Prophets are going through the roof.

Al Quaeda has started a new business manufacturing explosives that look like prayer mats. It's doing extremely well. They report that Iraqi sales and Prophets are going through the roof.

Brazil may also vote in a Marxist for president.
First Venezuela, then Honduras, and now Brazil may elect a Marxist president. Only Honduras got rid of theirs so far. Honduras arrested theirs and then banished him from their country.

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."

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

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 (the trial lawyers) 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:
China's factories ramped up their production last month and were buoyed by an influx of new business, highlighting the strength of the world's second-largest economy. The official purchasing managers' index (PMI) rose to 54.7 in the month from 53.8 in September, blowing past expectations. The HSBC PMI, a private survey, climbed to 54.8 from 52.9.
The increase occurred even with a weeklong National holiday, when factory production slows. That suggests real activity growth was likely to have been very strong in October.

This is encouraging because it shows that China is now able to sustain growth with some of their own wealth and consumption.

Economic Calendar
Meanwhile Obama's half brother lives in a hut with a dirt floor in Kenya. They killed or drove out most of the Europeans that lived there. Those post colonial Europeans had been teachers and farmers dedicating their entire lives and fortunes to helping Kenya. They were a conduit for European investments into Kenya. The Kenyans then redistributed (stole) the European's wealth and ate well for a few years. But after you kill the golden goose there are no more golden eggs. China has no expectations for the future of Africa as they build mines in Africa. The Asians believe the Africans are of inferior and do not intermarry with them. That is why Africans in America hate and always and destroy the property of Asian Americans during riots. Back in the early 1990's when Japan thought they would surpass America they attributed it to their homogeneous intelligent Asian population and referred to America's inferior mixture of races. That was the year the Japanese economy fell apart. Diversity (in America) permits a higher level of collaborative intelligence.

The people of Africa are slowly going extinct and China needs their resources so that Asia can flourish. So when the Africans in the Chinese mines rioted the Chinese simply shot them all and then paid a fine to the corrupt African armies. Perhaps if the trend continues, Africa will end up being a mixture of Chinese and Indian peoples. Obama said he supports AIDS. Obama provides free drugs that allow Aids infected people to live longer and to infect more people in Africa. In South Africa many men still think that if they have sex with a virgin their AIDS will be cured. Obama keeps those men alive rather than educating them. 

Today
Nov 1 8:30 AM Personal Income Sep fell -0.1% after increasing 0.5% last month-Very bad.
Nov 1 8:30 AM Personal Spending Sep increased 0.2% after increasing 0.4% last month. Personal debt increased.
Nov 1 8:30 AM PCE Prices - Core Sep did not increase after increasing only 0.1% last month.
Nov 1 10:00 AM ISM Index Oct improved to 56.9 from 54.4 last month which is more optimistic than China's PMI reported up above.
Nov 1 10:00 AM Construction Spending Sept up 0.5% because last month was changed to -0.2% after first being reported as 0.4%. This is Marxist Obama's manipulation again. After reporting last month they then took away 0.6% and tacked it on to this month to give 0.5% for the big lie this month. The truth is it was up 0.4% last month and was down -0.1% this month but Obama lied because today is an election and he wants the Marxist morons to do well. But they will be thrown out on their duffs.

Today
Nov 3 7:00 AM MBA Mortgage Applications 10/29
Nov 3 7:30 AM Challenger Job Cuts (y/y) Oct -
Nov 3 8:15 AM ADP Employment Change Oct -
Nov 3 10:00 AM ISM Services Oct -
Nov 3 10:00 AM Factory Orders Sep -
Nov 3 10:30 AM Crude Inventories 10/30 -
Nov 3 2:00 PM Auto Sales Oct -
Nov 3 2:00 PM Truck Sales Oct -
Nov 3 2:15 PM FOMC Rate Decision

This Week
Nov 4 8:30 AM Initial Claims 10/30 -
Nov 4 8:30 AM Continuing Claims 10/23 -
Nov 4 8:30 AM Productivity-Prel Q3 -
Nov 4 8:30 AM Unit Labor Costs Q3 -

Nov 5 8:30 AM Nonfarm Payrolls Oct -
Nov 5 8:30 AM Nonfarm Payrolls - Private Oct
Nov 5 8:30 AM Unemployment Rate Oct
Nov 5 8:30 AM Hourly Earnings Oct -
Nov 5 8:30 AM Average Workweek Oct -
Nov 5 10:00 AM Pending Home Sales Sep
Nov 5 3:00 PM Consumer Credit Sep

Market Outlook Nov 3, 2010
Government Motors will get another $48 Billion this time in Federal tax credits to encourage private sector investment in the bloated union by rich liberals who think nationalization is good for America and want to encourage more of it.

FED decision is due out today. QE2 would be less than QE1 and they say that QE2 is needed because QE1 did not cause even an expectation of inflation. All the FED plans to do is keep inflation slightly positive. I do not think anyone including the FED understands QE2. First of all no one uses printed money any more so "printing" more does not cause more $dollars chasing products. Instead the money is free money to borrow. But the FED already provides 0.25% virtual free money and that is not being spent on products, production capacity, or infrastructure. So it seems like QE2 will go entirely into immediate consumption by the Obama welfare society and to liquidate things like defaults and to buy imports. Buying up or easing the mortgage default situation seems like the only QE2 benefit that could come out of this and that would not be inflationary. That would help the Financials not the Energy sector like the stock market is betting on.

Gold and silver bugs had better bail out before QE2 goes into effect because it would take about thirty years of FED QE2 induced inflation to justify the recent run-up.

World Markets
Asian markets were mixed again last night. China's market was down -0.5%, Hong Kong up 2%, India up 0.6%, and Japan down 0.1%.

European markets are up slightly this morning in a range of about 0.1% to 0.5% about half way through their day. They want the Marxist out too and a rooting for America.

US pre-market futures were up about 0.1% at 8:00 AM EST.