -0.5%, India up 0.5%, and Japan down -1.8%.

European markets are down this morning in a range of about -0.2% to -1.5% about half way through their day.

US pre-market futures were down about -0.3% at 9:00 AM EST.